Rescue plan seeks $700B to buy bad mortgages

Quote from Cdntrader:

there is no "plan". They have nfi how this will help, other than to stop the market from going down this week.
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Yeppers! We still have the Credit cards, auto loans, Commercial RE.

The funny thing is I know of 3 people that have been in foreclosure since late 2005 and early 2006 that still have their houses. Just more crap sitting on the hidden books of banks.
 
Quote from dinoman:

Yeppers! We still have the Credit cards, auto loans, Commercial RE.

The funny thing is I know of 3 people that have been in foreclosure since late 2005 and early 2006 that still have their houses. Just more crap sitting on the hidden books of banks.
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lol yup they dont want sell the homes and crystallize the losses. Easier to make some fictional values that help the balance sheet look pretty.
 
Anyone remember when Pauslon and Bernanke went to congress for the authority to put money in Fannie and Freddie and they said that at most they expected that the cost to tax payers would be AT MOST $25 Billion. At the time I was telling everyone that it would likely be closer to $200-400 billion, boy was I wrong.

Question is how far have these guys had their heads up their own arses to get it so completely wrong for the last year. I along with half of ET knew this shit was coming since 2006! Are these douche's that removed from real life that they are really so clueless or are they just complete and utter liars. Is it any wonder that Ron Paul was so popular, lone man speaking the truth in Washington and for that he was laughed at and ridiculed. No so funny now.
 
Äîáàâëåíî: Ñóááîòà, 20.09.2008, 19:56

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By JULIE HIRSCHFELD DAVIS, Associated Press Writer
35 minutes ago



WASHINGTON - The Bush administration is asking Congress to let the government buy $700 billion in toxic mortgages in the largest financial
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bailout since the Great Depression, according to a draft of the plan
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obtained Saturday by The Associated Press.



The plan would give the government broad power to buy the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to
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In a briefing to lawmakers Friday, Paulson and Federal Reserve Chairman Ben Bernanke painted a grave picture of an economy on the edge of a
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major recession and telling them that action was urgent and imperative.
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http://www.youtube.com/watch?v=FGPSnB93vo4&feature=related
 
Quote from Cdntrader:

there is no "plan". They have nfi how this will help, other than to stop the market from going down this week.
More...

Correct. What this country really needs is:

1. Government accountability.

2. Public hangings.

These two items would fix a multitude of problems here in the USA.
 
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