Sorry to burst your bubble, but CONgress can’t “fix” this. No one can. The bubble was blown too big in too many different directions, and debt service cannot be sustained.
Just suppose this passed - what does that do ? It buys 700 billion worth of bad mortgages, CC debt and/or student loans. Then what ? People are still foreclosed upon because they can’t afford their home, their luxury car, their 5 figure CC debt etc etc.
Debt levels must contract in order to be affordable, ergo credit must contract. The process is extremely painful and the good will be hurt along with the bad.
There is, however, no alternative. Do what they will, the Treasury cannot print trillions and trillions of dollars to pay off bad debt, because they are taking money away from people who already cannot pay their bills. Should they do this and print, then welcome to Weimar. Do you think THAT will be pleasant ?
Let CONgress leave town and do nothing. It won’t change the final outcome and the taxpayers of this nation and all those who depend on the dollar will thank them.
Banks will fail, we’ll need to expand the FDIC balance sheet to handle it, and stop the games and the lying. Make the banks mark to market and restore trust in balance sheets - no more Level 3 accounting games.
Agree. I think this has already filtered through the markets in terms of a “panic,” and it won’t do much more damage to let it go. Time to let the market work.
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..