February 29, 2008

FLASH: Paulson and Bush reject Democrats' plans to destroy the profits of investment bankers (aka Housing Gambler Bailout or Foreclosure Rescue)


Gotta love Goldman Sachs' CEO Hank Paulson (i.e. the US Treasury Secretary) and banker best buddy George Bush wanting to protect the investment banks on one side, and the corrupt Democrats wanting to bail out failed flippers and housing gamblers on the other side.

KA-BOOOOMMMM!!!

How will this epic battle of evil versus evil end?

Got popcorn?


Paulson Dismisses Mortgage Rescue Plans

WASHINGTON -- The Bush administration is hardening its opposition to the chorus of Democrats, bankers, economists and consumer advocates calling for a big-money government rescue program for struggling homeowners.

In an interview yesterday, Treasury Secretary Henry Paulson branded many of the aid proposals circulating in Washington as "bailouts" for reckless lenders, investors and speculators, rather than measures that would provide meaningful relief to deserving, but cash-strapped, mortgage borrowers.

28 comments:

Anonymous said...

GET POPCORN

Halliburton's CEO running the Defence Department and Goldman Sachs' CEO in charge of the Treasury

WELCOME TO AMERIKA!!

Anonymous said...

WAAAH WAAAH NO BAILOUT FOR THE DAILYKOOKS BWAHAHAHA

Anonymous said...

All these FB's were victims who were screwed by the banks. They took out zero down liars loans and now they're going to lose everything they put into the house. (which is nothing)

Anonymous said...

Guess the Dem's should have taken off the gloves and impeached when they had the chance.... they got fooled yet again.

Anonymous said...

At least you've got your political-moral compass straight, Keith...evil vs evil indeed.

Anonymous said...

The Dems can have their trillion dollar bailout for bankers and speculators when Obama gets in the White house in 2009.

amigauser said...

I Guess if Goldman Sacks was losing billions instead of making Billions from shorting the very same Bonds it sold to the Investor suckers,Paulson/Bernanke would be falling over themselves to get some corporate welfare for their friends.

I guess welfare for the ordinary man on Main street is wrong, but welfare for corporations/Wall street is OK

Sometimes I think the rich in America do not believe that their country cannot have a Communistic revolution, but their comes a time when the poorest in society have nothing lose by over turning the current corporate loving government

Europe smells said...

With their noses turned up and their baldheads full of grave global worries.
Europeans are still confusing Euro denominations when doing typical everyday transactions at the local market place.

Now, Euros where designed by the infamous German uber engineers in collaboration with the EU ‘Central shapes and sizes’ regulatory commission, with unique size and color for each denomination, to avoid confusions between, say; a 10Euro and a 50 Euro.
After all how else would people understand the distinction between a piece of paper that has the # 10 printed on it vs. a piece of paper that has the # 50 printed on it.

Yet it’s still confusing and too complex for those great galaxy savers.

Geese, Europeans make our beer chugging bubbas look like Einsteins..

Anonymous said...

dont worry, Obama will reverse course. Oh wait we are already headed towards the toilet....

Anonymous said...

Who is going to bail out whom? I rent now. I find it illogical that I need to take responsibility to bail out anyone out. I thought about buying during the past 2-3 years, but I got wind that the bubble would soon be bursting. If homeowners are disturbed that their propery values are going down due to foreclosures, then they can bail them out - not me.

Satan said...

I'm so happy my work is done on earth...

Anonymous said...

The screwed home debtors who are seriously under water on their mortgage should just drop off the keys at the bank and move.

randy said...

Anon said:
‘The screwed home debtors who are seriously under water on their mortgage should just drop off the keys at the bank and move.’

Why not stay in the house without paying until the Sheriff comes knocking on the door.
Given the amount of properties currently on a banks foreclosure list and the long corporate process to get anything done, it is possible for an FBer to live mortgage and rent free for several years.

Also, don’t drop the keys off at the bank, instead cash in the metal at your local scrap metal yard.

Anonymous said...

Why does there need to be a bailout? If someone bought more home than they could afford, then they should not be living in that home. They can rent or buy a smaller, cheaper home. If someone HELOC'd or cashed out all their equity and now cannot afford the payments, too bad. They have their fun running up debt, so now is the time to pay the piper. These speculators and banks won't learn until they are made to suffer. If they are bailed out this time, all the sane people will be punished and there will be a bigger mess with the next bubble.

Anonymous said...

Sure, Bush, Paulson, or the GOP for that matter, are the kind of people who look after American citizens.

By the way, stop assuming that just because some of us are very critical of this administration and the GOP, we're automatically a Democrat. I wanted Ron Paul for president, but it seems that all the fake Americans jumped ship at the first sign of distress, right Keith?

Anonymous said...

Hopefully I'm wrong here but it appears to me they don't have the resources to bail either interest out. Why else have these 1/2 baked bailout proposals come and gone. Nothing makes sense, it's just not enough to make things business as usual again.

The sheep have been sheared too tightly this time and the Shepard will not be able make the pain go away.

