"It is not the responsibility of the Federal Reserve -- nor would it be appropriate -- to protect lenders and investors from the consequences of their financial decisions."
- Ben Bernanke, August 31, 2007
"It's not the government's job to bail out speculators or those who made the decision to buy a home they knew they could never afford."
- George W. Bush, August 31, 2007
"If you spend one f*cking American taxpayer dollar bailing out failed flippers, mortgage fraudsters and housing gamblers, the legitimacy of the United States Government will have been forfeited, and the time will be at hand to dissolve the political bands which connect us."
- HousingPANIC, August 31, 2007
September 01, 2007
HousingPANIC is going to take George W. Bush and Ben Bernanke at their word - NO FUC*ING HOUSING GAMBLER BAILOUT!!!!!!
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46 comments:
Your right on the money keith.I'm very bummed to even hear the word bailout.Let all the forclosures go to the market at reasonable prices that are actually affordable to real buyers.This whole economy has been based on bogus dollars created from artificial price inflation.The government is still trying to figure out of inflation is in check or not. Our country is run by a bunch of darelicts with money.All we need is another clinton to make it worse.Aren't we tired of bush's and clinton's? Enough already america,we need real leadership not politcal cronies.
Why would the government want home prices to stay abnormally high, when incomes and rents haven't budged for years
ITS THE PRICES STUPID
Why would the government want to keep prices high?
Hmmm... maybe because the entire fake US economy (RIP manufacturing base) is dependent on housing? Or maybe because the states revenue base is built on property values?
Or finally, maybe it's because of those big-ass checks from the NAR and NAHB that keep the incumbents in power?
No fu*king bailout.
No fu*king bailout.
Housing gamblers, failed flippers and mortgage fraudsters have to be punished. That may suck, but if they're not the market distortion will be even more devastating.
What do you guys think the effect would on the US dollar, stock market, and housing prices, if the White House enacts bailout policies and the Fed lowers the fund rate in September?
Time to re-start the militias?
When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
like you said below, if they bail out the lenders then it's as good as a war on the middle class. and not the guerilla war they've been conducting over the last century, i'm talking outright, kick-my-dog war.
That is funny. You are going to take them at their word. I would take the word of a Phoenix real estate agent before I would trust those two.
There better not be any government bail out!!!
If people were fraudulantly provided a loan then this should be handled in the courts. If people took on more mortgage than they can afford, it's their problem and I will not stand for my government bailing out these folks.
As presented in this article exerpt the problem is more than housing. The fed cannot possibly print enough money to bail out the corporations, individuals, state governments and yes foreign governments who chose to use debt to fund their frivolace spending. This is way bigger than housing!!!
It’s not just a housing crisis
The housing market was not the only place where high rollers were gambling with other people’s money.
Wall Street executives took billions in fees and commissions for organizing corporate buyouts and mergers. The resulting companies are deep in debt, and will try to survive by cutting jobs and wages. Other corporations had easy access to low-cost loans. With heavy loads of debt, some are finding it hard to raise capital for day-to-day operations, and may be forced out of business.
The global economy depends on massive borrowing and lending on a daily basis. Suddenly, it is much harder to borrow money, and the financial crisis has spread to Europe and Asia.
But we are experiencing more than a financial crisis. Karl Marx described the fundamental problem: “The ultimate reason for all real crises always remains the poverty and restricted consumption of the masses, as opposed to the drive of capitalist production to develop the productive forces as though only the absolute consuming power of society constituted their limit.”
Applying Marx analysis to the U.S. economy since the recession of 2001, there has been steadily increasing production. Houses been built at a record pace, along with an increase in the production of most goods and services. At the same time, real wages for most workers have stagnated or declined. Manufacturing employment has fallen even while production is increasing. So there is a big imbalance between the amount produced, which is increasing, and the ability of working people to purchase what they need, which hasn’t kept up.
Until recently, consumption has been maintained by several means. Part of the tax cuts went to middle-income workers. Big increases in the military budget provided jobs and paychecks for some workers. But these weren’t enough for consumers to keep up. So they turned to debt. Which brings us back to housing.
The slowing economy is already affecting state tax receipts. It is likely that, in the next year, state and local governments will face severe budget shortfalls, as they did in the early part of this decade. Governments will raise taxes, and cut payrolls and services, which will further reduce consumption.
http://www.pww.org/article/articleview/11639/1/388
Meanwhile, the judge on the 9th circuit in CA just cleared the way for Mexican truckers to enter into the US next week. Its one of the last provisions of NAFTA. They delayed it a few days so it would not happen on labour day weekend.
Go ahead and build the fence. They are not going to check the truckers. Soon every soul in Mexico is going to be a trucker.
