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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 3:46:54 PM
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Leslie_JnJs_mom
Posts: 897
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quote:
ORIGINAL: GroupW
quote:
ORIGINAL: Leslie_JnJs_mom
Yes lets the economy go to the toilet, and I mean that seriously. Houses are outrageous in their prices, CEO's were so greedy they let their companies fail while they walked away with millions. If this countries economy falls apart and takes half the world with it so be it.
That's really very easy to say, but do you realize that your job would be placed at risk if they did that? Many innocent families could be harmed with a complete hands off approach to this crisis. Your 401k would lose substantial value, your home price would decline even further, and you may find yourself in the unemployment line.
The poor will suffer far more in this than the rich will. We'll all suffer - the guilty and the innocent alike.
I have heard several on the news say it will not be that bad. Sure mortages will be very hard to get and people may loose their jobs. That seems to be what has been going on for several years now.
I just think it is unfair that greedy CEO's can take risks that time will tell if they were illegal and get a government check out of it.
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<------- Jessica and I had so much fun with grandma!
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 3:51:33 PM
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GroupW
Posts: 2911
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From: Up in the hills of Colorado (very BIG hills...)
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It's actually much more serious than just that, potentially. Here's one example: There is a potentially very large impact on foreign trade. Since it's currently exports that are keeping us out of recession, this is no small problem.
---------------------------------------------------
CHICAGO, Sept 26 (Reuters) - The credit crunch is sucking liquidity out of global trade and the shipping business, leaving cargoes stranded on docks and threatening to bring down shipyards and ship owners alike, the top executive of Excel Maritime Carriers Ltd <EXM.N> said on Friday.
"The banks have ceased lending and a lack of liquidity affects trade," Stamatis Molaris told Reuters in a telephone interview. "The demand for goods is there; there is just not enough liquidity to move those goods around."
"If the credit crunch lasts beyond the short term, then shipyards -- especially the newer ones -- are going to fall like a house of cards," he added.
Molaris said that throughout the industry and in numerous markets, cargoes have been left on the dock because it is hard to find banks willing to fund the movement of the goods.
"It has happened to us and it is happening everywhere to everyone," he said....
...
More than 90 percent of the world's traded goods by volume is carried by sea.....
"Get me funding and I'll look at a ship," he said. "I cannot stress this enough: The banks are not lending any money.".....
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 3:52:34 PM
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Zhi
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You also have to consider the fact that most people who own a house are just ordinary, average folks, and most of them have a mortgage.
So, if housing prices fall too dramatically, most middle class people are going to owe more on their houses than they can sell those houses for. This is kind of the thing about economics... first thing they tell you back in econ 101 is "a thing is only worth what people are willing to pay for it". So, what is a house worth? What it will sell for. But, the repercussions can be pretty dire if the answer to that question 2 years ago is a lot higher than the answer today. You can end up with people with negative equity, which is NOT good.
What happens, then, when they lose their current job or find a better job and have to move elsewhere? They can't sell the house, because they don't have the money to make up the difference between what the house is worth, and what they still owe on their mortgage. Renting will be difficult, because they won't be able to rent it out for anything near what they're paying on their mortgage each month, because people will just buy the cheaper houses on their own mortgages instead of renting. They need that "housing" allocation in their budget to pay for where they will be living when they move, most budgets won't handle two mortgages or two rent checks a month. So, housing prices falling too far will result in most people in hopeless and desperate situations, having to walk away from their oppressive mortgages... which will just make things worse.
I'm in Denver too (hi GroupW!) so our house should be okay (at least for now, especially since the small mountain town we own our house in has a mine going in and a new high class ski resort going in down the road and so forth so values are actually rising and the rental market is smokin'), but a lot of people won't be.
There's also a placebo effect to some extent every time the government even acts like they're going to step in. It's possible that the government is hoping that the amount of yelling and foot-stamping going on will reassure people that they're "doing something" and stabilize the market accordingly. It's sort of started working in the oil and gas market, we'll see I guess. My first thought when I heard about the earmark fiasco was "are they TRYING to tie this thing up eternally in the legislature?" Well, who knows, maybe they are. >.> <.<
_____________________________
The optimist says the glass is half full. The pessimist says the glass is half empty. The engineer says the glass is twice as large as it needs to be.
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 3:58:27 PM
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GroupW
Posts: 2911
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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quote:
ORIGINAL: Leslie_JnJs_mom
I have heard several on the news say it will not be that bad. Sure mortages will be very hard to get and people may loose their jobs. That seems to be what has been going on for several years now.
I just think it is unfair that greedy CEO's can take risks that time will tell if they were illegal and get a government check out of it.
