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Paulson: Government Crafting Plan to Rescue Banks From Bad Debts
Fox News.com ^ | AP

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 ...


TOPICS: Breaking News; Government; News/Current Events; Politics/Elections
KEYWORDS: 110th; amero; bailouts; banking; banks; bigbrother; congress; economicpolicy; fanniemae; fed; frank; govwatch; jurisdiction; nationalsocialism; northamericanunion; paulson; ponzi; rats; reid; treasury
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To: FreeReign
And thanks to the woeful education system, few Americans really understand what Americanism is and what makes America great and how a move like this is completely counter to the principles upon which this country was founded.

We might get the government we deserve, but it's not like we have a good set of choices now. Do we select the wannabe dictator or the guy who's more concerned about “getting along” than holding people accountable?

Oy.

81 posted on 09/19/2008 8:44:33 AM PDT by y2gordo
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To: y2gordo

Are you seriously puzzled by the choice?


82 posted on 09/19/2008 8:48:27 AM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: Azzurri
In essence, all of us taxpayers will be paying for deadbeats to stay in their home and keep it

Totally agree. I got divorced in 2005 and didn't buy a house in S. FL because the prices required I take out a huge mortage. So, I rented. I would hate to think that my taxes will go to help out those in a similar situation who took out a funky mortage on a McMansion.

83 posted on 09/19/2008 8:48:53 AM PDT by ARCADIA (Abuse of power comes as no surprise)
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To: atomicweeder
...actually morally correct since CRA forced the banks to give mortgages to winos ..

That's a very minor part of this whole mess. What's more, everyone knows it.

What about the flippers?

What about the speculators who purchased blocks of condos pre-construction to resell after the development was completed?

What about middle-class families that could afford a townhouse but instead got a McMansion with easy money?

What about the families who took out second mortgage on their inflated-equity to put in a pool and a jacuzzi?

Not to mention all the bankers who looked the other way, the appraisers who inflated their assessments, the financial analysts who put in super-optimistic assumptions in valuation models.

84 posted on 09/19/2008 8:57:04 AM PDT by ARCADIA (Abuse of power comes as no surprise)
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To: STARWISE

KMA.


85 posted on 09/19/2008 8:59:10 AM PDT by Psycho_Bunny (By Obama's own reckoning, isn't Lyndon LaRouche more qualified? He's run since the 70's)
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To: STARWISE

No, I’d much rather have Hoover than Hitler, but that gets into the whole complaining about McCain thing that I am actually trying to avoid. This is just one of those days when I look at what’s going on and become befuddled at how this country has gotten itself into this position.

Hard work ahead for certain.


86 posted on 09/19/2008 9:01:11 AM PDT by y2gordo
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To: Psycho_Bunny

Aaah .. you’ll fit in perfectly there.


87 posted on 09/19/2008 9:04:57 AM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: y2gordo

I understand. One good historical
fact to always keep in mind:

The Democrats, their machine,
union networks, operatives, etc.
ALWAYS have and always will pursue
buying votes via social programs,
handouts, etc., discouraging
self-sufficiency and independence.

That’s their lever of control, and
sadly the sheeple are that naive,
uninformed and brainwashed.

And it filters down thru the local
‘machine.’

Where I am, it’s so blatant that,
during the Holidays every year, our
aldermen have truckloads of a free
turkey or ham delivered to all the
seniors bldgs.

During the year, they throw free
picnics, parties and bingo days (with
cash prizes) with bus pickups, for
thousands of senior voters.

Sadly, among some groups, it definitely
works.

Sheeple ... they just don’t put 2
and 2 together or care or THINK.


88 posted on 09/19/2008 9:20:18 AM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: ARCADIA
I agree that a lot of players are at fault. CRA was the seed that got the ball rolling -- and then the incompetent/crooked Fannie Mae/Freddie Mac fools made it a lot worse.

Personal note: twice in my life I bought houses with ARMs. Both times, I asked the bank "what is the highest the payment will ever be?" If I could not afford that payment on my current salary, I would NOT have done the deal. I NEVER counted on my future salary rising along with my ARM. I always used an ARM as a way to SAVE MONEY for 2-3 years, as opposed to buying a bigger house.

However -- had I known that the Treasury would bail out my mortgage, I should have bought an f***ing mansion and then cried hardship.
89 posted on 09/19/2008 9:38:01 AM PDT by atomicweeder
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To: FreeReign

My point was the government doesn’t have the responsibility to bail out these big banks anymore than they have the responsibility to bail me out. In all the reports about the mortgage problems I never heard anything about the government requiring lenders to lower standards.


90 posted on 09/19/2008 9:55:07 AM PDT by demshateGod (the GOP is dead to me)
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To: mplc5
Need advice, I am 300,000+ upside down in a home in California, I have 1 year left before my 3,000 payment adjustment. Any suggestion what i should do??? Countrywide is the lender.

