"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 Bush, The Worst President Ever, before he signed legislation in July 2008 to bail out speculators who bought homes they knew they never could afford, August 2007
July 26, 2008
HousingPANIC Quote by a Bald-Faced Liar of the Day
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49 comments:
Can we have a GWB ArrestWatch (tm)?
Sickening, absolutely sickening
No backbone.
Since when did the GOP banks start crashing??????????
OMG! There was a big GOP banking scam going on since Bush took office???
Thats Bull sh*t!
The Dixie Chicks were right.
I think Bush better have another talk with Jesus...and soon!
(did you hear that Jeb?)
My saddest realization is that the collective electoral consciousness of Americans has been reduced to that of a slug.
Once is forgivable, but a second term?
Almost seems deserved....
A nation of pinheads.
ZIPPY for president!
"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"
Does this legislation bail out flippers and fools?
Surely they aren't going to bail out flippers and vacation homes etc. Are they? I just can't imagine it.
As for those who bought what they couldn't afford, hell, even with help they will still lose their houses, bailout or no bailout. You can't make a silk purse out of a sows ear.
Cautiously optimistically,
Just one more lie for the pile
I'm going to buy a home a heloc it to death and then ask for a loan modification and reduction of principal.Broke is the new black.
Bush is a total failure as nacy pelosi said.
I lost my hi-tech career in 2001 and can't find a job due to outsourcing and h1-b visa, etc. Therefore I cannot buy a house, but must pay to bail-out home owners that made irresponsible decisions.
How about a bail-out for the millions of unemployed in America, whose jobs have been outsourced?
America sucks and I am better off dead. In fact I will be soon, death is better than grubbing for survival in this crass world.
>> Can we have a GWB ArrestWatch (tm)?
Start your own blog, you lazy slug!
Interesting how this bill was passed on Saturday morning while most brain dead Americans had some moronic sporting event on their mind. Congress is paving the way for the complete destruction of the dollar. You almost have to believe they're intentionally crashing the $$.
Anyone care to comment?
The politicians and elite are braching for dollar/economy crash (which they forsee because THEY created it) and are shoring up their status quo.
They've already withdrawn their trillions and want YOU to refill their empty coffers for the next go around.
Instead of losing money for their bad decisions, the endless money supply for the bailouts, will ensure the status quo which they will use to create even bigger bubbles in the future.
All at your expense. No one is going to be punished except you.
Another huge bubble (the mother of all bubbles) has popped under Bush's watch: Democracy & Free Market!!!
This is a sad day in America and another nail in the coffin of our once great nation. We have no real leaders. This is just sickening.
Why can't we elect a person of courage. We won't in November.
I guess we get what we deserve. Time for the silent majority to get off the couch and fast.
.
It wouldn't have passed if not for an election year!
.
Just by random chance (as that's when the books came up for pickup at the library) be reading Theodore Roosevelt 's autobiography at the same time I am also reading John Bogle's "The Battle for the Soul of Capitalism."
It stuck me today as each man both republicans ~100 years apart discussed in almost identical detail how greed, corruption, and unethical practices by corporations posed a grave threat to democracy and true capitalism.
Roosevelt did what he thought was just and right, Bogle calls attention to it and tries to raise awareness to it.
With passage of these bills we are seeing what each man feared coming to fruition.
Since we are talking about Bush lying... I'll wrapup with this..
"Our first commitment is to democracy and political freedom. This is affirmed in the Democratic Charter of the Americas .. . And these governments cannot be democratic in name only. Citizens and businesses must know that the town hall -- the alcaldia -- is free from bribery, cronyism, and all forms of corruption. These old attitudes and habits are a form of theft -- stealing from people their money, and trust, and hopes for a better life. For freedom and prosperity to come, corruption must go."
U.S. President George W. Bush. Speech to World Affairs Councils
January 16, 2002
The Mexican...
lil Biatch
Handlers said "jump"....
Somewhat off topic...but a great Craigslist ad!
http://portland.craigslist.org/mlt/bar/771033993.html
A Suicidal Anon Said...
I lost my hi-tech career in 2001 and can't find a job due to outsourcing and h1-b visa, etc. Therefore I cannot buy a house, but must pay to bail-out home owners that made irresponsible decisions.
How about a bail-out for the millions of unemployed in America, whose jobs have been outsourced?
America sucks and I am better off dead. In fact I will be soon, death is better than grubbing for survival in this crass world.
______________________________________________________________________
PEACE OUT!
RayNLA
Remember when it was cool to drive a Hummer or an Escalade? Now it is sign of stupidity and selfishness. It is time for the same transformation to be said about people who vote for either Democrats or Republicans.
If you are a typical liberal, meaning you believe in using goverment to fighting against poverty, for worker's rights, for corporate accountability and maintain civil liberties, I believe Ralph Nader is the best choice. (Some of you might prefer Cythia McKinney.) Nader is brilliant, honest, and is not bought off by the banks.
If you are a typical conservative, meaning you believe in limited government, low taxes, respect for private property, etc., I believe Bob Barr is probably the best choice. (Some of you might prefer Chuck Baldwin.)
