A sad day for all American taxpayers.
A sad day for anyone who made wise and ethical financial decisions.
A sad day for the free market.
And a sad day for your children, their children, their children and their children, who'll now end up paying for this disaster.
And to think, this is just the start. The bailouts are here HP'ers. The bailouts are here.
Housing rescue bill heads to Bush for signature
July 26, 2008
And then the government decided that the taxpayers should foot the bill for the behavior of flippers, gamblers, fraudsters and stupid bankers
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30 comments:
Yes, the Fat Lady has sung. . .but cheer up HP'ers. . .buy those 56 cent on the dollar GM bonds - I have, and wait for the bailout of GM, Ford, etc. . . .if you can't beat them, join them. . .maybe we should publish a quick book - "How to Profit from the Government Bailouts."
Noriel Rubini has a good summary on his website - Chairman Bush and Comrad Bernake and Comrade Paulson. . .they privatize profits and nationalize debt.
Congratulations America!! This is a proud day indeed. You elected and re-elected quite possibly the most ignorant and vile piece of human filth to disgrace the face of the planet. Then you allowed Congress to point a loaded gun at our collective head and pull the trigger. All this to save the very people who will use the destruction of the middle class to enslave you.
America is dead. Throw the body on the slab and turn out the lights.
G.A.M.E O.V.E.R
Let's just remember it was the Democrats who led the charge on the Housing Bailout.
Appropriate. It's over and we lost. The fat lady has sung.
Luckily I have reached a certain measure of acceptance on this subject. I've been reading Gandhi lately and it's helping me out. But it's Jesus' words I'm reminded of: "forgive them, they know not what they do".
If I didn't think this way then I would probably go postal about this bailout bill.
Don't forget the little "extra" Congress tucked in to this POS legislation. It requires Visa, Master Card, Amex, etc., to report all credit card transactions to the IRS!!
Between Bernanke and Paulson, taxpayers are now "Lucky Pierre". Is this a great country or what?
Especially annoying is the choice of words. "Struggling homeowners", "throwing a lifeline", "foreclosure rescue" = programming the audience! If every news item looks like this then it's no way better than Russian TV which currently undergoes the pompous "housing porn" stage but someday will definitely switch to preaching compassion toward those cute newlyweds "struggling" with $400k 30-year mortgages on their depreciating concrete boxes. "Let's share their burden, blah blah, it's our social responsibility, superblah".
the simple reason we have not lost and will not lose:
i will NOT buy a home as long as it is cheaper to rent than to own.
nothing the government can do will change that. only the market can.
An entire nation.... lost.
Time for pitchforks. This country is no better than any Banana Republic or the USSR. We as voters have lost the power to hold our elected officials accountable. We started a revolution because of excess government power and taxation.
Think about this- for this Presidential election cycle alone- over 500 MILLION dollars will be spent of YOUR tax payer dollars- over 100 MILLION just in secret service protecting these two assclowns.
500 MILLION dollars to elect a president, not including the soft money, or money funneled by te DNC or RNC, etc. So maybe it's closer to a BILLION dollars.
And you think the average Joe has a chance?
WHAT has Congress done about
1. Iraq
2. Oil
3. The economy
4. healthcare
5. Social Security/ Medicare
6. Education
7. Unemployment
8. Outsourcing of industry and jobs
9. Infrastructure
10. Corporate fraud
11. Government waste
12. illegal aliens
13. Rising food costs
14. Deflation of the dollar
Vote EACH AND EVERY bum out- with the exception of a few- those that stand up for OUR interests.
It cannot be any worse than what we have now.
let's see how sad a day it really is...the government has tried with other ideas such as the great stimulus check , the bear bailout and the discount window and little has happened to stop the flow of the downward housing spiral...I put little trust into this bill as being a bailout....when all is said and done let's see the total result not just a bunch of heartfell stories on the front page
Well, at least this total waste of money won't be accompanied by thousands of dead soldiers.
Tragedy IS relative, after all.
The fact is we can't pay for this and it will do more harm than good...it is only prolonging what we know is coming. The is Rome 2.0, and nothing we can do to save it, and obviously our leadership is not going to do anything.
The only choice is to follow Dmitri Orlov's recommendation - the government will be (or in this case is) useless to you, you might as well become useless to them ahead of time.
Bunning for President
lereah and co. will be having a field day.
IT'S ALL GOOD...
AFTER THIS FAILS TO STOP THE CARNAGE, THEN CONGRESS' APPROVAL RATING WILL DROP TO 0%...
THAT'S WHEN THE FUN WILL START...
DOPES!!!
In the end it will not be the taxpayer that will foot the bill for this disaster but everybody that holds dollar currency. There's no way the government is going to tax itself out of this situation (war, housing meltdown, social security, medicare). In the end the debt will have to be monetized a la Weimar Republic. It might still be a while before we get to this point, but in the end that's the most likely scenario. The only other solution is outright default on treasury bills.
Its ironic that Bunning did not vote. Well, Obama and McCain did not vote either.
Both my Texas senators voted against the bill and I'm pleased they had some sense. Though, it looks like the gibbon in the white house is going to sign the bill but I figure he is from the north east anyways.
Mark in San Diego said...
