"Without immediate action by Congress, America could slip into financial panic"
- George W. Bush, the Worst President Ever, who in eight short years wrecked America, September 24, 2008
Panic?
Panic?
WHO MENTIONED PANIC?
OH MY GOD ARE THOSE LINES OUTSIDE THE BANKS?
NOBODY SAW IT COMING!
Nice to see Bush take the blame though. That was real honorable.
Oh, wait, my bad, he didn't take the blame. Deregulation. Ownership society. Incompetence and cronyism at the FBI, SEC, HUD and FDIC. Steering sheeple to buy overpriced homes. Doing nothing until it was too late. Nah, that wasn't him.
Monkeys I tell ya HP'ers. The Democrats too. Monkeys.
And now, thanks to all of them, the housing panic is everywhere.
September 25, 2008
Here's Bush, explaining the pending "financial panic", and how he and his party wrecked America
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The Man says ultimately this country could experience a long recession.
I say it's going to happen anyway.
Derivatives are financial instruments whose value is linked to something else.
They're basically fancy instruments that have evolved over the last ten years that enable investors and institutions to bet on virtually anything, from interest rates or exchange rates to commodities
Though it has not been widely discussed, there is huge counterparty risk on a lot of mortgage-backed derivatives.
The holders of these derivatives depend on the performance of the institutions on the other side of the trade.
When one derivative trade unravels it can, in many cases, affect other derivative arrangements made on the assumption of the performance of a previous or related deal.
Large derivative defaults could have a devastating domino effect on financial institutions.
Hedge funds, lest we forget, have neither minimum capital requirements like a bank nor statutory reserves like a reinsurer, thus the assumption of performance on a CDS obligation held by a hedge fund requires a degree of faith which may be unreasonable.
The stability of the entire credit derivatives marketplace rests on the notion that a hedge fund with a CDS obligation will somehow have access to sufficient liquidity to perform, a dubious hope since the spreads on most names quoted in CDS are too tight to support a PD that makes economic sense.
So when the TED spread rises, the market fears banks are about to start failing. So banks will start demanding a big interest rate premium and some Hedge funds will be forced to unwind their position.
So the question is - if enough positions unwind will derivative market unravels.
Bail-out fears hit credit markets
http://www.ft.com/cms/s/0/
a68e789e-8a68-11dd-a76a-
0000779fd18c.html
"It must be bad; he didn't smirk once."
-another anonymous, yet Immortal Comic Genius
so the banks who took my one dollar deposit and used it to create 10, 20, 30 or even one hundred debt dollars indistinguishable from my deposited dollar and used to compete with my dollar at the biddings on house sales might go under and stop creating all those debt dollars and if i do not bail them out they will steal my dollar
and steal my dollar so they can continue loaning and creating debt dollars indistinguishable from my dollar.................bidding against my dollar.........or the country may go under cause i refuse to lend and lose purchace power at more than again 80 or90 percent over 10 or less years and spaning 20 years.......again....
It will help american consumers get credit meet their daily needs...
LOL-LOL-LOL
Nation of Debt
.
"I was very lucky that something steered me to France back in '98," he says of his decision to make a movie with Oscar-winning director Roman Polanski in 1998. "I love America -- I love going back, seeing my family and friends -- but it's wonderful to get back to France and be living in a tiny village with nothing around. There is still the possibility to live a simple life. You can go to the market, walk about, buy fruits and vegetables -- the things they did 100 and 200 years ago. We have moments when we're sitting in our house and our kids are playing, and we look at one another and think, 'Thank God we escaped.' "
http://www.usaweekend.com/03_issues/030706/030706johnny_depp.html
Bush's party did it? Time for a little fact check:
Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.
Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact.
When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded."
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.
A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it's gone off.
In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.
Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
Actually Bush told more truth than the Politicians usually do . In fact it shocked me how he talked about the lead up to the crash .
The part that I think is the big lie is that the reason for the Bail out is to stimulate the credit markets by removing the lenders toxic debt . First you can't make Banks make bad loans to flake entitlement Americans . The Banks have already been down that road and they aren't going to make the mistake again . Therefore they are pretty much restricted in giving anything but prudent loans now . That is what is freezing up the credit markets .The only ones that will make flake easy money loans now are the government .