Anonymous said...

Hey Republican freaks, how's your patriotic portfolio doing today? Losing your shirts, huh? Buy more stocks today sheep, be a patriot! The Republican crooks on Wall Street are not done fleecing you yet. Now go fly that Made in China flag high and then fill the gas tank up to subsidize Bush's pals, the stinky Arabs. Surprise, surprise, two oil men in the White House and oil @ $103 / barrel. Price of oil right before you voted the two oil men into the White House = $8 / barrel. Enjoy, after all you helped to destroy the country.

GENIUSES!

Anonymous said...

Hey DemoCrap freaks, how's your portfolio doing today? Same as everyone else's. HAHAHA You didn't know you're in the same economic boat? you thought you live on a different planet? You leftwing morons.

Anonymous said...

Finally someone has the balls to speak the truth in DC. Don't expect it from those two asswipes "Jesus" Obama and Hitlary

Anonymous said...

Hey Republican freaks, how's your patriotic portfolio doing today? Losing your shirts, huh? Buy more stocks today sheep, be a patriot! The Republican crooks on Wall Street are not done fleecing you yet. Now go fly that Made in China flag high

Don't forget your Made in China "Support The Troops" (support the war) stickers for your car. You're oh so patriotic if you have one of those!!

Anonymous said...

I'm not against bailing out a very few select homeowners. But more for reasons such as illness or death of one of the family income producers be it husband or wife.

Anybody that has more than one house or bought what they couldn't afford using a "risky" loan...NOPE.

So condo flippers, vacation home owners, heloc abusers and the rest of you can kiss my fat a$$ because there is no way I am going to hang myself with your noose.

Anonymous said...

Where did I leave that "easy" button I got from the Staples store?

Anonymous said...

Hopefully I'm wrong here but it appears to me they don't have the resources to bail either interest out. Why else have these 1/2 baked bailout proposals come and gone. Nothing makes sense, it's just not enough to make things business as usual again.

Folks, it's just political pandering, nothing more. And for those that think there is a massive distinction between democrats and republicans is delusional. They are ALL politicians, cut from the same cloth.

They say whatever they need to in order to get elected. How many promises did Bush make in his candidacy? How many did he follow through on? Look back and history and you'll see the pattern.

In the end, the politicians will make miniscule changes to the system because it isn't in their best interests to do so. They are rich (why else would they be running?) and the rich want to stay rich. Bailing out home-owners would put a strain on the financial system which would effect their bottom line.

Any stimulus or "bailouts" you are reading about nowadays are nothing but minor band-aids to do one thing: keep the financial system running and the integrity of the banks solid. That is all that matters to them. Beyond that, they give less that a snot stain about whether or not joe sixpack loses his over-priced house.

Afterthought said...

The situation will solve itself so do nothing.

People will walk away, which will drive down prices, which will prompt more people to walk away, which will drive down prices until we liquidate all the debt. Inflation will be gone and we will be able to start anew (sort of).

Best blog on the net.

Anonymous said...

Now they have to get a handle on Helicopter and inform him that inflation will kill what little manufacturing we have.

Inflation is bad news for manufacturing which will layoff workers if consumers can't buy at the inflated prices.

Look for more slowing in manufacturing, banking and small businesses until Helicopted understands that when consumers start cutting back even lower interest rates won't help.

Debt is now out of fashion!!!

Helicopter don't worry about the bankers they just need to learn a tough lesson about risk management.

Let the private sector work through the problems and keep politics out of it!!!

Peter T said...

Keith, what let you believe that the screwed investment bankers look for Republicans for their rescue? They know that Democrats hold the pursestrings in congress now, and they have lubricated their relations with Clinton, Dodd, Schumer and others sufficiently to ask for a favor. I am surprised that I agree with Bush on something, but this bail-out should be rejected. Bush and his administration still remain main culprits for the housing bubble and bust - remember his drive to reduce and abolish downpayments.

alba said...

There's no question that any assistance for quasi-homeowners is sheer political rhetoric, and most any real (recently-printed) money goes to bail out the financial institutions. You don't get into this sort of mess by riding a so-called free market, and you certain can't trust the privileged to allow for a free market to fix this. Gov'ment manipulation in; gov'ment bail out. Just make sure the crooks go to jail; the gamblers lose it all; and the idiots are forgotten. Better to think about investing in the after-math, and stimulation of the economy when there's a better return on OUR money/debt. What business spends like crazy when they're crashing? For now, its time to hunker down.

Russ DoGG said...

Ill only support a bailout if they Frog MArch the following:

The TAN ONE
Citigroup's PRINCE
That sh&t head NAR exonomist David Lereah
FANNIE MAY CEO
FREDDIE MAC CEO
Northern Rock Execs
WaMU Execs
Indymac execs
Bear Sterns CEO
Bear Sterns Execs of the collapsed hedge funds...
Schumer
Nancy Pelosi
Greenspan
Cheney
BUSH


Good grief the list is getting long- We'll have to use those new FEMA facilities as white-collar prisons.