Yes, the Fat Lady has sung. . .but cheer up HP'ers. . .buy those 56 cent on the dollar GM bonds - I have, and wait for the bailout of GM, Ford, etc. . . .if you can't beat them, join them. . .maybe we should publish a quick book - "How to Profit from the Government Bailouts."
Noriel Rubini has a good summary on his website - Chairman Bush and Comrad Bernake and Comrade Paulson. . .they privatize profits and nationalize debt.
------------------------------------------------------
That would be a good Idea ,but they want to pay with dollars.My gross went up double this year ,and I'm still going nowhere.
Look on the bright side, this bill won't really do anything, but give a small token bailout to fanny and freddie.
No underwater failed flipper is going to refi with a govt loan.
If you've got a house with a $500,000 mortgage that's worth $250,000 that rents for $1250/mo, why not walk away?
300 billion for the bailout and they are still going to let the appraisers who helped get us into this mess make the appraisals. Then the bank can issue the loan for 90% of the appraised value. This is not a new "check" on the housing system!! They are just going to reopen the spigot and allow home prices to remain inflated.
The American Taxpayer Sodomy Act Of 2008 has passed, has it? America's favorite stuttering idiot has assured us that Fannie and Freddie won't even have to belly up to the Fed Discount Window like a couple of junkies looking for their methadone fix cuz they've got plenty of healthy mortgages on the books. For Fannie & Freddie's part, they assure us that they are, ahem, well capitalized owing to a steady stream of income from honest, hard working folks who actually take responsibility for their debt. Yuk! How 1950s!
No one is going to touch that $300 billion and all is going to be OK. We are seeing the end of the bank failures and now that the oil bubble has popped, it's straight to 14K!!
Dopes!!
When enough of the wealthy sheeple feel the vise squeezing their nuts revolution will be at hand, no different than 1776.
J. Browning
This bill will just encourage more people to default to get assistance. As usual, everything the gov't touches, it destroys.
Wow -- what short and selective memories you all have. The taxpayer bailed out the S&L industry (partly caused by unsound lending in the mortgage markets) in the late 80s. How many of you know about Continental Illinois? What about LTCM? What do you think 'loan guarantees' are? The government has both shut the banks and the stock market before. Government intervention is nothing new and it ALWAYS involves tax-payer money either directly or indirectly. The fat lady sang a long time ago; we have had worse presidents; America is not dead; and we have had POS legislation for 200+ years! You have to learn to see beyond the nose on your own face -- there is a difference between driving at night and seeing only what your own headlights illuminate and driving during the day when the whole horizon can be seen - a good knowledge of history can temper your apocalyptic views and broaden your horizons some. You won't get caught up in the 'crisis de jour' - maybe you can re-read 'James and the Giant Peach'... one thing that HAS changed in America - people are growing up in fear; can't even go for a bike ride without a helmet or go for a drive without strapping on a seat belt. What's next? You know: most people who live in fear can be predicted, lead and manipulated.
Nice Aria! And this is the mess Bush & Co. made. I refuse to be lumped in the "stupid" category because I refused to vote for the man, twice, I saw things like greed and deception coming the minute he announced he was running for president. How many of you yokels voted for him and now call him the worst president ever. You were the most ignorant voters ever.
Well...at least I have some great evidence to show my friends when I say the difference between Democrats and Republicans is nil and vote Green again. The Socialists (the real ones) look better and better to me each week. If you're going to throw tax $ at something, better to throw it at education, healthcare, and infrastructure than at a bailout of the politically influential, not to mention an absurd war.
California is Burning, I believe you have described exactly what will happen.
Foreclosures typically sell for at least 10% less than the 'market value'. But appraisers will appraise them at the full value relative to comps, not the foreclosure value.
And that 'market value' will be yesterday's market value, still inflated because it will not take into account the fact that prices have declined since the comps were sold.
I guarantee you the banks will be able to shoe-horn just about any mortgage into the criteria for this program and will get off scott-free for the irresponsible mortgages they made. And many of these borrowers will just end up unable to pay even the reduced amount and the government will be on the hook.
This will take a few years to work it's way through. We'll get a false-bottom in 2009 and then armagedon by 2011.
j4311 wrote: "one thing that HAS changed in America - people are growing up in fear; can't even go for a bike ride without a helmet or go for a drive without strapping on a seat belt. What's next? You know: most people who live in fear can be predicted, lead and manipulated."
This is the most important point, more important than anything else being discussed here.
Sad reality is, few who read it, will believe it to the level they should believe it.
It's obvious that only a complete economic collapse will get the stupid sheeple to see the game that their "leaders" are playing. Until then, the idiots will continue to re-elect most of the incumbent scum.
EVERYONE LISTON TO ME AND PASS THE WORD, the bailout only works if people are willing to refinance a overpriced house that they are already underwater on. What is the value in that? Why not turn in the keys? Second, the market only will become a good market when homes become cheaper then rent. Period. US Goverment can create as much inflation as they want to. GUESS WHAT IT MAKES EVERYTHING WORSE!!!!!! They are putting up a good fight. You can not stop who is corrupt. In the end all these tatics make everything worse. In the next 5 years they will be forced to raise interest rates like it or not. Guess what happens to Real estate? Dowqn the shiit hole again. They are just prolonging agony.
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