So, are the markets going to be happy with this?
And what will be the price of gold?
And what will the dollar’s index be?
Interesting times indeed.
Thereby devaluing every dollar that you have in your pocket and perpetuating the problem. Big government once again cranks up the presses.
when do we start printing $100 billion dollar bills?
I’d like to see a little more HONESTY about this issue! Well, a lot more honesty! As far as I’m concerned our globalist/ Open Borders government just bailed out the banking elitists and the OBL’s illegal alien slaves.
A Housing Rescue Nears – But for Whom?
Christian Science Monitor ^ | 7/22/08 | Gail Russell Chaddock
Posted on Wednesday, July 23, 2008 10:00:26 AM by Kimberly GG
“As Congress heads into a critical week of votes on how to relieve America’s home-foreclosure crisis, one of the toughest issues will be how to deal with the racial and ethnic dimensions of the problem. Minorities will be watching closely to see who gets the help.”.....
......”Black and Hispanic families have gotten a disproportionate share of subprime lending, and subprime loans are the driving force behind the foreclosures,” says Katheen Day, spokeswoman for the Center for Responsible Lending, a nonprofit research and policy group based in Durham, N.C. “We know that black and Hispanic communities are hardest hit.”.....
......”Also, the areas hardest hit by home-loan crisis are heavily Hispanic.”.....
.....”Activist groups say this racial dimension to the problem puts a special responsibility on the federal government to relieve distress in these neighborhoods.”
Finally, someone is touching on the subject of the number of subprime loans that were given to Hispanics. What still isn’t being said is the number of recipients that are illegal aliens. Government issued Tax ID numbers and the acceptance of the Matricula Consular ID cards, IMO, led to the rush by banks to extend credit and subprime mortgages to illegal aliens. Pandering by our government and the banking system (including the Federal Reserve Bank) to illegal aliens has brought us this gigantic economic mess and now both the illegals and the banks will be rescued, at our expense, by the bipartisan, Open Borders wing of our government.
http://www.freerepublic.com/focus/f-news/2049924/posts
Housing schmouzing.
Look at this little corporate ditty buried toward the end:
Page 675:”APPLICATION TO CERTAIN AUTOMOTIVE
PARTNERSHIPS...
Page 677:”that will produce in excess of 675,000 automobiles” between Jan. 1 and June 30, 2008...”
“(C) $30,000,000, reduced by the amount of any payment under this subsection for any preceding taxable year.”
“(4) DEFINITIONS.—For purposes of this subsection—
(A) APPLICABLE PARTNERSHIP.—The term ‘‘applicable partnership’’ means a domestic partnership that—
(i) was formed effective on August 3,15 2007, and
(ii) will produce in excess of 675,000 automobiles during the period beginning on January 1, 2008, and ending on June 30,
19 2008.”
Bet it’s Cerebus Capital on Chrysler?
I give up. It’s a fascist takeover and it is done without a shot fired.
Here’s another BIG potential conflict of interest:
“Page 23: “Federal Housing Finance Oversight Board:
COMPOSITION.—The Board shall be comprised of 4 members, of whom—
(1) 1 member shall be the secretary of the Treasury;
(2) 1 member shall be the Secretary of Housing and Urban Development;
(3) 1 member shall be the Chairman of the Securities and Exchange Commission; and
(4) 1 member shall be the Director, who shall serve as
the Chairperson of the Board.”
“
Page 52: “Director may, by order, require an enterprise,
under such terms and conditions as the Director determines to be appropriate, to dispose of or acquire any asset...””
To which I ask: Auto loans? Other GSEs? Corporate Bonds? Junk Bonds?
“Page 74:”TEMPORARY AUTHORITY OF TREASURY TO PURCHASE OBLIGATIONS AND SECURITIES;
CONDITIONS.
(1) AUTHORITY TO PURCHASE.—
(A) GENERAL AUTHORITY.—In addition to the authority under subsection (c) of this section the Secretary of the Treasury is authorized to purchase any obligations and other
securities issued by the corporation under anysection of this Act, on such terms and conditions as the Secretary may determine and in such amounts as the Secretary may determine.””