In truth, I kind of agree with you. I think the Treasury does too. The big worry right now is not that we think that things ARE going to get bad, but that depending on what else goes wrong, how bad things could really get. This is the BIG worry.
Think of it in terms of a medical procedure. If you're having an ingrown toenail removed, a normal healthy person wouldn't think twice. A person with diabetes and marginal circulation in their legs faces potentially catastrophic consequences that the healthy person does not. These consequences aren't likely, but they have a certain possibility that is not small. The diabetic probably would want some additional safeguards on the procedure.
Same thing with the economy. We may think that our most likely/expected outcome is acceptable. The volatility around that estimate, however, includes a few really bad outcomes that many of us feel are worth doing something prudent to avoid. Especially if you factor in the probability that something else could go wrong in the middle of the markets trying to fix this on their own. Banks are barely able to make it with the headwinds they have. Add a few more (a terrorist attack, a natural disaster, whatever) and things could get very ugly.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:02:51 PM
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GroupW
Posts: 2911
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From: Up in the hills of Colorado (very BIG hills...)
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quote:
ORIGINAL: Zhi
I'm in Denver too (hi GroupW!) so our house should be okay (at least for now, especially since the small mountain town we own our house in has a mine going in and a new high class ski resort going in down the road and so forth so values are actually rising and the rental market is smokin'), but a lot of people won't be.
Hi Neighbor!
quote:
There's also a placebo effect to some extent every time the government even acts like they're going to step in. It's possible that the government is hoping that the amount of yelling and foot-stamping going on will reassure people that they're "doing something" and stabilize the market accordingly. It's sort of started working in the oil and gas market, we'll see I guess. My first thought when I heard about the earmark fiasco was "are they TRYING to tie this thing up eternally in the legislature?" Well, who knows, maybe they are. >.> <.<
I thought the same thing when I saw Paulson's initial proposal that specifically ruled out judicial oversight. That seemed to me to be a "poison pill" intended to make it dead on arrival in Congress. That keeps the proposal in limbo long enough to see if some of the private money could be coaxed out of hiding while folks argued about it. Seemed to work to some degree. It at least halted the slide in values that started back in July & accelerated in the past few weeks.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:08:34 PM
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ayani
Posts: 194
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quote:
ORIGINAL: TMeeks
Have they NO SHAME????
In my opionion, to use emergencies to further the causes of special interest groups with earmarks is corruption in the extreme.
You know, This seems strikingly similar the story from one of the gospel passages in the lectionary a few weeks ago:
From Matthew 18:
quote:
23 "For this reason the kingdom of heaven may be compared to a king who wished to settle accounts with his slaves. 24 When he began the reckoning, one who owed him ten thousand talents F137 was brought to him; 25 and, as he could not pay, his lord ordered him to be sold, together with his wife and children and all his possessions, and payment to be made. 26 So the slave fell on his knees before him, saying, "Have patience with me, and I will pay you everything.' 27 And out of pity for him, the lord of that slave released him and forgave him the debt. 28 But that same slave, as he went out, came upon one of his fellow slaves who owed him a hundred denarii; F138 and seizing him by the throat, he said, "Pay what you owe.' 29 Then his fellow slave fell down and pleaded with him, "Have patience with me, and I will pay you.' 30 But he refused; then he went and threw him into prison until he would pay the debt. 31 When his fellow slaves saw what had happened, they were greatly distressed, and they went and reported to their lord all that had taken place. 32 Then his lord summoned him and said to him, "You wicked slave! I forgave you all that debt because you pleaded with me. 33 Should you not have had mercy on your fellow slave, as I had mercy on you?' 34 And in anger his lord handed him over to be tortured until he would pay his entire debt.
In our situation:
King = our goverment
slave = investment bankers
Fellow slave who owed the first slave = homowners facing foreclosure.
Prison = being evicted from your house.
The investment bankers (slave) are begging for help paying their debts from the government (king).
The homeowners (fellow slave) facing foreclosure are asking the investment bankers (first slave) for some slack: reduction in interest rate, partial forgiveness. Only, the investment bankers with their conservative Republican allies (first slave) are saying: “no, we’re not going to share any of grace we’ve been given with you, you have to pay your debt in full or to the prison with you”.
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:10:41 PM
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Leslie_JnJs_mom
Posts: 897
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I was watching the news earlier and they were showing clips of Pres. Bush and Alan Greenspan warning of this happening back in 2003. Several other Senators from the other side told them it was a bunch of hog wash. If certain people running for office decide to use that it could very well mean certain politician's loose their jobs.
