April 04, 2007
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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36 comments:
I ain't gonna watch that c=nt talk, give me a break, sheesh!
Where's that Kentucky Fried Drawl she had a few weeks ago when she spoke in the south to a Black audience???
what a fake quack b;tch
she's a lovely woman...
for me to POOP ON!
What a freaking fool: she really doesn't get it. She wants to RAISE the FHA loan limits, which only adds more fuel to the housing bubble (which was secondary to a CREDIT bubble, where home prices continued to spiral because people found easy loans to PAY for higher prices). Her answer: she simply wants to prime the pump some more.
She's just like Greenspan, with his statement that "the whole subprime meltdown problem would disappear IF prices rose another 10%". No shi, Shir...
During her rah-rah speech (peppered with trendy buzzwords, like "Broadband, Blackberry, etc), did I hear even one mention of the word, "mortgage fraud"? How about enforcement and investigation of widespread violations of existing laws that are in place? Uh-huh, didn't THINK so.
As far as any government-sponsored bail-out, this article From L.A. Times warmed the cockles of my heart:
http://tinyurl.com/399umr
The Bush administration has ruled out a blanket program to help homeowners stave off foreclosure, reasoning that it's "not an appropriate role for the federal government," White House spokesman Tony Fratto said.
So as much as Bush may have rigged the market in 2001 to stave off the inevitable recession (and how is fanning the market with low interest rates any more of a suitable role for the Federal government, GW?), at least Bush is consistent in his "let them eat cake" attitude, and wants to let the sheeple suffer.
Also note this:
In Washington, Democratic Sens. Hillary Rodham Clinton of New York, Christopher J. Dodd of Connecticut and Barack Obama of Illinois — all of whom are presidential candidates — are among those demanding government action.
"We cannot sit on the sidelines while increasing numbers of Americans lose their homes," Obama said in a recent letter to Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke.
But none of the three Democrats has offered more than general ideas for aiding borrowers, and none has called for a massive federal assistance program.
"Dodd has been extremely clear that he is not talking about any kind of bailout," a spokesman for the senator said.
Note to self: remember NOT to support Obama/Clinton in their future campaigns, since they didn't take a firm stand against the idea of offering of a government bail-out.
Dodd gets MY support, as he seemingly understands it's NOT acceptable to allow individuals to privatize their profits during the boom, and socialize their losses during the bust. Hey, that's the job of big business....
We'll go from a King to a Queen, and serf's remain serf's, great country or what?
It was great but I didn't watch the last 25:52 of it. So I can't comment on it.
According to South Park she has a nuke in her women parts.
OMG whata nightmare
the dems want to add more free ez money that already out there.
i agree with stopping prepay penalties but THATS IT. raising the fha limit and free money for minorities. wth.
If she thought it would help her get elected she tear the head off a homeless child and drink the blood spurting from its tattered throat....I think its safe to take anything she says with a grain of salt!
It will be fun once shes elected though and performs the above act in lieu of the state of the union address!
I think in this day and age every HPer should either watch or rewatch "Falling Down" w/ Micheal Douglas. Did the director nail it on the head or what? Instead of just a few disenfranchised americans now we have a whole population!!
But none of the three Democrats has offered more than general ideas for aiding borrowers, and none has called for a massive federal assistance program.
*************8
LOL, Mort.
Ahhhhh, Hillary, where do I start with the extreme dislike, distrust, disgust I hold for this Democratic Politician. She is dangerous. She is a socialist and a fake, imo.
But in response to the above opinion, any massive bail out would become stalled in bureaucratic quagmire ala' the FEMA Katrina money that still sits un-used while the hurricane destroyed infrastructure rots in New Orleans, I reckon.
No Bail out would work, again, this HP/Debt economic meltdown was with intent and aforethought. Hillary will continue the redistribution of the country's wealth from us to the uber rich.
If she is elected we are finished. Stick a fork in it.
Did I say she is a fake?
As far as housing bubble movies, it's hard to beat Cocoanuts, the Marx Bros movie where Groucho plays a real estate swindler trying to get easy money during the Florida real estate bubble in the 1920's.
