if the fed took all the questionable mortgages off t books/,the banks assetts would rise and allow them to borrow from the fed to create loans to the public ,/i'm not sure but i would think the cdo'should be tied to these mortgages, /which would no longer be in default,/although still worth considerably less than there purchase price,/this would cap a lot of the u.s. obligations and allow the consumer to continue contributing to the gdp and possibly keep the u.s. strong/ it might also put in a temporary base in the housing market and allow home buying to resume,once in gear /the defaulting houses could be sold/even at a trillion,this bailout wouls seem to have a cap,i dont think paulson is gonna get his wish/not unless evryone in the senate and congress is planning on leaving politics anyway/they surely won't get re'elected if they give the cash bailout to wallstreet
Ben Stein Says 'Bailout' Is A Scam: Use Money To Bailout Homeowners Directly
- Thread starter ByLoSellHi
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I've always liked Ben Stien:
http://www.eventsounds.com/wav/bueller.wav
And for itchie stingie red eyes...
http://www.eventsounds.com/wav/bueller.wav
And for itchie stingie red eyes...
i'm against bailing out walls street, but i downt understand why i owe home"owners" who were careless with debt a subsidy
those who were prudent in their financial situation didnt buy a home at all in the last 4-5 years, even if they were renting
why do they prudent owe the careless welfare, when the prudent have already been harmed in this disaster (through excess housing inflation and debased savings?)
You owe them because it's wallstreet that made homes so expensive -treating homes as another investment and not just the place to live. Thanks to speculators and realtors home prices apreciated to the levels where they become out of reach at 30year fixed mortgage prices. What did the banks do? They created other lending options like pick-a-pay loans. Banks were asking for it and they plenty knew it was a musical chairs game. Their excuse was that everyone is doing it so they have to (perils of public company and no regulations). This is why Wachovia is where they are. They wanted in the game as well but soon after they got in the music stopped.:eek:
you mean you didn't know the street was all about ponzi schemes, gambling with other peoples money, heads they win tails you lose small print, deception, lies about the blessings of long term investing, overpaid touts, skimming, tape painting, and assorted other crimes?
then you've been living under a rock.
the worldwide housing bubble was an outrage AT THE TIME, not just now.
I said many times that speculation in housing was a crime against society and should be banned.
No one agreed.
I was right again.
then you've been living under a rock.
the worldwide housing bubble was an outrage AT THE TIME, not just now.
I said many times that speculation in housing was a crime against society and should be banned.
No one agreed.
I was right again.
the problem approached us like a glacier. ho hum it's just an 'ownership society' with rock bottom rate decisions, slowing growth, doubling and tripling home prices, exponential CDS growth...
so we synthesized bank profits out of thin air with leverage until the system was entirely drained and now we need a "bailout" because we'll take the economy with us if you don't..
the whitehouse, fed, treasury, bank directors and the vast majority of the congresspeople and media are obligated to admit either complicity or incompetence. should they be imprisoned or fired?
complicit or incompetent
every last one of them should be forced to make a public statement to that effect. back out the bank profits over the last few years and they will equal the size of the required "bailout".
More than 1 group is corrupt - there's the guy who lends the money without caring if it gets paid back, and the guy who takes it without ever intending to pay it back.
Takes two to tango.