People who vote for the major parties and expect those parties to respond to the needs of the citizens, even after witnessing the last 2, 10, or 30 years, qualify for the traditional definition of insane: Doing the same thing over and over and expecting a different result.
If you vote for a Republican or a Democrat, the best word to describe you is "accomplice."
Let's work together to include non-corporate party candidates in the big debates. At a minimum, let's get a quality debate series online and on TV with these candidates.
In the meantime, we need to make those who vote for Democrats and Republicans feel like those who drive Hummers and Escalades.
I'm actually glad they voted on a Saturday. People are off work. Elections should be on the weekend too.
The focus needs to be on incomes and jobs. You bring it up and its hush hush no can do. Think export they say.
Speaking of h1-bs. An h1-b lives on my street. Nice guy. Problem is he put 5% down. If his job goes then its house up for sale! He seemed to suggest it would be gone in 5 months. I would not be surprised if they just skip town. So, I'm exposed to job loses and more homes sales in the neighborhood. They can only work for that one company too. What a double risk for me. Also, was real bitter about the dollar.
Bush needs to be impeached and Cheney arrested. If "high crimes & misdemeanors" doesn't apply to them, future Presidents will be able to get away with anything.
The Housing Bill will not help feckless homeowners, in fact, it will not do much for flipper/investors in the next few months.
The @4 billion set aside for city governments to buy up foreclosed/abandoned homes in cities is a pot of money waiting to be abused. Not much is going to happen with that money. Most of it will vanish into thin air, and the previously mentioned homes in distress will still sit there.
The most dangerous piece of this bill is putting the taxpayers on the hook for the solvency of Fannie & Freddie.
Since no one in their right mind would buy securitized mortgage investments now, those two agencies are the only game in town.
All HPers know our country is dead as toast. Our so called national political leadership is brain dead.
This is the last play. By overwhelmingly passing this bill, the Congress is saying our country has nothing, we believe in nothing, we have no future.
A real housing rescue bill, looking to restore sanity to our fiscal house, among many options, could have done something as simple as requiring lenders to take on risk by restricting their ability to get rid of a loan as soon as they give it to a borrower. 2 years, 5 years? That would slow way down the buying and selling of homes, and of course kill the "housing industry" (and of course most RE agents as nice collateral damage).
Forget about a 2 to 3 year housing slump. My prediction. We're not coming out of this housing dump for another 10 to 15 years. Maybe longer. Too much idiotic decision making by failed leadership that crosses all fields and levels in our country.
You should see the number of building lots that have suddenly come on the market here in Las Cruces.
Please pardon me for saying so, but I saw this one coming.
Looks like this bill will help about 17.3 people.
Restrictions:
-flipper must be spending at least 31% of his/her income on the mortgage
-flipper must be able to afford the new payments
-other debt on the house must be retired first, such as 2nd mortgages or HELOCs
-new mortgage must not exceed 95% of the houses current appraised value
-credit restrictions apply, probably >690
-FHA takes a 1.5% fee, on a annual basis
-current lender must accept 90% of the house's current appraisal as payoff
-profits made upon sale will be shared with FHA
-FHA charges a 3% prepayment penalty
-FHA gets 100% of the profits from a sale or refi within 1 year
-After a year, borrowers will share 90% of the profits with the FHA. The percentage keeps dropping in 10% increments to 50% after the fifth year, where it stays.
So, all in all, this isn't all that bad for the taxpayer. And maybe in the long term, it'll actually show a net profit for uncle sam.
Plus it'll be very dependent on getting the note holder to agree to mark to market, rather than mark to fantasy.
Most of these loans will be subprime loans, of which many were sliced and diced into MBS. How do you get the many owners of that security to agree to the short sale?
And how many of these failed flippers will actually be able to afford fully amortizing 30yr payments at ~7.5% interest, even at current prices?
You are all idiots.
Never, ever bet against the house.
Who's the house in this case? The Federal Reserve.
Who's the Fed? All the big banks.
Who's going to lose to the house advantage?
You - and me.
Anon July 26, 2008 10:17 PM:
Maybe tech isn't for you. I've had 4 different software jobs since 2001 and make 50% more today than I did then.
What has happened since 2001 has been more of a shakeout of weak hands than the actual collapse of an industry.
In Bushco's twisted reality, this might play out as an advantage: as the bubble bailout costs skyrocket into the trillions and fraud charges are brought against a bunch of the lower-level henchmen, it makes the trillion dollar fiasco in Iraq less wasteful and less criminal by comparison...
This legislation will have very little effect on the whole situation. It's just Bromide.
Bubble will not be re-inflated.
Your own quote from Fleckenstein *partially* explains why this legislation will not re-inflate the housing bubble.
Fleck is still a quack though just like your alien being Ron Paul.
A few $Bil will be thrown down the garbage disposal, but not any more than we waste continually.