Also, be sure to check out this video podcast:
http://www.flippernation.com
Hilarious stuff, with the flippers hiring a contractor, landscaper, their mortgage broker, and real estate agent on the team. It's basically "The Office" for flippers...
This article came out today:
http://biz.yahoo.com/ap/070404/mortgage_modifications.html?.v=4
Seeking deferments, and exceptions: isn't that how we got in the problem in the first place?
Sadly, America has become a nation of cry-babies and whiners, offering thin excuses seeking extensions to avoid the Great Day of Reckoning (and it's not like our deficit spending hasn't created the ideal model here, though).
I dunno: maybe it's the loss of personal responsibility, the "I want it now" desires, the inability to defer gratification, as typified by Wimpy's gluttony for hamburgers: "I will gladly pay you Tuesday for a hamburger today". Did he ever ACTUALLY pay for his hamburger, once Tuesday rolled around?
A once-proud Nation, with it's citizens groveling for mercy and forebearance: is that what we've become?
Besides, many of these home debtors couldn't afford the houses when they bought them (gambling on that never-ending home appreciation), and delaying the ARM reset date back a year or two will do nothing but linger the inevitable pain.
All that does is buy them a few more years, which may be no favor at all: if they decide to sell now, it's not like their home value won't depreciate further by then.....
As Benjamin Franklin said, "you cannot borrow your way out of debt".
I'll give her credit for recognizing the problem we have. Although I don't really agree with her suggestions for change. Those suggestions, if implemented, could continue to artificially prop prices up.
"Foreclosure Timeout:" To figure out a payment plan between lender and borrower, Mrs Clinton? That was suppose to happen when the borrower originally signed on the dotted line.
The reasoning is sound. Everyone that is critical are blinded to the merit of her message because of their disdain for her.
I watched a BNN piece that had an analyst state the same position regarding FHA.
FHA could have served as a viable check against the ramped and unaccountable, blind greed that is sub-prime & alt-A. FHA, along with VA, could have served as a neutral ombudsman that would have prevented all the exploitation that is now coming home to roast and for which we will all pay.
Promoting homeownership via sub-prime while letting viable federal programs designed to stably grow homeownership (and hence the economy) is no different than jacking up the interest rates on student loans and keeping private banks in the profit loop to the detriment of low income students who are the future of this nation but which are just another profit center of Bush's corporate allies.
I take want Ms. Clinton says with a grain of salt, but at least she is saying what needs to be said. If the messenger had been Bush, or someone less polarizing that Ms. Clinton I'm certain everyone would be singing a much different tune in their posts. Many of these posters are the same one's that are critical of sub-prime craziness. Well guess what the ounce of prevention was on the shelf all along, but now we have to pay the pound of cure that is a bailout a la Greenspan & the Bush administration.
Hopefully we'll learn the lesson right this time and foster ownership via FHA/VA and we'll keep Fannie Mae & Freddie Mac focused on their mission and not own making money.
I don't know where to start. She's obviously not an economist.
Not once did she mention the role of high home prices in this debacle. There is a complete lack of understanding of the cyclical relationship between lowered lending standards of subprime mortgages supporting an artificial, short-term increase in demand for housing, pushing up prices making it ultimately that much harder for 'working people' to participate in the dream of homeownership.
The fact that this demand for housing was short-term and artificial is proven by the fact that so many people cannot afford to actually pay for the mortgages on which their home-ownership is based.
Congress needs to keep it simple: make homes less expensive. Period.
A career politician and globalist.....
Let's see...is America a democracy or a "fake democracy" where presidential candidates continue to come from an ever smaller pool of "royal families".
Next thing you know it will be Clinton (Hillary) vs Bush (Jeb/Neil/Jenna/bonzo).....
We have 299 million freaking victims for any and all reasons. Welfare and handouts for everyone - well, maybe not the straight white males
@Fish
A grain? How about a whole salt lick?
@anonymous RE: "Falling Down"
Not a whole population - only about 70% of it!
Hilary Clinton: "There was more people who went bankrupt then people who graduated college last year"
WTF?!??!?!?!