_____________________________
<------- Jessica and I had so much fun with grandma!
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:28:58 PM
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rlj
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quote:
Want affordable housing? Let it correct itself and then when the prices drop to where they should be it won't be difficult to qualify for a loan. If the government buys these loans they will lose. Which means we and our children will lose.
Since we insist on electing democrats and republicans at each election then we're doomed.
_____________________________
-Roger
This is who I'm voting for. He is from the same party I voted for last time. This is consistent with my belief in the failure of the two party system and my disgust with it.
http://www.baldwin08.com/#
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:29:56 PM
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GroupW
Posts: 2911
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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StephK-
There are a couple of websites like this that seem to be getting a bit crossed up in acronyms. The ACORN in question is the ACORN Affordable Housing Corp which is a non-profit that's been doing consumer credit counseling and working with low-income housing groups for years.
It seems the authors on this website are intent on confusing that with the Association of Community Organizations for Reform Now which actually has nothing to do with affordable housing.
Two completely different entities.
The concern of many lawmakers is that funds not go just to keep banks afloat but also that some concern is also shown for the individuals that may currently need housing assistance.
I don't think it's as nefarious as folks are making this out to be.
BTW, I can find very little corroboration in the press and elsewhere that these fringe websites have it right. Beyond Minnesota's Bachmann, who's a bit on the "volatile" side of things, there doesn't seem to be a lot of fire underneath all this smoke.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:36:19 PM
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laura...
Posts: 2842
Joined: 3/1/2005
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Wouldn't it make more sense to bailout the individuals who are losing their homes to predatory lenders than to bailout the lenders?
Previously the government passed legislation to make it possible for homeowners in danger of losing their homes to get out of the mess. The problem was that "rescue" was no rescue at all since the terms of the rescue were up to the very banks they needed rescued from.
I would prefer that the government use that $700 BILLION in a way that would really make it possible for homeowner and potential homeowners to buy up all these foreclosed properties.
_____________________________
This is what the Lord says: “Stop at the crossroads and look around. Ask for the old, godly way, and walk in it. Travel its path, and you will find rest for your souls. But you reply, ‘No, that’s not the road we want!’ Jer 6:16
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:42:21 PM
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GroupW
Posts: 2911
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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You're right - it's an issue.
It sounds good and in other circumstances might be the right thing to do. The issue is that it doesn't fix the major immediate problem. There are lots of issues to deal with, but the snake closest to the foot right now is the weakened condition of the banks. If the banks had the capital to weather the storm better, then I'd say you're probably right. Currently, though, banks are in such a state that they can't lend. It's freezing up the financial system to the point of creating business failures and job loss that shouldn't and don't need to happen.
I think your solution could eventually fix the problem, but not fast enough to prevent a serious gridlock in the financial system that has the potential to create a fairly deep and painful recession.
In a sense, there's a bit of a conflict between what is most PRODUCTIVE to do and what is the FAIR thing to do. In this case, being "fair" may actually result in more economic pain than being "productive".
That's exactly what has the house republicans, the senate republicans, the democrats, and the treasury all at odds with each other. It's a difficult set of problems to have to weigh out.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:45:25 PM
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StephK
Posts: 2337
Joined: 4/11/2005
From: Southwest Louisiana
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They are connected.
Acorn Housing Corporation has a link to ACORN.org.
Service delivery: ACORN and its allied organizations provide extensive services to our members and constituency. These include free tax preparation focusing on the Earned Income Tax Credit; screening for eligibility for federal and state benefit programs; and, through the ACORN Housing Corporation, first time homeowner mortgage counseling and foreclosure prevention assistance, and low income housing development.
_____________________________
Stephanie
The heart of the wise inclines to the right but the heart of the fool to the left.
Even as he walks along the road, the fool lacks sense and shows everyone how stupid he is. ~ Ecc. 10:2-3
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:45:44 PM
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GroupW
Posts: 2911
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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BTW, I'm out for the weekend. Will have to pick this up on Monday.
See ya folks.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 4:50:05 PM
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laura...
Posts: 2842
Joined: 3/1/2005
From: NE Ohio
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quote:
Currently, though, banks are in such a state that they can't lend.
I just bought a house. We signed the closing papers today. There are banks that can still lend money.
One bank just bought another bank today. So, there are still banks capable of investing money.
I wonder if it is best to let the private sector work this out. (Natural selection. Let the strong survive.) While the government gives their bailout to the individuals so that they can weather the frenzy.
