Posted on 09/18/2008 8:19:12 PM PDT by Danae
WASHINGTON — Treasury Secretary Henry Paulson says the government is crafting a plan to rescue banks from bad debts that are at the heart of Wall Street's worst financial crisis in decades.
Paulson said late Thursday the plan will need congressional approval. He and Federal Reserve Chairman Ben Bernanke briefed lawmakers on the options they are considering.
(Excerpt) Read more at foxnews.com ...
John Gibson has turned into a tuff sumbeach hasn’t he?
i love the way he takes the calls from all these angry black Obama supporters...he and Angry Rich
Our own Mark Levin (holdonnow) is great too
As long as McCain doesn’t trip over these present plans, the roll-out of his own prospective economic agenda, coupled with the new, well-pointed campaign communications, plus Sarah Palin’s mastery in the Hannity interview will bring McCain back up in the polls in the next couple days — at least a tick or two.
“A lot of people are going to end up with free homes or get ridiculously low re-finance terms from the federal government. In essence, all of us taxpayers will be paying for deadbeats to stay in their home and keep it. You just know the libs are going to try and forgive these debts.”
Yeah, some guy on Cavuto tonight was screaming on behalf of the ‘homeowners’ who feel they are entitled to the same bailout as the financial institutions.
And those ‘deadbeats’ who will end up staying in ‘their’ homes are, in many cases, illegal aliens who should never have gotten them in the first place.
June 2002:
....”Now, we’ve got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. There is a home ownership gap in America. The difference between Anglo America and African American and Hispanic home ownership is too big. (Applause.) And we’ve got to focus the attention on this nation to address this.
And it starts with setting a goal. And so by the year 2010, we must increase minority home owners by at least 5.5 million. In order to close the homeownership gap, we’ve got to set a big goal for America, and focus our attention and resources on that goal. (Applause.)
And I picked a good man to help realize that goal, in Mel Martinez.”.....
.....”That’s why I’ve challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America’s home ownership challenge.
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system — I introduced two of the leaders here today — they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It’s a commitment that conforms to their charters, as well, and also conforms to their hearts.
This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)
Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)
The Enterprise Foundation and the local initiative support corporation will increase efforts to build and rehabilitate more homes in inner cities at affordable prices by working with local community development corporations.
In my home state of Texas, Enterprise helped turn the once decaying ideal neighborhood of Dallas into a vibrant community, by building homes that were sold to residents at affordable prices. The National Association of Home Builders will team up with local officials, home builder associations and community groups in 20 of our nation’s largest housing markets, to focus on how to eliminate barriers, and encourage homeownership.
The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families. The Neighborhood Housing Services of America will raise $750 million to promote homeownership initiatives in many communities. We’re beginning to use the Internet better, so that realtors all across the country will be able to call up programs all designed to help minority home buyers understand what’s available, what’s possible, and what to avoid. The National Realtors Association will create a central data bank of affordable housing programs, which will be made available to agents, real estate agents, to help people.
So these are some of the beginnings of a national effort. And I want to thank all those who are responsible for the organizations I just named for lending your talents to this important effort for America. You know, one of the things Presidents can do, is they can call the old conference. So I’m going to call one — (laughter) — just to make sure people understand, not only are we serious, but to let them check in. If they’ve signed up and said they’re going to help, this will give everybody a chance to say, here’s what I’ve done to help. It’s what we call accountability. (Applause.) “....George W. Bush
Stand accountable GWB. Stand accountable.
For all we know, all that’s happened IS the plan.
No one can be this NUTS I tell you, no one. America better wake up and connect the dots and stop the madness BEFORE the elections. It’s no accident, IMO, why we are exactly where we are today.
....”Many of the partners today, many of the people here today, many of the business leaders here today are creating a market for the mortgages where Section 8 vouchers are a source of the payment. And that’s good — see, it’s an underpinning of capital. It helps move capital to where we want capital to go. “... - GWB
http://www.whitehouse.gov/news/releases/2002/06/20020617-2.html
This is madness. Trillions of dollars put on to backs of the children. Only I think the USA is about to actually go bankrupt. We could very easily find ourselves in a position where the bond market will support no more. And we could default. S&P warned about the credit rating of the US just a couple of days ago. Now we give the fraudster- ponzi scheme bankers more bailouts on the back of the US taxpayer. Oh life is sweet if you are a banker making 30+ million a year. Its not going to be so sweet for the middle class. Privatize the gains and socialize the losses. Same for the S&L crisis. Same for the .Com bubble. They will do it over and over again. Only this time I think we are actually at the tipping point where we won’t be able to pay.
