The Bailout

[H8tank]

What this means is that I, as a responsible homeowner, am now paying a mortgage of $450,000, on a house worth $380,000 - and the price continues to drop. By this time next year, I would not be surprised to learn this house is worth $310,000, or less. I have lost every penny I put down, and am now, astoundingly, in negative equity, which grows only more negative with every payment I make. Does this make sense to you? Not to me, either.

 

I never thought I would be the type to end up in foreclosure, but last month I made the decision to stop paying my mortgage. To just walk away. Not because I can't pay it, but because it is foolish to continue to do so.

 

 

[AtomicCEO]

The dems want to hand them cash. The House Repubs want to sell them insurance to cover the bad debt.

 

Which do you think is better?

 

Some house republicans want that. Most don't. Neither does the republican president you elected.

 

Let's not paint this as a democratic issue. kthx.

[JoJoTheWebToedBoy]

At this point I am soooo tired of the Corporate Bullpoopy, and a Government that has given them everything they have asked for and then some.... I say let them burn.

 

F@ckem, F@ckem in the heart....

Edited September 27, 2008 by JoJoTheWebToedBoy

[Jimmy Neutron]

Everyone interested in this should watch this video.

 

No response to this from the board dems, huh? That's right, I forgot - repubs are always out to deregulate and have single handedly screwed up the economy.

[AtomicCEO]

No response to this from the board dems, huh? That's right, I forgot - repubs are always out to deregulate and have single handedly screwed up the economy.

 

I don't think there is anyone left who follows a H8Tank link.

 

Do you have any idea how many times he's linked to some story about how WMDs were found in Iraq and about how Bin Laden and Saddam were drinking buddies? At some point, you realize it's not worth reading.

 

Do you want to summarize it?

[Jimmy Neutron]

I don't think there is anyone left who follows a H8Tank link.

 

Do you have any idea how many times he's linked to some story about how WMDs were found in Iraq and about how Bin Laden and Saddam were drinking buddies? At some point, you realize it's not worth reading.

 

Do you want to summarize it?

 

What's the old saying, "even a blind squirrel.....?"

 

The CSPAN clip just shows dems blocking attempts to block regulation of Fannie and Freddie. I think it would be helpful if people understand the economic problem we're facing has a lot of characters to blame. There's no way to prevent this from happening again if we don't understand what caused it in the first place.

[Clubfoothead]

What's the old saying, "even a blind squirrel.....?"

 

The CSPAN clip just shows dems blocking attempts to block regulation of Fannie and Freddie. I think it would be helpful if people understand the economic problem we're facing has a lot of characters to blame. There's no way to prevent this from happening again if we don't understand what caused it in the first place.

 

 

We haven't even been able to agree if a problem even exists.

[AtomicCEO]

What's the old saying, "even a blind squirrel.....?"

 

The CSPAN clip just shows dems blocking attempts to block regulation of Fannie and Freddie. I think it would be helpful if people understand the economic problem we're facing has a lot of characters to blame. There's no way to prevent this from happening again if we don't understand what caused it in the first place.

 

Can you put that video in some context? It is severely lacking in details, as are most of H8Tank's posts because he migrates toward news that is shocking, absurd, and false.

 

What "regulation" were they trying to push? Does it relate to this at all?

What bill was it?

Dems were a severe minority in congress in 2004... how were they able to stop it by themselves, or is this a misstatement that only democrats fought it, and actually it failed because of a general lack of support? Or did it pass on a republican majority and do no good?

 

EDIT:

Did a little research. They were arguing because Bush wanted to create yet another government agency to oversee Fannie and Freddie... which was a responsibility of congress. I'm against that to. The last thing any republican should want is more government... that's why it failed, not because the minority democrats said anything.

 

The responsibility of overseeing F&F was in congress's hands after that. 2 years of Republican congress, and 1.5 years of democratic congress.

Edited September 28, 2008 by AtomicCEO

[Clubfoothead]

Atomic's electric Metro has a bumper sticker of Calvin taking a leak on tank.

[H8tank]

I don't think there is anyone left who follows a H8Tank link.

 

Keep repeating it copy boy. You don't have an answer, so just attack.

 

You are afraid, you don't have anything left to post, all the palin is the devil and mccain is bush stuff is done. You will be wrong once again, yet we won't know, cause you'll never go on record. No bets for you, a coward just like the indy fans.

[AtomicCEO]

Keep repeating it copy boy. You don't have an answer, so just attack.

 

You are afraid, you don't have anything left to post, all the palin is the devil and mccain is bush stuff is done. You will be wrong once again, yet we won't know, cause you'll never go on record. No bets for you, a coward just like the indy fans.

 

I have an answer. I posted it.

 

McCain isn't Bush. He's 100x better than Bush. He's not as good as Obama, but you've badmouthed McCain far far more than I have.

 

I have two open wagers with you.

[Ursa Majoris]

I have an answer. I posted it.

 

McCain isn't Bush. He's 100x better than Bush. He's not as good as Obama, but you've badmouthed McCain far far more than I have.