WE HAVE BEEN SHAFTED.
Vote the out of touch bums out.
Thanks for reminding me of these $itbags in action.
Why doesn’t the gov just make the banks fix the loans? It cost nothing and if the time period on the loans are extended an extra 10 years like on a 40 year the banks make more money and the homeowners have to pay for the burden. No cost to the taxpayer.
Nope, the gov has to waste money instead. I hate politicos.
Everyone who voted for this needs to be run out of office!
How about a credit card bailout plan next and then something to help with car payments when I buy too big a car? I am thankful I can get into any trouble financially and the government will be there to get me out of it.....
I will not vote for my Republican US Senator from Georgia running for reelection this year because of this vote and his habit of supporting huge spending bills. Forget it Saxby.
Page 677:
"that will produce in excess of 675,000 automobiles” between Jan. 1 and June 30, 2008..." Page 677: "that will produce in excess of 675,000 automobiles” between Jan. 1 and June 30, 2008..." "(C) $30,000,000, reduced by the amount of any payment under this subsection for any preceding taxable year." "(4) DEFINITIONS.—For purposes of this subsection— (A) APPLICABLE PARTNERSHIP.—The term ‘‘applicable partnership'' means a domestic partnership that— (i) was formed effective on August 3,15 2007, and (ii) will produce in excess of 675,000 automobiles during the period beginning on January 1, 2008, and ending on June 30, 19 2008."
Let's see, could that partnership be.....GM? Tesla? Ford? No. It applies ONLY to whatever partnerships just might be wandering around that happened to have been formed in August 2007! Oh, well, OK, they have to be one of those partnerships producing more than 675K cars the first half of 2008, just to make sure that any other such parnership wouldn't be unfairly left out, you know, because this is a HOUSING BAILOUT BILL, see, and gee, there wouldn't be any TEST to see who qualified for this provision, would there, other than WHAT HAS ALREADY HAPPENED? Just wouldn't be right, would it?
Congrats, everyone! 300 MM people, $30 million tax break, you and everyone in your family just paid John Snow's company $10!! Think of it as a voluntary contribution to the industrial health of this great nation.
_(*#_($*&^_#(*&$#
Basically the banks and mortgage lenders got too cute by ½. As has been chronicled here the lenders knew circa 2000 when this disaster gained steam that they would make these ARM loans available to basically anyone and that they knew a certain percentage would default and in a rising RE market they would clean up in their REO department. Well they took and are taking it up the wazoo with falling home prices. Anyone with an ARM in a falling market is trapped in that loan because their home won’t appraise and you are stuck with the resetting ARM possible doubling your house payments. People aren’t stressing they are walking in record numbers and the whores at the big banks and lender just don’t know what to do. So in comes Uncle Sam not to help the homeowners but to triage the hemorrhaging banks with this FHA scheme. I think in the blame game here the banks are more to blame than the schlub who got the ARM with the confidence that they could refi before it reset. Not exactly the worst scum of the earth, more just a little bit foolish.
Even Dave Ramsey has been a little tongue tied about getting all high and mighty with average folks who had to take out mortgages in expensive markets like So Sc, Florida and the NE and are trapped in ARMs. My neighbor is one of them, ARM resetting in September, never been late on a payment, pays his taxes, is not some illegal alien deadbeat but his house will not appraise and he is upside down and no one will talk to him. He will have problems when his payment goes from 1700 to 2750 like it’s going to. I mean this is the real world and a real family not some nameless , faceless person I can just wag my finger at and whip out the old John Birch Society, well f you’re a dummy attitude with. I feel like his bank is hosing him refusing to work with him, being accommodating, acting like a good freaking Christian neighbor not some soulless Wall street whore that they are. I wouldn’t give the lenders one damn dime, make mortgage securitization illegal and make it all mortgages reworkable in the bankruptcy courts. Would make both sides of this mess straighten their acts out.