And Greenspan,Ben,Paulson, Congress and the regulators are all complacent in this re-occurring scheme. The trail leads right back to them.
Serious challenges, and you present reasoned premises. Thank you.
It’s understandable that folks get emotional, but some on this thread are just kneejerk reactionaries .. hyperventilating, displaying extremely irrational and narrow thinking and profound BDS.
Casting all the blame on Pres. Bush is ludicrous and illogical. And it’s a global economy, with great financial overlaps, and extremely complex. All a bunch of dominoes.
Bush is the one who had a program on track to change the way Fannie Mae/Freddie Mac were monitored in 2003, due to the irregularities and coverups that were uncovered, and the DEMOCRATS voted it down. Those campaign contributions were too seductive.
I want to see Franklin Raines and Jaimie Gorelick in jail. They committed criminal fraud.
Barney Frank, Christopher Dodd, Obama, Skerry, all those Dims who insisted on the loosened guidelines and got hundreds of thousands of dollars from Fannie Mae/Freddie Mac, etc. .. boot them out. I don’t know how they sleep at night, especially Dodd.
As Chairman of the Banking Committee, he knows full well how loose the guidelines got in the sub-prime mortgage sector, because the Dims were pushing and pushing for them.
I believe the best possible minds are working on the issue. Getting the Dim congresscritters to wake up, heel, remove the veil from their eyes, act like grownups and actually participate in the solution might be the biggest challenge.
Paulson, Bernanke .. they know their stuff. You can trust that Pres. Bush has called in the most brilliant economic minds to work on this night and day. It’s going to be a very delicate process ... there’s so much reverberation thru all markets for every event, and such a symbiotic global economy.
God bless them with wisdom and clear thinking.
The only reason I’m sorry to see President Bush go is that it’s too late to impeach and remove him from office.
“And of course, to save the financial system they nearly ruined, the liberals will help themselves to hundreds of billions of dollars out of taxpayers’ wallets, and they will put political pressure on the mortgage servicers not to foreclose on the irresponsible people who signed up for outsized mortgages, but to forgive part of the deb”
Need I remind you that the majority of voters elected these a-holes... We get the government we deserve.
Just what would you impeach Bush For????
where is John Gibson on the radio dial?? My mother misses him from Fox News at 5pm. She can’t stand little Heather whoever she is that took Gibson’s show away.
=
Hard working law abiding tax paying American citizens are going to get stuck footing the bill and paying for the economic fiasco THEY created while they, the leaders of Fannie, Freddie, the banks, the investment houses get off scott free and get to keep their multi MILLION DOLLAR parachutes.
This whole thing makes me sick. If Obama gets elected the whole house of cards is going to collapse because what he and his democrat liberal friends did to the housing market they want to do to healthcare and to the rest of America.
The canned food and ammo stockpile crowd chimes in.
Does the name Resolution Trust Corporation ring any bells for you?
This is all about greed. These CEO’s of Morgan, Fannie, Freddie, Lehman and the like need to be investigated for wrong doing.
These mega financial corps didn't just go belly up over night...this took some time.
Congress is down right obligated to force an accounting of this mess. I've read articles of former execs walking away with millions in severance and bonus packages while the companies have gone head long into crisis.
How does this happen?
Hint hint.......the Federal Reserve. You know, that secretive banking cartel that drives American monetary policy.
What a scam. Give expensive loans to those who can't afford it, make risky investments that turn sour, then when the company goes belly up.......have the taxpayers bail it out.
The PRIVATE BANKERS that make up the Federal Reserve win either way.
This is criminal behavior. This looks allot like an Enron if you ask me. Cookin the books, inflating assets and so forth.
Then when the Ca-ca hits the fan.......high level execs just simply, blend into the smoke and walk away. With millions.
Question? Does anyone have an idea of how many loans and the worth of those loans were to ILLEGAL ALIENS?
No ones asking the question.
Near my area I stopped at a red light, looked over to my right to see a sign planted in the ground that read, “Sugartree homes, no documentas, no problemos.”
NO DOCUMENTS, NO PROBLEM??? Houston is a sanctuary city, I know damn good and well millions of dollars in home loans were being given to illegals.
When the housing market began to stall....lots of these illicit workers had no work. Foreclosure time and no way to track’em.
Lotsa questions and no ones a askin.
where is the cry for congressional hearings??? you hear anything? I don’t.
who the hell gave this clown the authority to bailout anyone?
this whole business should have gone through congress for a vote!
shezzzzzzzzzzz...
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