The right (moral) thing to do is pay off your loan irrespective of the chaos swirling around you. The parable in Matthew 20 applies in your case. You have a contract and you should keep it.

91 posted on 09/19/2008 10:01:26 AM PDT by Liberty1970
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To: erikm88

I agree. Most people are sheeple and don’t care. However, we do need to at least make it clear WHO WAS TAKING MONEY FROM WHOM.... Obama DEFINATELY took money from Fannie Mae... that is tremendously damning. Hugely so!


92 posted on 09/19/2008 10:16:49 AM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
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To: mysterio
Its NOT Socialism.

Its THEFT. On a Global Scale. Whats more.... IT'S TRACEABLE. For years now, people have been creating Stock purchases that DO NOT EXIST, the STOCK ITSELF does not exist. But the money that was transfered DOES, and it went into someones pocket. To the tune of a TRILLION dollars, and THAT is just in the USA alone. What it will be in other Nations.... I am gonna guess about 3/4 of a Trillion EACH.

SHOW ME DA MONEY! The DTCC has records of ALL of it!!!! http://www.dtcc.com/ This is a secretive branch of the FEDERAL government, which due to its regulations, make it impossible for just about ANYONE to see what its doing. THAT is what we need to tear into! That's where ALL financial transactions go through, they have records of EVERYTHING. DTCC MUST BE FORCED TO DISCLOSE EVERYTHING. IMMEDIATELY.

93 posted on 09/19/2008 10:27:13 AM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
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To: demshateGod
The government required private banks to have lower standards for making mortgage loans. How does your above quip follow from what is really going on here?

My point was the government doesn’t have the responsibility to bail out these big banks anymore than they have the responsibility to bail me out.

If the Federal government caused the problem with its over-regulating of private banks , then the Federal is responsible to correct the problem.

In all the reports about the mortgage problems I never heard anything about the government requiring lenders to lower standards.

There's your problem. ABC, CBS, CNN, MSNBC, NY Times and all the rest of the Drive-Bys are NOT going to report to you what the problem is. I would suggest that you try other sources.

94 posted on 09/19/2008 10:27:36 AM PDT by FreeReign
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To: Kimberly GG
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.

Well, if worse comes to worse, the race baiters and Socialists will probably exercise the Zimbabwe option...and you know exactly where that leads.

95 posted on 09/19/2008 10:29:34 AM PDT by rabscuttle385 (No, no se puede, Juan! No to bailouts, no to amnesty, no to carbon credits, no to Big Government!)
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To: mplc5

Nothing right now. No one knows yet HOW they are gonna pull this off. Most likely buy out the shares of the Fake Stocks. But thats speculation on my part. We have to wait and see.


96 posted on 09/19/2008 10:31:27 AM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
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To: demshateGod
Thats because the Democrats in congress, the Congressional Black Caucus, lenders like Fannie Mae and Freddie Mac, and all the other banks that made billions off these “Sub -Prime” loans didn't want you paying too much attention to it unless they were from your “Poor” district (like in Chicago, Obama’s turf) in which case, they WANTED people to know they were getting loans because their “Senator” was “Looking out for YOU!”. Yea, total 100% Political corruption right there. Vote for Obama cause he gets us Home loans... and he was taking Political contributions from the SINGLE LARGEST LENDER TO MINORITIES, part of the “Family of the Black Congressional Caucus”, you got it, Fannie Mae. Watch this, it explains a GREAT deal. http://www.youtube.com/watch?v=usvG-s_Ssb0
97 posted on 09/19/2008 10:45:12 AM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
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To: Vince Ferrer
This money that is causing these bad loans did not come from taxpayers, so taxpayer money should not be used to bail them out.

The money came from the Fed and Treasury when it created it out of the aether as fiat money, and lent it to banks.

It's not true that every time someone gets a mortgage, the Fed has to create an equal amount of fiat money and loan it to a bank. For one thing all the money that changes hands when a mortgage is made eventually ends up being deposited in banks where it can be loaned out again.

So all the money created by the Fed multiplies many times in the economy, depending on the reserve ratios of various banks.

Also when investment banks create mortgage-backed securities and sell them they are getting a new pool of money from investors that can also be used to create more mortgages.

98 posted on 09/19/2008 11:24:34 AM PDT by wideminded
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To: Danae
Paulson: Government Crafting Plan to Rescue Banks From Bad Debts


99 posted on 09/19/2008 11:25:13 AM PDT by XR7
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To: Revel

A few years ago, I would have never guessed that our country’s largest lurch to unfettered socialism would come under a Republican administration. How naive and foolish I was.


100 posted on 09/19/2008 11:37:51 AM PDT by thecabal (Conservatives who don't live up to the liberal caricature are now hypocrites.)
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