Yes
Posted on 02/14/2009 7:26:21 AM PST by RichieRich1
A key element to Obama's magical utopia is to force banks (or allow judges on their behalf, but that is a very sketchy idea even to Obama) to rewrite mortgages so that everyone can continue to have a home. It obviously makes no difference whether or not people can afford it because, according to Washington, home ownership is now a right as important as that of free speech (assuming you're not a leading radio talk show host).
Obama rightfully understands that the easiest way to do this is to either persuade banks or to force them. Since banks are private companies, the government can't exactly force all of them to do so. Instead, it can create conditions associated with government TARP financing, ie. if you received any capital, you are now required to renegotiate defaulted loans. The only way banks are going to voluntarily going to accept TARP money with the new harsh conditions is if the FDIC tells them that they are soon going to be undercapitalized and they must either take the equity or sell itself. The FDIC has already been doing this for the past year...
(Excerpt) Read more at bizblogger.blogspot.com ...
Yes
Zero wants the market to fail so badly than any up tick with be credited to his “sound financial policies”.
As Axelrod has said before, they are not concerned with the markets....
Here’s the deal. I’m all in favor of restrictions being associated with TARP money. Really I’d prefer there was no TARP money.... but if we’re gonna give it to them, then we ought to tell them how to use it.
Obama wants America’s global democratic influence and capitalistic profit levels to go to absolute zero. As quickly as possible.
So that they will be cheap to BUY. This is nationalization.
Nationalism, soialism..... but bad. But so is CEO’s making millions of dollars while they bankrupt their companies. Corruption is corruption. And while I’m a fan of capitalism it is failing because there is no accountability for people who need to be in prison.
The House and Seante are peppered with people who need to be shot by firing squads after trials for treaswon! What do we expect of the rest of the nation if we keep electing to office such traitors as Feinstein, Leahy, Durbin, Harkin, and ‘Rockey feller’?
You’re right. We lose either way.
I think he likes the stock market tanking. He has been President for 20 days and does not want the market to recover until mid 2010 just in time for mid term election. This guy knows what he is doing....it just that what he is doing is wrong.
And, no dividends to pay.
This fool wants total control of everything.
What do we expect of the rest of the nation if we keep electing to office such traitors as Feinstein, Leahy, Durbin, Harkin, and ‘Rockey feller’?
Add McCain and his boyfriend Lindsey too. Oh what the hell, add in the Maine gals and Specter.
Two separate issues are in play here.
First Issue:
The Golden Rule. "He who hands out the Gold makes the rules."
The banks are not victims here any more than Bernard Madoff is. They were burned at their own highly irresponsible and even criminal game that allowed them to charge fees for the origination of any loan, no matter how unsound, and then profit again by selling that worthless IOU ( now know as a "toxic asset") to investors on Wall Street that included each other.
Complaining that the banks do not now have the full freedom of private companies that function with their own money and not with taxpayer's money is like the murderer that kills both of his parents and then asks the Court to be lenient on him because he is an orphan.
Second Issue:
Irresponsibility: America, from top to bottom, seems to have lost all sense of financial responsibility. From the banker cashing in on fees for the origination of a $300,000 loan to a burger-flipper to the fool with a good, middle class job that bought an $800,000 house he could only afford when monthly payments were artificially lowered by "Interest Only" gimmicks during a grace period, a large percentage of America seems to have as much of a sense of responsibility as a crack addict.
Although the Government has the legitimate right to dictate how taxpayer's money will be used by the banks, subsidizing past irresponsible behavior only perpetuates the rot by rewarding bad behavior. Those who irresponsibly bought homes at ridiculous prices that they could not afford deserve to lose their overpriced houses.
Yes, and all of the leftists will successfully get away with it, because they will always blame: past and present Republicans, Republican POTUS of the past, and past and present non-leftists for all of the world’s problems on all of the world’s issues for always.
Agreed.
What made the American Republic great and what made the Roman Republic successful for a few centuries was not capitalism or socialism. It was Checks and Balances. When Checks and Balances failed, the Roman Republic died.
Governments and economies are composed of imperfect human beings and one of the imperfections of human beings is that a considerable percentage of human beings have absolutely no qualms about royally screwing you to benefit themselves. The greatest danger to a human being is another human being.
That's where Checks and Balances come in.
If you allow a Government to function without Checks and Balances, it will enslave you. Guaranteed.
If you allow capitalist enterprises to function without Checks and Balances, a sizable percentage of them will cheat you, rob you, injure you, poison you or all of the above to enrich themselves. Guaranteed.
Dumb question. Of course. Then he can impose Stalinism on the nation, “for our own good,” of course.
Aren’t mortgages contracts which are under the jurisdiction of the individual states?
Keep in mind that many of the banks did not want the money, were forced to take it, and not are not allowed to pay it back because the Fed/FDIC believe it would restrict the bank’s lending. So they’re stuck. And on top of that, the govt can now force them to do whatever they want.
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