Americans need credit . I thought that a party needed income to survive . More BS is that the Americans are able to take out more credit by any reasonable normal standards on how much debt should be extended pursuant their incomes .
Why is the President BSing ?
According to some TV news show ,they said the banking lobbyist were all over the Congressman and Senators
last night .
In spite of some fire in the belly horseshit band-standing by the politicians in these hearing ,the corrupt Congress/Senate are going to pass this bill .
Truth be told we need 2 to 3 trillion, so it won't matter folks, your F'd.
"I now believe we are in for one hell of a deep downturn," Welch told the World Business Forum in New York on Wednesday, adding that the first quarter of 2009 will likely be "brutal."
Until recently, Welch said, he had believed the U.S. economy could avoid recession, but he has changed his mind.
"I am now caving," he said. "Get ready for real tough times. They're coming. There is no credit available."
Marc Faber, who forecast the so-called Black Monday crash in 1987.
The government should buy out struggling home owners.
I dont think the public needs to put up 700 billion to keep them from financial panic .
Bush should of said " Now don't panic because its going to cost you 700 billion if you panic ". I don't think that panics should cost 700 billion, especially since Paulson and the Chairman were the parties that caused the panic . Guys like Crammer caused the panic , Wall Street demanding a bull market in spite of a recession cause the panic .
Liars who get busted panic . Greedy banks that want to be bailed out go into panic . Goldman Sachs goes into panic when its stock go down . Crammer goes into panic when he doesn't have any stocks to pick .
If I had a 401 k tied to financial stocks ,I think I might panic a little . But heck nobody said that stock investment didn't carry risk . Now if they didn't pay on FDIC ,than I would panic
Paulson must of got really spooked when Goldman's Stock went down (I think Paulson has standing shares)
Gets these Shills for the bad guys off the stand and present valid reason for a bail out of 700 billion . Don't forget you have already gotten about a trillion .
Also ,what ever happy to the 300 billion dollar Bail Out Bill effective Oct 1,2008 . Guess that Bail Out Bill was just one of those confidence builders ,or panic reducers that cost 300 billion but wasn't effective or sincere .
McCain senior advisor:
Schmidt said that if an agreement is not reached by Monday, "there is potential for an economic calamity the likes of which has not been seen since, potentially, the Great Depression."
recession is coming. panic is coming.
only question on the chimp's mind is how rich will his golf buddies be when all of this does happen.
Here some interesting stuff for the clear picture
http://patrick.net/housing/contrib/paulson_home.html
Paulson is Stealing ALL THE CASH IN AMERICA
Hi Patrick,
Please check my math on the "bailout"
$700,000,000,000
divided by
United States Population: 301,139,947 (July 2007 est.)
EQUALS $2324.50 collected for every man woman and child.
How much is it for the average family?
Average family (mother, father, 2.5 kids) = $10,460 stolen from the average
family, and then handed to banks. It's reverse bank robbery!
But what is the "bailout's" percentage of total cash in circulation?
According to Wikipedia, 700 billion is 100% of ALL THE CASH IN CIRCULATION used
throughout the United States. (in 2007)
Let me tell you what it looks like in SW Florida. There are 22,000 homes in foreclosure, and that is just the beginning. Big businesses, not just mom and pops, are closing down and laying off employees. Local unemployment is approaching 10%.
My store offers a fax service. A large percentage of the demand for this service comes from immigrants. Most speak no English. They are faxing off appeals to their mortgage company to stop foreclosure proceedings.
You see, she lost her job as a housekeeper and he can no longer drive his dump truck, so they quit paying the mortgage on their $350,000 a year ago. Now, it is not fair that they can't stay in THEIR house. Besides, the 16 people who used to live with them and help make the payments moved out long ago.
HOW DID THESE PEOPLE, WITH NO DOCUMENTATION OF INCOME,
EXCEPT A HANDWRITTEN LETTER (IN SPANISH), WHO ARE NOT CITIZENS OF THE UNITED STATES, GET A LOAN FOR THIS MUCH MONEY???