Meanwhile, the local government here is preparing to make nearly every main highway around my neighborhood a f*cking toll road. Even highways already paid for decades ago.
Unbelievable.
He-He-He... can't wait for bailout... and I will vote for Democrats for more goodies...
As someone mentioned before, we the people made our voices heard, and stopped amnesty for illegals.
It's time to do the same with the bailout.
Don't quote me exactly however the Boston Globe's story on Friday regarding the bailout had a quote by Barney Frank that went something like "While we applaud president Bushes actions the democratic congress is looking for more". MORE???, is he f&&king alright? I know the answer to that.
I'm not really sure what party I affiliate myself with but one thing I do know for damm sure it's NOT the democrats. What MORE do they want to give these pathetic losers?
Keith you p*ssy!
You gave the investment banks a pass. Nothing would've happened without their slicing, dicing, and packaging for the resale market. They created just as much as the market could take, all based on the idea it was coming from the U.S. so it had to be good. And the ratings agencies doled out rubber stamps of approval.
The hard work, efforts, and sacrifices of our ancestors has been sh*t all over by Wall Street's recent actions.
look guys ,i have sold 9 houses over the past 5 years ,i started out with nothing ,and worked my way to a 1.5 mil house ,i was banking on an heloc to pay this years payments ,but the banks have turned me down ,somebody has to help me ,or i will lose every thing
i have already lost one of my cars sold the boat ,i have to sell it all ,it is the governments responsibility to give me some financial assistance
You guys better start flooding the congress and senate with calls, faxes and emails oppoising the bailout. Nip it in the bud before they get it going. The Democrats will add much more to Dumbya's plan
Do the math dude!
How big is the bubble, the losses and what is the US budget and how much spare money do you think they have?
Keith,
Nice job with your use of the Declaration of Independence terminology in your rant.
Use their own words against them.
Wasn't that one of Socrates' greatest rhetorical skills? Time to wikipedia socrates again.
It's all you people who voted conservative that caused this. Greed is their only real platform. They live it and breath it.
The post war period was the Golden Age for the common man but you boomers and vile boomer offspring got spoiled thinking it was all personal initiative and believed the conservative propaganda, "Government bad, unions bad, corporations good". "It's all about YOU and how much stuff you can buy." So then you started voting for radical individualism and lost your empathy.
That's why I don't care how many Americans are forced into poverty or lose their homes. I know that at least 50% will have voted republican and deserve all the pain they can get.
Keith,
Here we go, I found it... my memory is fairly good after all.
The Socratic method is a negative method of hypothesis elimination, in that better hypotheses are found by steadily identifying and eliminating those which lead to contradictions. It was designed to force one to examine one's own beliefs and the validity of such beliefs.
>>>Anonymous said...
Time to re-start the militias?
September 01, 2007 9:37 PM <<<
they already are......
>>>Anonymous said...
He-He-He... can't wait for bailout... and I will vote for Democrats for more goodies...
September 01, 2007 11:19 PM <<<
they give with one hand and take with the other..... foolish man...
It's just a laugh riot in the States these days - isn't it? Ya got yer football, ya got yer this way about that way Senator trolling for action between flights, ya got yer Nascar, and now ya got yer bailout by the Gubmint. Hilarious.
Sign the petition:
http://petitiononline.com/bailout/
I agree Keith, the investment banks caused this mess, and they got rich screwing over everybody on planet earth. They will get the bailout money and you will be happy about it. The end.
Let's be real here. Would you really like GWB and Helicopter Ben any less if they/when they bail out the gamblers? Seriously. You've already called GWB Nero and the worst president in US history. You can't get any worse than the worst.
Sounds like the old Monthy Python: Stop! Or I'll say Stop again!
Applying Marx analysis to the U.S. economy since the recession of 2001, there has been steadily increasing production. Houses been built at a record pace, along with an increase in the production of most goods and services. At the same time, real wages for most workers have stagnated or declined. Manufacturing employment has fallen even while production is increasing. So there is a big imbalance between the amount produced, which is increasing, and the ability of working people to purchase what they need, which hasn’t kept up.
=================================
Sounds like we are going to relearn what happened in the 1920's and 1930's here in the states.
How disconcerting is it Goldman Sachs has dropped $50 in value and their former leader, now with the keys to the Treasury, goes on camera talking about a "very, very healthy economy" when the problem is a credit crunch???