Attention all slaves, you are not free. The government has mandated that your lack of participation and exercise of freedom of choice will be met with financial punishment. Liberty, freedom, prosperity, morals, religion, justice, accountability, fairness, and the ideal of a country by and for the people are all dead. Unless you are the elite or New American Royalty, your wealth has been depleted, the welfare state is reaffirmed, and your salary has been stolen by bankers, politicians, a bail out bill and inflation. Freedom removed, The United Socialist States of America is born.
Don't be silly. This whole financial meltdown is the democrats' fault. I mean, they've had TWO YEARS to turn around 30+ years of conservative ideology, tax-cutting, neglect and ignorance.
Burn in hell, republicans. We should build work camps for you.
Guess what HP'ers? I was right and you folks were wrong. Over the past several months, I consistently stated on this board that there will be a bailout and this is only the beginning of the bailout.
I bought a house I could not afford. I saw the value go straight up and took out a home equity loan right after home equity loan and lived a great life. I also maxed out of my credit cards.
Now, I the government will help me. While you idiot HP'ers made the right decisions, you don't get rewarded, but you get screwed.
Laughing all the way to the bank, your sincere friend, Nick.
Man, it just gets dumber and dumber:
Professor says granite countertops are radioactive
Did he get an 'Angel is next' telephone call again or was it God talking to him?
waaah waaaah.
obviously failure to foresee this bailout result in many people making the foolish decision of believing that the USD has value. It doesn't. Why didnt you chumps borrow USDs you couldn't afford to pay back? Cause you were too worried about paying them back.. too worried that the USD was so hard to attain. The USD has been rapidly depreciating and will continue to do so. Any low-interest debt you may qualify for, I highly suggest you attain. Any federal reserve notes you don't need in the immediate future, convert to gold. Or food or razorblades. Anything but USD. For the love of God, stop whining and take action!
The seeds our now planted now we get to watch them grow.
Geeze, i was just starting to like gwb, he seemed to not want to bailout so much. guess i was wrong, he couldn't even maintain his dignity in the last few months of his job.
Anonymous said...
Anon July 26, 2008 10:17 PM:
Maybe tech isn't for you. I've had 4 different software jobs since 2001 and make 50% more today than I did then.
What has happened since 2001 has been more of a shakeout of weak hands than the actual collapse of an industry.
We think you are just a better ass kisser than Anon July 26, 2008 10:17 PM.
We will blow kisses as you board the plane to Bangalore to join all of your fellow "strong hands".
He does what he is told by his Chinese and Wall Street Managers. . .remember - the country is "for Wall Street, of Wall Street, and by Wall Street". . .now Wall Street is owned by the Chinese.
My God, we are truly a broken nation. How did we come to this?
mark to market still includes sold to neo slave?
I lost my hi-tech career in 2001 and can't find a job due to outsourcing and h1-b visa, etc. Therefore I cannot buy a house, but must pay to bail-out home owners that made irresponsible decisions.
-----------------------------------
You must be pretty bad at what you do then... you see the people in India need direction. Let see, after the first few months of the crash I've worked for MySpace, Fandango, GE Finance, Spark Networks(JDate.com, AmericanSingles.com,) and some others with offers from Universal, Technicolor, Disney, and many many more. You are just not good dude.
Marty
And you think Obama, McCain or anyone else will be better? They are all the same and all being controlled by the same people.
Republicans offer change.
They can turn $1.00 into 40 cents.
This is why I tell people to live like a college student – never make enough money to pay any taxes – never – never own anything – never contribute anything to these crooks – if possible find a job in another country like Dubai - where what you earn is what you keep.
Never, pay any taxes that will be used to bail out these turds.
Make some sacrifices, re-learn how to live on a shoestring – and never, never, never, pay any taxes, not even sales tax if you can find what you need from a neighbor, garage sale, or swap meet, pay cash,cash,cash, stay way under the Radar, and laugh at the idiots.
The Governor of California acknowledges that this kind of living has nearly crippled the State budget, so keep up the good work everyone, screw ‘em all.
- Dave
A note to W:
_____________________
Dear Mr. President,
I will try to use small words so that you will understand:
When the government buys stock, this is called "socialism." France, Sweden, and other European countries are socialist (this is why we don't like them). Now that you are signing the Housing Bailout bill (HR 3221), Republicans will not to like you, either (you are a Republican). Remember, socialism BAD, capitalism GOOD. Housing bill, BAD.
Also, when the government buys stock, makes shorting illegal, and generally props up naughty people on Wall Street, this is the "liquor" that keeps Wall Street "drunk." Don't give the Indians, er ... Brokers and Traders any more "liquor." They have already shown that they cannot hold their "liquor" and cause mischief for homesteaders.
A Suicidal Anon, if you going to go and you know your going to go. Take out a few people at the top with you.
Anon July 27, 2008 4:26 PM:
There is no "we". You wrote alone.
How is showing up for work every day, on time, and working hard ass-kissing? No wonder HPers have a hard time finding jobs. No wonder HPers think there are no tech or manufacturing jobs left in the United States.
Still plenty of IT jobs, for people who are smart enough and apply themselves. That leaves out most 20-something HPers...
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