_____________________________
This is what the Lord says: “Stop at the crossroads and look around. Ask for the old, godly way, and walk in it. Travel its path, and you will find rest for your souls. But you reply, ‘No, that’s not the road we want!’ Jer 6:16
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 5:13:41 PM
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bzirk
Posts: 2918
Joined: 4/11/2005
From: Where the deer and antelope play
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quote:
ORIGINAL: stamper_ben
quote:
1. If we are in this problem because too many banks gave mortgages people could not afford, sold those mortgages and since they are not being paid are running out of money.....Even though I have heard the money used by the government would be paid back when the housing market goes up and houses become more valuable......isn't that what the banks thought as well? I mean they did not give the loans just to give them right?........they thought they would make a big profit right? how do we know that the notes the federal government will hold will not decrease in value as well? To borrow a phrase from the stock market, it is long past time for housing prices to undergo a "correction". It was greed that drove them up. Greed on the part of buyers, speculators, and bankers.
Want affordable housing? Let it correct itself and then when the prices drop to where they should be it won't be difficult to qualify for a loan. If the government buys these loans they will lose. Which means we and our children will lose.
Ben,
I'm being amazed by the fact that Democrats and Republicans (at least those out in the fly over country and not the fat cats in Washington so much) are actually agreeing on this issue. The Democrats in Washington keep blaming McCain for messing up the deal. But the truth is that the American people have messed up the deal 'cause they don't want it. Thankfully!
_____________________________
may the God of hope fill you with all joy and peace in believing, so you will abound in hope by the power of the Holy Spirit. Romans 15:13
Great quote: I just ain't God and don't know it all. -- SonInMe1
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 5:15:19 PM
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bzirk
Posts: 2918
Joined: 4/11/2005
From: Where the deer and antelope play
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quote:
ORIGINAL: laura...
quote:
Currently, though, banks are in such a state that they can't lend.
I just bought a house. We signed the closing papers today. There are banks that can still lend money.
One bank just bought another bank today. So, there are still banks capable of investing money.
I wonder if it is best to let the private sector work this out. (Natural selection. Let the strong survive.) While the government gives their bailout to the individuals so that they can weather the frenzy.
What would happen if they "gave" that 700 billion to average Joe Taxpayer? I think that could jump start the economy big time. LOL!!
_____________________________
may the God of hope fill you with all joy and peace in believing, so you will abound in hope by the power of the Holy Spirit. Romans 15:13
Great quote: I just ain't God and don't know it all. -- SonInMe1
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 5:22:39 PM
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StephK
Posts: 2337
Joined: 4/11/2005
From: Southwest Louisiana
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quote:
ORIGINAL: GroupW
StephK-
There are a couple of websites like this that seem to be getting a bit crossed up in acronyms. The ACORN in question is the ACORN Affordable Housing Corp which is a non-profit that's been doing consumer credit counseling and working with low-income housing groups for years.
It seems the authors on this website are intent on confusing that with the Association of Community Organizations for Reform Now which actually has nothing to do with affordable housing.
Two completely different entities.
The concern of many lawmakers is that funds not go just to keep banks afloat but also that some concern is also shown for the individuals that may currently need housing assistance.
I don't think it's as nefarious as folks are making this out to be.
BTW, I can find very little corroboration in the press and elsewhere that these fringe websites have it right. Beyond Minnesota's Bachmann, who's a bit on the "volatile" side of things, there doesn't seem to be a lot of fire underneath all this smoke.
John Fund was just on Fox News explaining the provision. As soon as they put it online I will post a link. Here is the provision that was in the bill.
TRANSFER OF A PERCENTAGE OF PROFITS.
DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
USE OF DEPOSITS.Of the amount referred to in paragraph (1)
65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
_____________________________
Stephanie
The heart of the wise inclines to the right but the heart of the fool to the left.
Even as he walks along the road, the fool lacks sense and shows everyone how stupid he is. ~ Ecc. 10:2-3
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 5:25:42 PM
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bzirk
Posts: 2918
Joined: 4/11/2005
From: Where the deer and antelope play
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Yep, I just saw it too -- on Fox. I wonder if the others will report this. If they do, it will probably be something obscure.
_____________________________
may the God of hope fill you with all joy and peace in believing, so you will abound in hope by the power of the Holy Spirit. Romans 15:13
Great quote: I just ain't God and don't know it all. -- SonInMe1
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 5:27:50 PM
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StephK
Posts: 2337
Joined: 4/11/2005
From: Southwest Louisiana
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quote:
ORIGINAL: bzirk
quote:
ORIGINAL: stamper_ben
quote:
1. If we are in this problem because too many banks gave mortgages people could not afford, sold those mortgages and since they are not being paid are running out of money.....Even though I have heard the money used by the government would be paid back when the housing market goes up and houses become more valuable......isn't that what the banks thought as well? I mean they did not give the loans just to give them right?........they thought they would make a big profit right? how do we know that the notes the federal government will hold will not decrease in value as well? To borrow a phrase from the stock market, it is long past time for housing prices to undergo a "correction". It was greed that drove them up. Greed on the part of buyers, speculators, and bankers.