After I send the fax, they complain. You see, they thought the service should be free. Isn't everything free in America?
Oh yes, I also fax their letters stating their income, which they say is $350 a week, to social services so they can get their FREE health care for all their children.
Now, most of them are just walking away from their houses, leaving them vacant. They are heading back to South America. In a few days, the vandals will strip the house, take the AC unit, gangs will break in, spray graffiti on all the walls and break anything that is left to destroy. The grass will grow up around it and the place will become worthless.
This is what I want. I want people to go to jail. Not the illegal immigrants, but whoever it was who said, "yes, I think these people are an acceptable risk."
In the last days of Rome, wasn't it overrun by barbarians?
I love how GW, Comrades Bernanke and Paulson say if this destructive bill isn't passed a recession or panic might happen. Guess what? It already is happening! Where in the world have you guys been?
The Fed was created to save banks and that is exactly what the comrades are doing. The Federal Reserve must be dissolved.
We lose. We lose. We lose. We lose. We lose.
He blamed it on the people for buying too much house, but did he ever look cowed while basically reading every HP headline, omitting the phrase "And Then The". I could swear he was blushing a little under the t.v. make-up.
- puffy
In the last 6 years, Americans have saved less than nothing. That's right, negative savings. We have also bought more stuff on credit in the last 5 years than we have in the previous 25 years. We have bought houses, cars, flat-screen televisions, and lots of junk.
Who needs credit to buy something now?
Don't bring up MacDonalds. That's a joke. MacDonalds needs to borrow money to buy a $3000 coffee maker for each restaurant, as ABC reported. $3000 is slow day in sales for MacDonalds. Besides they're supposedly kicking ass. I can't believe they don't have cash to buy a fancy coffee maker.
What a jerk, Old Hank has already ripped us off for 143 million when he worked at goldman/slash and burn. He was right in the middle of all this banking mess and now he is after a large amount on cash.
There the asshole of all says...Americans need credit, they need debt.
Listen when are you assholes going to get we make nada nothing in America. Jobs outsource and I am not talking about Verizon Direct Tv representives. I am talking about engineering jobs and much more
We need solar, wind electric cars...We need to start creating jobs in this country. We don't need to go shopping. We need to take care of our children and homes...Yes ladies I am talking about us. We don't need McMansions that will fall apart in 10 years made by illegal mexicans.
Sorry wake up, take charge.
We need Obama...McCain is just another problem we don't need in the White House.
Obama will win.
He will have a mess on his hands, but I believe it can be fix with the right set of people in charge.
This is our only choice so deal with it vote and speak to your friends, coworkers....Write to your senate this bailout is bullshit..Let it go down it will work itself out.
It always does.....Not with us making less from our paychecks and our children and their children.
Keith thank you so much for sticking around we need you.....I look forward to reading you each morning not that biased bullshit crap on tv...with the exception of Keith Olberman (Who knew it for years and yelled it out to Americans who would not listen) and Keith's friend the lovely Rachel Maddow...That girl is awesome...LOve Her.
Keith you need your own showthe You really do.
lol...my goodness you jackasses Bush does not know anything about the Truth....Keith...can you believe some of these comments.
I really think the worse it to come and McCain knows it. I don't think a republican wants to be in office when the shit hits the fan...That is why his campaign is soooooo weird.....Something is just not right....He doesn't want to be like the CEO from India.
HONG KONG (MarketWatch) -- Chinese regulators have asked domestic banks to stop lending to U.S. financial institutions in the interbank money markets to prevent possible losses during the financial crisis, the South China Morning Post reported Thursday. The China Banking Regulatory Commission's ban on interbank lending of all currencies applied to U.S. banks, but not to lenders from other countries, the report added, citing a source.
I SEE NO PROVISIONS IN THIS BILL TO STOP JUST ON BANK (i.e. GOLDMAN SACHS) FROM USING MORE THAN THEIR SHARE OF THE $700 BILLION.
