April 03, 2008

HousingPANIC Quote of the Day

"I do not like the idea of the Fed getting involved (in bailouts like Bear Stearns). That is socialism"

- Sen. Jim Bunning, R-Ky., March 2008

38 comments:

Anonymous said...

Too late sport

David in So Cal said...

this bailout crap is just pissing me off.
what about those that owe backed taxes? do they also get a break? can they claim victim status?
this is a very slippery slope to start bailing folks out.

WE ARE SCREWED!!!!

Malcolm said...

the chairman of the SEC has just confirmed that they are investigating possible illegal short selling prior to the collapse of Bear Stearns...

http://malcolmrant.blogspot.com/2008/04/flash-sec-confirms-bear-stearns.html

Anonymous said...

Let's see how he votes on the bailout package.

Anonymous said...

I agree. And if they bailout the housing market with write downs on the principle. When home prices go up who will get the profit of the sale

born to lose said...

He does'nt like the IDEA. It's not an idea, it happened two weeks ago. Why not be opposed to the idea of going to war, or with the idea of a recession.

Anonymous said...

Who would of thought that the FAR RIGHT Republicans would hit a full LEFT Turn and end up turning this country into a socialist contry. Amazing!

We need to vote every single Socialist Republican out of office come this election year.

Republicans=Scums

Frank@Scottsdale-Sucks.com said...

America apparently wants and desires socialism based on Obama's success campaigning for President ... in fact he's beyond socialist, he's pure Marxist, reading through his entire website was downright terrifying for me.

Anonymous said...

And yet, Keith is pushing the most liberal Senator as the best president. The Messiah will drop American taxpayer money in Africa by helicopter, so they can have 20 kids per household for us to support.

Anonymous said...

This whole thing was created, housing bubble economic collapse, 911 set the balls rolling.

If crisis is deep enough people will give up their freedoms in exchange for food, help and protection from robbers. It is called a management by crisis. If you want to create a totalitarian government in democratic society the only way to succeed is to make people call for it. Make them suffer enough and they will call upon government to take away their freedoms and become the Big Brother. That's what is happening now. This crisis will eventually lead to global totalitarian economico-political government with religious overtones, according to the Bible (Rev.13-17).

Anonymous said...

Peter Schiff vs The Eternal Sunshine of the Realtors Mind on Cavuto

Anonymous said...

"We judged that a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy, with lower equity prices, further downward pressure on home values, and less access to credit for companies and households," Federal Reserve Bank of New York President Timothy Geithner

Yes, but how would this have been a bad thing?

Anonymous said...

Well, we can count millions of home buyers out of the market for 7 years, due to rotten credit reports:

Individual bankruptcy filings up 27%

American Bankruptcy Institute says first-quarter filings rose as households creak under heavy debt load.

Money -- The number of individuals filing for bankruptcy surged during the first-quarter as American households struggled to stay on top of debt, according to a report released Wednesday.

The American Bankruptcy Institute said that consumer bankruptcy filings increased 27% nationwide in the first three months of the year, compared with the same period last year. In March alone, 86,165 individuals filed for consumer bankruptcy - a 13% increase over the 76,120 cases filed in February.

"Bankruptcies are rising due to the heavy burden of household debt and growing mortgage problems," said ABI Executive Director Samuel J. Gerdano. "We expect this trend to continue through 2008."

The ABI found that nearly 32% of all consumer bankruptcy cases were Chapter 13 filings, which is available to individuals with regular income and calls for budgeting some of the debtor's future earnings to pay off creditors.


Now you add all the homedebtors and flippers who did short sales, late payments, NOD, foreclosures, etc, and the buying pool with decent credit shrinks considerably. Don't bet on finding many home buyers with a 20% down and good credit for the next 20 years, as millions of Americans will have the credit shot. And we still have the credit card bubble to burst.

Anonymous said...

They should have wiped the shareholders out instead of $10/shr.

AmazingRuss said...

Socialism, hell. Call it what it is: Corporatism.

Democracy is a sham in this country. Elect whoever you want, corporations will just buy them.

It worked for over 200 years...not a bad run, but it's over now.

Anonymous said...

All the Senators are clueless.

It's not a bailout of Bear Stearns, Bear got shafted.

It's a publicly funded enrichment for JP Morgan, as they get ALL the upside---the Bear building in Manhattan is worth more than their buyout. The Fed and hence US Taxpayer gets 29/30ths of the downside, and NO upside.

The Fed was snookered by a slick banker into doing a "public equity" takeover and simply handing over the assets to JPM, and keeping the toxic debt.

Who got to choose the securities put into the $30 billion pot?

Obviously the investment banks and not the Fed. What do you want to bet they put the worst of the worst toxic waste in there, and JPM keeps the good stuff?

banker versus professor: professor loses.

Benji Franklin said...

It's pretty clear by now that the Fed will do ANYTHING needed to prevent a market crash, whether by hook or by crook. Playing with interest rates is small potatoes compared to accepting worthless collateral as an excuse to inject liquidity into the system.

Face it: the entire game is rigged, artificially supported to prevent market collapse. Market corrections are considered Un-American....