 

I have two open wagers with you.

Nitpicker.

[CaP'N GRuNGe]

Here's the proposal: http://financialservices.house.gov/essa/ayo08c04_xml.pdf

[dmarc117]

like the guy from blue capital said, they shouldve just used the 700b to start a new us bank and whenever a bank went under, they take over the assets.

[CaP'N GRuNGe]

I haven't read through this entire thread, so excuse me if this has already been posted:

 

http://www.prospect.org/cs/articles?articl...subprime_crisis

 

Thoughts?

[muck]

like the guy from blue capital said, they shouldve just used the 700b to start a new us bank and whenever a bank went under, they take over the assets.

 

In other words, turn the FDIC into an operating company?

[TimC]

In other words, turn the FDIC into an operating company?

 

We're trying our best to turn the Federal Government into Asset Managers, so why not?

[muck]

We're trying our best to turn the Federal Government into Asset Managers, so why not?

 

Why? Is that what the Federal Reserve Bank is for?

[Sugar Magnolia]

So tell me this.....

 

Why are we in a financial crisis when only 5% of all mortgages are in foreclosure?

[TimC]

This is what happens when you turn from a nation of producers into a nation of borrowers to buy those products. Once the money to borrow dries up, then where are you left?

 

A) Right here.

 

 

 

 

 

 

If we don't fundamentally change the way we do things, then it won't really matter how much money the Federal Government throws at the problem or how much the Federal Reserve artificially adjusts interest rates. We need to start keeping our money in (and thus working for) the USA instead of overseas.

 

If a guy comes in and trashes your house, do you give that same person more money to clean it up?

Edited September 29, 2008 by TimC

[Azazello1313]

Can you put that video in some context? It is severely lacking in details, as are most of H8Tank's posts because he migrates toward news that is shocking, absurd, and false.

 

What "regulation" were they trying to push? Does it relate to this at all?

What bill was it?

Dems were a severe minority in congress in 2004... how were they able to stop it by themselves, or is this a misstatement that only democrats fought it, and actually it failed because of a general lack of support? Or did it pass on a republican majority and do no good?

 

EDIT:

Did a little research. They were arguing because Bush wanted to create yet another government agency to oversee Fannie and Freddie... which was a responsibility of congress. I'm against that to. The last thing any republican should want is more government... that's why it failed, not because the minority democrats said anything.

 

The responsibility of overseeing F&F was in congress's hands after that. 2 years of Republican congress, and 1.5 years of democratic congress.

 

obama's whole schtick has been to blame this on a republican philosophy of de-regulating everything. and yet, there is clear, conclusive evidence that problems were perceived going back to the clinton administration...clinton tried to fix them, bush tried to fix them, the republicans in congress tried to fix them....at each step along the way, congressional democrats stopped them cold, saying new regulation wasn't needed. clinton himself said so last week.

 

now the guy you are voting for is out there telling people it is the wild-eyed de-regulatory philosophy of bushmccain that got us in hot water. it is a disingenuous lie.

 

but hey, people should watch the video and decide for themselves where people stood when it counted.

[muck]

So tell me this.....

 

Why are we in a financial crisis when only 5% of all mortgages are in foreclosure?

 

1) Faith in the financial system is very (VERY) low. The system is entirely backed by faith. There is no reason that piece of paper in your pocket should be able to buy you lunch, except for the fact that the guy at the deli thinks he can use it to by some more salami ... which can happen because the meat packer thinks he can use that money to pay the electric bill. Faith.

 

2) More mortgages are expected to go into delinquency, default and foreclosure in coming months as option ARM mortgages reset to much higher interest rates.

[dmarc117]

So tell me this.....

 

Why are we in a financial crisis when only 5% of all mortgages are in foreclosure?

 

 

the credit markets have stalled. banks are hoarding cash and not lending it out to anyone--other banks, businesses, public, etc.

[moneymakers]

obama's whole schtick has been to blame this on a republican philosophy of de-regulating everything. and yet, there is clear, conclusive evidence that problems were perceived going back to the clinton administration...clinton tried to fix them, bush tried to fix them, the republicans in congress tried to fix them....at each step along the way, congressional democrats stopped them cold, saying new regulation wasn't needed. clinton himself said so last week.

 

now the guy you are voting for is out there telling people it is the wild-eyed de-regulatory philosophy of bushmccain that got us in hot water. it is a disingenuous lie.

 

but hey, people should watch the video and decide for themselves where people stood when it counted.

 

Mr. Gimme your change has been associated with the lowest slim balls his entire political career.

used system to educate himself and finance his crackhead youth.

Nobody cares. you think they are going to care that the democrats have set the rules and blame the repubs.

If you just keep giving it away and nobody has to work. This is what you get.

Galveston got hit as bad as New Orleans if not worse.

Whats missing.

The media and the winer/ freeloaders

[Ramhock]

So tell me this.....

 

Why are we in a financial crisis when only 5% of all mortgages are in foreclosure?

 

Because the lenders were only required to put up less than 5% in reserve to cover potential losses.