GOLDMAN SACHS COULD END UP WITH 20%OF THESE FUNDS WHILE OTHER BANKS ONLY SHARE IN 2-5%.
WHO KNOWS?
2003, that is, when the New York Times ran this article on proposed reforms to Fannie Mae and Freddy Mac:
"The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. ...
The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session. ...
''The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,'' Mr. Oxley said at the hearing. ''We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,'' the independent agency that now regulates the companies. ...
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
Thanks for the help Dimrats....Barney please resign.
BUT GUYS!!!
It will help the american consumer get credit. Juice those credit cards once again. Fill the malls with mindless zombies and put an extra suv in already overcrowded driveways. Fund many a extravagent vacations and again redefine conspicuous consumption.
For the love of Pete, can't you fools see this is exactly what is needed. To bad he didn't actually use the words housing panic.
What an ass, he's trying to scare us into this bill with a mattress Panic.
Besides, most people right now will be transfering money to different banks not running for the mattress.
Especially, after teller informs you that if you withdraw more than 10k the IRS will be notified.
Wait a minute... hasn't Bozo been telling us for a year now, at the latest just under a month ago, that our economy is "fundamentally sound", "the basic's are in place", "the economy has been slowing but still shows signs of strength" ... this was barely a month ago!!! Bozo wasn't worried about a thing, now he's worried? What the hell kind of a President is that? I hope he reads this, I hope he really understands how fucking stupid he appears to be.
I want to add the following to the Housing Bailout Bill:
Henceforth and forever more it shall be ILLEGAL for any Member of the Congress of the United States of America to accept money, food, trips, swimming pools, cruses, vacations, hotel stays, clothes, jewelry, property, stocks, insider tips, jobs, loans, houses, condos, coops, furniture, cars, boats, home improvements, lawncare, childcare, tuition, medical care, insurance, adult entertainment, call girls, snacks, gum, pens, or any preferential treatment or perceived preferential treatment from any LOBBY, LOBBIEST, LOBBIEST ASSOCIATE, LOBBIEST FRIEND, LOBBIEST NEIGHBOR, LOBBIEST RELATIVE or LOBBIEST CASUAL ACQUAINTANCE.
FURTHERMORE, it shall be forever more required that in any war (declared or otherwise) in which the Congress of the United States wishes to engage that the engagement shall be fought, first and foremost (via immediate ACTIVE DUTY assignment) by the members of the US House of Representates and the US Senate, their spouses, children, nieces, nephews, cousins, aunts, uncles, including any blood relative living in or at any time having lived in the United States of America.
THE MOST HATED MAN IN THE WORLD
THE WORST PRESIDENT EVER
THE PARTY THAT KILLED AMERICA
Nice Legacy, ASSHOLE BUSHCO.
Isn't this just the icing on the cake! This @ssclown has the nerve to blame the American people for this fiasco.
Current threat level is Red, or Severe. Have you prepared your Emergency Plan?
FIRE, FIRE...
Keith,
Can you share the article from the lady that spelled out all this stuff that's going on today. I believe she was talking in front of students in a University in Cali. Can't remember her name, but if I am not mistaking, she said that the next step was financial armaggedon.
In his speech he said something along the lines of needing the bailout "to get the markets functioning normally."
Douchebag George et al. - they are functioning exactly as they are supposed to do in times of crisis.
The problem with the US is that there are no poll tests and/or other restrictions on voting.
Yeah, I sure sound mean don't I. But, you know exactly what I am talking about and agree.
this creates enormous inflations but not to worry your protect and serve people get cost of living increases that include the costs of inflation and taxes.............land grab scheme against you?
Are we supposed to buy Duck Tape?----
Oh, that was the last emergency.
This is embarrassing my fellow citizens, how could we let these despicable people rule us so badly?
kakistocracy (kăk'ĭ-stŏk'rə-sē, kä'kĭ-)
n., pl. -cies.
Government by the least qualified or most unprincipled citizens.
"Americans need credit . I thought that a party needed income to survive."
But incomes cost corporations money. Credit makes them money.
Get with the program!