Want affordable housing? Let it correct itself and then when the prices drop to where they should be it won't be difficult to qualify for a loan. If the government buys these loans they will lose. Which means we and our children will lose.
Ben,
I'm being amazed by the fact that Democrats and Republicans (at least those out in the fly over country and not the fat cats in Washington so much) are actually agreeing on this issue. The Democrats in Washington keep blaming McCain for messing up the deal. But the truth is that the American people have messed up the deal 'cause they don't want it. Thankfully!
You know what's scary, Jesse Jackson was on Neil Cavuto saying he is against this bailout. The unions are also against this bailout. Nobody who has to pay for this wants this bailout.
_____________________________
Stephanie
The heart of the wise inclines to the right but the heart of the fool to the left.
Even as he walks along the road, the fool lacks sense and shows everyone how stupid he is. ~ Ecc. 10:2-3
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 6:01:14 PM
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GregandJenny
Posts: 620
Joined: 2/16/2006
From: Near Seattle Washington
Status: offline
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quote:
So, who sets the fair value? I do not trust anyone in government (regulators) to be able to do that. True fair value is WAY below what it is today. I think you can trust that the homebuilding industry is going to take a huge hit right away. And yes, others will follow in this downturn. But that is how it MUST be, as unfortunate as it is to say that. Fallout is like that. Blame lack of action in our leaders for it. Might just be enough to get rid of the current crop and start over with ones who actually have a passion for who they represent - The people and not the special interests!
Right on Ben!
_____________________________
It does not have to be well with my circumstance to be well with my soul!
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 6:17:43 PM
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HighPlainsDrifter
Posts: 1275
Joined: 9/22/2005
From: The Great Sioux Empire
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Reposted from an email chain:
Here’s an alternative idea on the bailout.
I’m against the $85,000,000,000.00 bailout of AIG.
Instead, I’m in favor of giving $85,000,000,000 to America in a We
Deserve It Dividend.
To make the math simple, let’s assume there are 200,000,000 bonafide
U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and
child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals
$425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It
Dividend.
Of course, it would NOT be tax free. So let’s assume a tax rate of
30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket. A
husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads Put away money
for college - it’ll be there Save in a bank - create money to loan to
entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth Pay for your parent’s
medical insurance / health care improves Enable Deadbeat Dads to come
clean or else
Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company that is
cutting back. And of course, for those serving in our Armed Forces.
If we’re going to re-distribute wealth let’s really do it...instead of
trickling out a puny $1000.00 (vote buy) economic incentive that is
being proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let?s bail out every
adult US Citizen 18+!
As for AIG ? liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here’s my rationale. We deserve it and AIG doesn’t.
Sure it’s a crazy idea that can “never work.”
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the
$85 Billion
We Deserve It Dividend more than I do the geniuses at AIG or in
Washington DC .
And remember, The Birk plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.
_____________________________
Molon Labe
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 6:40:01 PM
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bzirk
Posts: 2918
Joined: 4/11/2005
From: Where the deer and antelope play
Status: offline
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quote:
ORIGINAL: GregandJenny
quote:
So, who sets the fair value? I do not trust anyone in government (regulators) to be able to do that. True fair value is WAY below what it is today. I think you can trust that the homebuilding industry is going to take a huge hit right away. And yes, others will follow in this downturn. But that is how it MUST be, as unfortunate as it is to say that. Fallout is like that. Blame lack of action in our leaders for it. Might just be enough to get rid of the current crop and start over with ones who actually have a passion for who they represent - The people and not the special interests!
Right on Ben!
Maybe people are finally waking up. I hope so.
BTW, I keep hearing that "we" made money on the Chrysler and S&L bail out. Have you seen any of it? Do any of us average joes know where the "profit" went?
_____________________________
may the God of hope fill you with all joy and peace in believing, so you will abound in hope by the power of the Holy Spirit. Romans 15:13
Great quote: I just ain't God and don't know it all. -- SonInMe1
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RE: Insanity of EARPMARKS in Mortgage Bailout Bill - 9/26/2008 6:44:29 PM
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phreddy
Posts: 280
Joined: 3/28/2007
Status: offline
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Highplainsdrifter,
Check the math. It comes out to $425.00 per person.
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