Posted on 09/23/2008 1:00:36 PM PDT by mathprof
I had thought that this Wall Street handout bill would pass over the weekend. I am glad to see that there’s still hope that this massive handout to Paulson’s buddies can be prevented. I’m resigned to its eventual passage, because I think Bush will make any deal to get it passed even without any Republicans on board, but am glad to see that it wasn’t just the usual rubber stamp.
First we had to flood them with common sense about the illegal amnesty b.s., and now this. Can’t those fools figure it out themselves? Oh wait, they’re bought off. I forgot.
I sold a piece of property in December 2006 and am holding the mortgage. The fellow made 7 payments (less than $500/mo) then defaulted.
I filed for foreclosure, he filed for bankruptcy, stopping the foreclosure.
His bankruptcy was dismissed for failure to make plan payments. I got the foreclosure judgement and the sheriff’s sale was pending.
To stop the sale he’s just refiled for bankruptcy again.
I wonder if I can get a bailout. I’m a retired senior citizen, a widow on a fixed income. Not receiving the mortgage payments has put a financial burden on me.
I have a feeling that the vast majority of Americans are pretty conservative and are now able to hear conservative viewpoints because of the internet. The msm is being drowned out and has no choice but to become blatant left wing cheerleaders. While Rush et. al. have large audiences, most people work during the day. Did the net save our Republic?
It looks like Paulson is trying win the grand puba of pork prize with this 700 billion bailout for his banking buddies.
Anybody sense this might be the last straw?
It’s good that he, showing great nobility, fell on the grenade to save his Party.
Perhaps?
I do sense this. However, the “new media’s” power is so far pretty much limited to NEGATIVE action (i.e., blocking bad stuff) as opposed to initiating good stuff (i.e., we haven’t had a lot of success on drilling). That may be the next step.
Now throw in the Kelo Decision, where government can confiscate individual property to up the property tax, the No Child Left Behind where the federal government, not the local PT(S)A, controls a child's education, the Iraq intervention, a dicey decision but clearly not universally supported, Fannie Mae and Freddie Mac, to massage and cultivate the deadbeats, Pell Grants and Student Loans, which simply spin and complicate an education which would otherwise be cheaply available, and a majority who recognize it all, and we might have a real revolution.
Problem is, that revolution, in the minds of the emotional and ignorant mob, is also what gave us Lenin/Stalin, and the boys.
We shall see.
No one is saying that the 700 billion bailout of WS is the way to go. However, there are 9000 foreclosures a day. This has to stop because it is damaging the regular homeowner.
Save it, and no, the foreclosures are now regular honest folks that are just getting the crap beat out of them from the monthly drop in housing prices and the inability to refinance and or get a HELOC.
The dirt bags that bought the houses as NINJAS (no down payment, no income bozos) ARE LONG GONEEEEE!!!!
The WS aholes would love for all of us to lose our houses, they have their buddies waiting in the wings to pick them up for 10 cents on the dollar.
Go ahead take the bait on the so called free market capitalism, the same WS aholes screaming this are the same one that want to be the ones who get to pickup the pieces from the slaughter of the MIDDLE CLASS... They cannot wait to turn us all into a bunch of two bit ‘wetbacks’...
I will be dammed before I lose my house and have to move into a trailer park because of these thieves. My goal is to see that they are in the trailer park..
Voters after AIG: Thats it no more Bailouts!
Paulsen/Bush: Its not a bailout we are going to buy garbage loans and resell them!
Voters: NO MORE FAILOUTS!
It is my humble opinion that President Bush has navigated treacherous waters for eight years with grace and poise. There were many times when it seemed like he was the only adult in the room, which would have disconcerted a lesser man. It has been an extended season of venal and lackluster leaders for our nation and far too many have cravenly succumbed to the temptation to feed their baser natures. Who knows what would have happened, had our leaders had any real spunk, considered as a group.
I believe President Bush has been a singular force to keep the nation united and moving forward and that the courage he has displayed has made him a lightning rod for criticism and carping, literally from every side. So right now, our own wishes and dersires are tied up in what we wanted to have to come to pass. That any wishes have been unfulfilled has been laid at his door. God willing, President Bush will always keep his own counsel about the pressure to which he has been subjected, and God grant him a long and peaceful life after the Presidency.
You are missing one point - there are foreclosures because house values are at absolutely unsustainable levels.
Over history, median house values were 2.5-3x the median salary in an area. So if in Delaware, say, the median wage is 35k, then the median house price should be 105k. The fact of the matter is it’s not. The median house price in 2006 was 225k. So what did people do to afford these houses ? Mom got a job, they took out an Option ARM or no-doc loan, all to get in the same type house that 5-7 years before would have only cost them about 150k.
House values must return to their historical levels to be affordable. There is no escaping that reality. And until they do, the foreclosures will continue.
You are wrong about this being the result of free market capitalism. What caused this entire mess was Alan Greenspan and the Fed blowing a credit bubble, which resulted in easy money chasing a finite quantity of goods, thereby raising prices well above their level. The Fed is not free market capitalism in any sense; they’re the result of CONgress outsourcing their responsibility onto a quasi-private institution.
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