Goldman Sachs created this "financial crisis" and, by George, they'll fix this "financial crisis"...
here's sen. bunning on the bailout
http://www.cnbc.com/id/15840232?video=867563111&play=1
yet he won't stop it, will he
wimp
Here's Schiff
Paulson Goes All In
Just three days ago, after looking at the prospect of bailing a string of distressed financial institution in the country, the government seemingly drew a line in the sand, and refused to bail out Lehman Brothers. The authorities clearly saw Lehman’s demise as a trial balloon to see how the markets would react if the government stayed on the sidelines. That trial balloon quickly turned into the Hindenburg. Immediately reversing course, the Government has decided to go “all in” and bail out every institution with financial exposure to U.S. mortgages. Simply put, Americans will not be allowed to visibly suffer losses after the greatest asset bubble in U.S. history. But make no mistake, the losses are real and Americans will pay one way or another.
Moving beyond the guided munitions of selective bailouts, the Government is now trying the financial equivalent of carpet bombing (for AIG, Merrill Lynch, and especially Lehman Brothers, this gives new meaning to being a day late and a dollar short). To continue with the military analogies, Paulson's bazooka turned out to be a nuclear tipped ballistic missile.
By committing trillions of tax payer dollars (not the “hundreds of billions” that Paulson predicts), the plan will save commercial and investment banks from certain bankruptcy. In his statement today, Paulson made clear that Congress must pass new legislation to allow the Government to acquire even those loans too poorly collateralized to currently qualify for GSE or FHA absorption. The losses baked into these mortgage products, which Wall Street has been reluctant to even estimate, will now be borne wholly by taxpayers.
In his press conference, Paulson assured us that this plan was designed to safeguard our savings. But in typical government fashion, the plan will have the reverse effect as savings will be wiped out through inflation. He also claims that the plan will safeguard home equity by keeping real estate prices high. Since when did high home prices become a strategic national priority? If the plan succeeds, the gains for home sellers will simply be matched by losses for homebuyers, who end up paying inflated prices, and taxpayers, who get stuck with the losses when those buyers default.
Paulson’s distress and confusion was clearly evident when he fielded questions from reporters. The first asked Paulson to describe his fears regarding the probable economic consequences of government inaction. Paulson provided no answer and promptly exited stage right.
When the U.S. government owns all mortgages, the real estate market will be completely subject to political, rather than financial, concerns. Will foreclosures be outlawed? Will loan term easements and principal reductions become standard campaign issues?
While it is dizzying to predict how this plan will be implemented, it is fairly simple to foresee the macroeconomic consequences. The U.S. dollar will be shattered beyond repair. The government simply has no means to make good on the trillions of new liabilities. Interestingly, while both Paulson and President Bush acknowledge that the plan will put “significant amounts of taxpayer dollars on the line,” they did not mention any tax increases. Given the politics, no such move is forthcoming. The printing press is their only solution.
The government has also decided to insure all money market funds, adding trillions more in unfunded liabilities to the Federal balance sheet in the blink of an eye. Of course, since bad real estate loans are not the only toxic assets on the balance sheets of financial institution, we will also need to absorb other classes of asset-backed securities, such as those backed by credit card debt and auto loans. So while the move ensures that depositors will not lose money, is does insure that the money itself will lose value. Is the trade-off really worth it? Washington thinks so.
Further, since I assume the plan will apply to all mortgage debt, U.S. taxpayers will also be on the hook to bail out foreign institutions that loaded up on the financial sludge. However, once the government takes them off the hook, do not expect them to re-invest the windfall back into other U.S. dollar denominated assets. This get-out-of-jail free card will likely scare them straight. The global mass exodus from the U.S. dollar and Treasury debt is about to begin: do not get caught in the stampede.
Although gold initially sold off as the apparent need for a financial safe haven ebbed, look for a spectacular rally to commence as its traditional role as an inflation hedge returns with a vengeance.
For a more in depth analysis of our financial problems and the inherent dangers they pose for the U.S. economy and U.S. dollar denominated investments, read my new book “Crash Proof: How to Profit from the Coming Economic Collapse.”
http://www.europac.net/externalframeset.asp?from=home&id=14065
Debt = Lost Freedom
Government purchases Debt from Citizen, Citizen becomes Subject.
