Posted on 03/25/2010 3:54:54 PM PDT by tobyhill
Under the authority that allows the Congress to pass a law forcing a private citizen to buy a product or be fined or jailed.
Exactly. And the same can be said of student loans. Ever since Big Govt got their grimy hands involved, it has been downhill ever since. They F*&# up EVERYTHING they get involved in. Amtrak, SS, Post Office, Healthcare, Medicare, Medicaid, Education/Public Schools, Income Tax, Death Tax, etc etc.
WILL NONE DARE CALL IT FASCISM????
True, but almost all benefited when we bailed out AIG and they got 100%
Lee Hunsucker would be proud...
Seriously, the worst president ever. America is going to pay long term from the folly of Obama and the democraps, just like the late 70’s and the failed Carter administration.
I think you are without a clue? The banks have to repay the monies extended under TARP with interest. As well, many shareholders suffered losses YET if ever to be recovered.
Maybe you should check yourself out for marxist tendencies...
Why doesn’t he just declare all mortgages paid off?
First I am not a Marxist, and second Marxists at least are consistent. Those ‘capitalists’ gambled and would have been wiped out if not for us bailing them and their counter-parties out. So, go ahead and gamble, if you win you keep it it, if you lose we, the suckers, will bail you out. How free market!
It has been discussed long enough already http://www.businessweek.com/the_thread/economicsunbound/archives/2009/03/german_and_fren.html
Economic and voter-base manipulation.
Keeps banks from flooding the market with foreclosures which skews housing indicators low and insures those receiving freebie/reduced mortgage payments vote to preserve their spot at the trough.
Why - what was outrageous is the billions they took from the taxpayers and they deserve every evil upon them.
There is always risk to ownership of property and risk in incurring debt. People, government and banks forgetting those truths led to the imbalances that caused this recession. Allowing nature to run its course cures the imbalances leading to stronger economic performance and stability in the future, and it teaches the lessons that should be learned to everybody involved.
In reality, a lot of banks already make use of many of the same tactics trying to make the best business decision they can. My bank does, but not with government involvement. What you would really be surprised at is the number of people we have encountered, fully capable of paying their debts, are trying to squeeze out something free in the form of additonal equity, simply because the government is touting this program. The whole mindset is absolute poison to our culture and nation. But government coercion for banks to adopt this plan is an animal of an entirely different stripe, one that is absolutely intolerable.
This plan simply shifts ALL of the risk to the banks, eliminates the lessons learned and really prolongs the recovery. In fact, big government activism has already prolonged this recession. Businesses are afraid to hire because they are afraid of upcoming taxes and healthcare mandates. In addition, the plan does something far worse: we trade constitutionally protected property rights, that has untold and lasting value, for the illusion of a fix to a temporary problem.
Presidential Hubris. This idiot is about to drown in his.
Boy, what I sucker I am - I paid off my mortgage.
“OBAMA did!”
Ahhh lifestyles of the young and delusional.
if you control student loans you control the financial future.
go to college and then there is loan forgivness IF you work for the government or the brownshirts.
This is to create the GI bill for anybody OUTSIDE of the military.
But the banks have always had all the risk.
When you take out a loan, you put up collateral. If you don’t pay the loan, the bank gets the collateral. That’s the standard loan contract.
In a mortgage, the collateral is the house. So if you don’t pay the mortgage, the bank gets the house. And its always been that way. The reason it has become a problem now is because the collateral has lost value. And that is the risk the bank takes when it approves a mortgage.
If someone defaults and they have $100,000 sitting somewhere. Then I agree the bank can and should go after that. However, in 90% of foreclosures, that is not the case. If the house is worth $200,000 and the loan is for $400,000. And that person is unemployed, broke, and living with family. What exactly do you want to happen? He doesnt have any money to go after. The bank is screwed and will have to write off the debt. You can’t pursue the debt forever. The law has never allowed that and will never allow that.
Thankfully, I have no spouse, no dependents, no real estate and no debt.
There is no means test for unemployment or food stamps and that silly Social Security statement I get every year lists earnings back to 1962.
This Atlas has shrugged. I look forward to doing my part to bankrupt the system.
Any time you find a corporation that you think is making too much money, buy their stock.
That's what George Buffet, George Soros and I do.
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