Somebody, somebody please explain the appeal or Hillary? Not in a partisan vitriol way please. But she has yet to utter anything that constitutes a new or interesting idea. She is credit by some as being smart and couragous? Why how? Why has she risen to such a level of conciousness? Agree or disagree, like or hate (I loath her) but what is the appeal. O.k. and at the risk of being a jerk--why do/did the other First Ladys and Female members of Congress get shown full length in the media (walking, standing seen full body), but they only show hilary from the shoulders or waist up? They hide her huge botton and HUGE legs just like the media hid FDR's polio. What is up with that?
My entire family and friends are voting for Hillary. You go girl, time to screw all these warmongers and Karl Rove bitches. Happy to see Pelosi s**ting on their heads, too.
Hmmm. Vote for Hillary cause that goes against the war mongers? Lat I checked she voted for the war. Last I checked she and her hubby were all for bombing Chechnya. Oh she is a pacifist now cuase she changed her view on the war as its the popular thing to do. Odd she was telling AIPAC how she would support them (i.e. more war). Guess thats why we get all these nimrod leaders--we have sheple nimrod voters......Annon and the whole family--read or something will ya........
mYBE HILLARY CAN FIX THIS MESS LIKE HER CATTLE FUTURES TRADES IN THE 1990'S ALSO ASKER HER ABOUT WHITE WATER ...WHAT A HIPPOCRITE
John Stewart once flashed a photo of Hill-dog and stated simply: "where boners go to die".
I realize the Bush administration has not exactly been exemplary and I would be happy to see a Democratic president. But please, give us a decent alternative.
We have 299 million freaking victims for any and all reasons. Welfare and handouts for everyone - well, maybe not the straight white males
---------------
yep.
As a woman - I don't mean to be a traitor to my species - I just don't think it's time for a female President yet - especially not one as hated as Hilary. She seems a bit wishy washy with a total lack of charisma. I do think she has good intentions and is not really all about a power trip. She's gonna have to play too much to all of these people giving her money. She just doesn't have whatever it takes to make things happen. It would be interesting to see a race between her and Condi though. I think Edwards has it going on. How's anyone gonna top a good looking white guy whose wife is dying of cancer?
"Where's that Kentucky Fried Drawl she had a few weeks ago when she spoke in the south to a Black audience??? "
Al Gore did the same thing during his 2000 presidential campaign. Niether one of them will ever admit to it, but they both have a very condescending view of blacks. If the Republicans were smart, they'd run this over and over again in TV ads with sub titles asking rhetoical questions like, "do you really want this to be your next president"?
Hopefully the Democrats will nominate Obama or Edwards.
If Bill is elected to a third term, he'll have more time to chase pages, with Hillary playing the top puppet this round.
While I don't particularly like her, I just want her to win to piss off the right-wingers and neocons.
It is pandering, the government needed to act in 2003-2005 to stop the bubble as it was forming. They stood back and let the market handle things then and so now they need to let the market correct itself.
To save home debtors at this moment you need to support or maintain the bubble indefinitely or at least until the market fundamentals catch up to current housing prices which will be about 2030. That is not realistic and will require more people use credit to buy what are clearly over priced homes.
She is just spewing happy gas; she can't fix this with more credit that is what created the mess. Its positioning, in 1 1/2 years when she runs for president and all these home debtors have lost their home or are in the process of loosing their home and are pissed off she can step up and say "I saw the problem and was on your side since 2007". Mind you very few if any one will be spared this problem, it will just be FHA instead of BofA that does the foreclosure. But in the eyes of these pissed off people she will look like a potential hero if only she had more power.
No matter how you feel about them, any legislation she proposes will exploit the new homeless all the way to the bank.
In 'up to her eyeballs' with RE- hedge funders and financial sector campaign donors.
I do think she has good intentions and is not really all about a power trip.
-------
WHAT???????She is only about the power and the money, imo.
Voting for someone just to piss someone else off is a waste of a vote. The blind hatred and vitriol you spout is a waste of oxygen.
America is ready for a female leader... it just shouldn't be Hillary.
Blame the market? It simply responded to the massive injections of liquidity/low interest rates, courtesy of the Federal Reserve. Now the rats have enticed as many would be homeowners into the market as possible. As always the last ones in are least able to afford the repayments, so they are the first out again. Any action to 'fix' this mess is doomed if the money supply isn't shut down first.
testing damnit
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