ANYTHING, including propping up officially-supported Ponzi schemes (e.g. Goldman Sachs shorting on one end, while pumping up stocks to clients on the other end) is now fair game, and regulation and enforcement is shown to be a cruel joke.

It's the worst form of laissez-faire, a walk down the carney with all the fixed and rigged games. You're all on your own, folks.

BTW, in case anyone doesn't get it, the Federal Gov't is now officially betting on real estate values going UP, since they're holding the mortgages as collaterals. This was a huge turning point in the game, and as far as I can tell, the mystery is over.

I think you'd be foolish to bet against the house, at this point.

Anonymous said...

The good senator is incorrect. Bailing out the Big Bad Bear is crony capitalism, not socialism.

Anonymous said...

And.. show me the legislation he's introduced to eliminate the $30B of taxpayer money given to Dimon and JPM.

Until he puts his pen where his mouth is, his words mean jack diddly.

Anonymous said...

He says he doesn't like it. But notice how he did nothing to stop it. Talk is cheap. Lack of action speaks.

keith said...

Contact Bunning here

http://tinyurl.com/2lvku9

Anonymous said...

Cut ot the that's socialism part and what the republican bigot said is true.

private risk? said...

since the central bank is quasi-private, can't they just take on all these bad securities and go under as a private bank without binding the taxpayer to them?

Anonymous said...

people it is PRINCIPAL not PRINCIPLE

Anonymous said...

"Who would of thought that the FAR RIGHT Republicans would hit a full LEFT Turn and end up turning this country into a socialist contry. Amazing!"

Dumbass, who controls congress? Here's a hint it's not republicans.

Buzz Saw said...

BSC deal socialism? He ain't seen nothin' yet!

Anonymous said...

What we have now is Socialism for the rich elites, Capitalism for the rest of us. America is run like Nazi Germany without the concentration camps (yet).

Anonymous said...

* * BREAKING NEWS * * *

A Regular, Major Standard Bank in the Midwest USA is going under.

4/3/08

Wall Street Journal:

On Tuesday, National City confirmed that it is "reviewing a range of strategic alternatives for the company" but declined to comment further.

::::::::::::::::::::::::::

"Strategic alternatives?" Another words, it's broke and needs help.

Thanks GW! Like I said, by the time your term is over, there will be nothing left that you didnt fvck up in our once great country.

But hey, our elected officials think your doing one heckuva job!

Keep it up buck-o!

BondsOfSteel said...

No... not socialism. It would be socialism if they were doing this for the common good. For "Society's" benefit.

This is plain, simple Oligarchy. Goverment by/for the rich and powerfull.

Anonymous said...

America apparently wants and desires socialism based on Obama's success campaigning for President ... in fact he's beyond socialist, he's pure Marxist, reading through his entire website was downright terrifying for me.

--------
Listen fart face, you better look twice at your current republican socialist administration before talking about Obama.

The last time I looked it was Bush & Co bailing out his rich friends. How is this any different from a Socialist Gov?

Anonymous said...

Who would of thought that the FAR RIGHT Republicans would hit a full LEFT Turn and end up turning this country into a socialist contry. Amazing!

We need to vote every single Socialist Republican out of office come this election year.

------------------------------------

uh, i thought the dems were crafting the legislation.

Anonymous said...

Anonymous said...

The good senator is incorrect. Bailing out the Big Bad Bear is crony capitalism, not socialism.

Yes, this will make Frank happier. Socialism=Barack Obama, no matter what the Republicans say or do.

eric in vegas said...

"America apparently wants and desires socialism based on Obama's success campaigning for President ... in fact he's beyond socialist, he's pure Marxist, reading through his entire website was downright terrifying for me."

Bullshit, Frank. Americans want capitalism until they fuck up bad. THEN they want mommy government to make it all better.

Anonymous said...

I am soooooo angry how about all the people that pay there mortgage how are they gonna feel .So they pay there full mortgage and other's get a write down. Then will they keep there profit when they sell the home.How can this be ?

Anonymous said...


The last time I looked it was Bush & Co bailing out his rich friends. How is this any different from a Socialist Gov?


In socialism, poor and middle class people get at least SOME of the benefits.

Naturally they are trying to funnel it to the privileged few insiders, but socialists feel guilty about it and can't do it as blatantly since they lose their political base if they do.

Crony capitalists, on the other hand...... well, behold their prowess.

It's astonishing that people are still so mesmerized by the Karl Rovian mind control lasers that they're convinced that voting Republican will end up with "less socialism" than Democrats. In reality, it will be just the same amount of socialism but voters might get a little bit of it.

Lost Cause said...

Handing giant piles of cash to corporations is not socialism. It is what fascist do.

Getting something back for you tax dollars: now that is socialism.

Anonymous said...

Socialism of Finance = Corporate Fascism = GOP = Secret Society

And when time comes to kick their butts on the streets, they'll all hide behind Blackwater.

Wok Da Fok said...

Have no fear, China's here! In memory of Andrew Hack. let's play "Enter the Dragon".....