No more bailouts! These bailouts are ultimately for the banks, not the homedebtors. The homedebtors already have a built in lifetime payment plan (i.e., bankruptcy and garnishing of wages). Remember that they changed bankruptcy laws so the speculators who got out too late will be indentured servants for life. See the film Maxed Out for details. This bailout is disguised as for the people, but it's really for the banks. They always want us to forget the banks. It's harder to erase debt under the new bankruptcy laws, so these banks that got the transfer of wealth through transaction costs in this bubble, will also ride these homedebtors by garnishing for life or however long it takes to pay off ~$500k + interest. The bankruptcy laws that favor lenders made lending to anyone with a pulse attractive.
- - -
Dr Ron Paul 2008! Support our Constitution!
When its all said and done this will make a fine piece of history.
I agree the lyin sorry bastards all need to be voted out. Every last single incumbent needs to find a new job. Then we can try to salvage what is left and try to raise the Titanic.
Otherwise 4 more years or 8 more years of the same BS. Maybe we can have 8 years of Hillary then get Jeb Bush for 8 more. Sorry but this country needs a broken glass and salt enema in the worst way.
Here's an idea.
If you default on a house within a year starting from now, that fact gets expunged from your credit records. That's it. Take it now or suffer the consequences.
Bailing out SOME homeowners leaves the price of houses too high for Americans too afford. You are hurting more people by artificially keeping these prices high.
Personally I think B&B could have done far worse on the bailout front than they have, gotta love when realtor types are pissed at them:
http://www.cnbc.com/id/20533556
"Many feel that his predecessor, Alan Greenspan, would have moved more swiftly to contain the spreading credit risk."
Especially if by contain you mean to trap fuel and oxidizer in an enclosed space, then yes Greenspin did "contain" things.
" the legitimacy of the United States Government will have been forfeited"
Keith, where have you been for the past 7 years?????
When the supreme court appointed a president the legitimacy of the Constitution was gone. Bush used 911 to shred what was left of the doccument with the Patriot Act.
Why are you guys so surprised by this? Bush will do a 100% bailout for the bankers. Remember when they said Iraq was about WMD, then it became about Saddam is a bad guy, then it was about democracy, next it was about security, and now it is about pretending the surge worked when 99% of the troops on the ground say it failed.
The Bush and Bernake quotes are just code for a total bailout. Like I have said before, the people who steal $200 for a gas station go to jail, the ones who steal billions get govt. protection and a medal.
It's a good time to repeal the 2nd Amendment. J6P doesn't need guns. The government is here to protect you from yourselves.
Do you renting idiots really thing Bernake or W. or well for that matter anyone gives a rat's ass what you think?
Hell you all voted for loons like Ron Paul and other communists like him. Why would anyone in the mainstream care what you have to say?
Get over yourseleves.
Keith,
Your venomous rants against borrowers are unjustified.
Anybody if offered attractive loans with no strings attached will take advantage of. (especially first generation immigrants like us)
Instead please target your venom against those ultimate financiers who took the risk of lending to the poor borrowers.
Borrowers like us have no other option but to go back to renting if we cannot afford anymore leaving our houses to the real owners (Chinese, Japs, Europeans, Arabs..)
I'm not in favor of a "bailout" and I'm not even sure who would be bailed out anyway. What's clear though is that to avert a meltdown, central banks need to ensure trading liquidity in certain (but not all) markets. Commercial paper, for example. That's hardly a bailout.
GWBs bailout proposal is just the few raindrops before the storm. It will pale in comparison to the bailout proposals that follow when the Sh*t hits the fan.
A bailout will work like the Katrina bailout. Two years later and it will be millions of flippers and subslime bankrupt and broke along with realtrolls and mortgage brokebacks in the streets. After the crisis passes, the government will finally come up with a bailout plan for the lenders that really screws the middle class. J6P will have to go cold turkey with no MEWs or HELOCs.
.
"Read my lips No new taxes"!
Sound familiar?
.
Edgar, you're the only one with a brain on this board!
A "bail-out" is not going to work.
The damage has already been done and has now been spread-out deeply to foreign investors who also participated willingly in the housing speculation.
"Ron Paul ... a Communist??"
Perhaps you're right, it appears anyone who tells it like it is within this country get's labeled in some nasty way.
I have news for you though ... the truth will certainly hurt *alot* of people this time around - regardless of your living arrangements.
~~~
Anonymous said...
Do you renting idiots really thing Bernake or W. or well for that matter anyone gives a rat's ass what you think?
Hell you all voted for loons like Ron Paul and other communists like him. Why would anyone in the mainstream care what you have to say?
Get over yourseleves.
I always take W at his word. I'm sure we will be welcomed as liberators in Iraq any day now.
"When the supreme court appointed a president the legitimacy of the Constitution was gone."
The supreme court did not appoint Bush! Get your facts right!
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