Government Passes No Statue of Limitation Defense on Debt (They did on Student Loans in 1994) now they (Federal Government) have you as subject forever. You cannot pay the debt off..large interest fees, government collection agencies, attaching paychecks, and so on.
Wake up America.
Was that the Fat Lady warming up in the wings.
When the government speaks of a "long recession", you know things will get much worse.
Many of my prior work associates and friends voted for Bush Co. - Orange County, what would you expect - now, many are feeling it really hard, especially with all their mounting car, student and house loans.
These people are the ones who claim to care so much for life, when infact they are also largely responsible for robbing the future of our next younger generations.
Anonymous said...
The Man says ultimately this country could experience a long recession.
I say it's going to happen anyway.
I couldn't agree more, but you better watch-out because some may label you a "bigot" just for speaking the truth.
As you stated, the blame does lie primarily with the lenders though, since they understood (at least to a higher degree) what the lending terms really meant.
Anonymous said...
Let me tell you what it looks like in SW Florida. There are 22,000 homes in foreclosure, and that is just the beginning. Big businesses, not just mom and pops, are closing down and laying off employees. Local unemployment is approaching 10%.
My store offers a fax service. A large percentage of the demand for this service comes from immigrants. Most speak no English. They are faxing off appeals to their mortgage company to stop foreclosure proceedings.
You see, she lost her job as a housekeeper and he can no longer drive his dump truck, so they quit paying the mortgage on their $350,000 a year ago. Now, it is not fair that they can't stay in THEIR house. Besides, the 16 people who used to live with them and help make the payments moved out long ago.
HOW DID THESE PEOPLE, WITH NO DOCUMENTATION OF INCOME,
EXCEPT A HANDWRITTEN LETTER (IN SPANISH), WHO ARE NOT CITIZENS OF THE UNITED STATES, GET A LOAN FOR THIS MUCH MONEY???
After I send the fax, they complain. You see, they thought the service should be free. Isn't everything free in America?
Oh yes, I also fax their letters stating their income, which they say is $350 a week, to social services so they can get their FREE health care for all their children.
Now, most of them are just walking away from their houses, leaving them vacant. They are heading back to South America. In a few days, the vandals will strip the house, take the AC unit, gangs will break in, spray graffiti on all the walls and break anything that is left to destroy. The grass will grow up around it and the place will become worthless.
This is what I want. I want people to go to jail. Not the illegal immigrants, but whoever it was who said, "yes, I think these people are an acceptable risk."
In the last days of Rome, wasn't it overrun by barbarians?
I was very lucky that something steered me to France back in '98," he says of his decision to make a movie with Oscar-winning director Roman Polanski in 1998. "I love America -- I love going back, seeing my family and friends -- but it's wonderful to get back to France and be living in a tiny village with nothing around. There is still the possibility to live a simple life. You can go to the market, walk about, buy fruits and vegetables -- the things they did 100 and 200 years ago. We have moments when we're sitting in our house and our kids are playing, and we look at one another and think, 'Thank God we escaped.' "
Roman Polanski is a freak and pedophile who fled the ridicule, humiliation and possible violence he deserves. If he lived on my block, I'd beat his ass with bball bat and ask questions later.
He fled to a place that welcomes pedophiles and lets them live thier lives in peace. The fact you would quote him, trust anything he says or even consider him a source for anything is quite possibly one of the dumbest things I've ever seen.
New home sales fall to 17 yr low.
PHM up.
" Another Democrat on the committee, Brad Sherman, said that if Congress does not act in the next few days, the bailout would not likely pass in its current form.
"My calls are coming in about 300 to 2 against this," he told CNBC. "That's why if this bill doesn't pass on Saturday or Sunday, it won't pass in its current form, because if members go home and actually talk to their constituents, they'll see the anger at this." "
---
What's with all the knee-jerk bashing of Republicans? I haven't read or heard any Republican talk this way. Sure, there will be some Republican support, but it's the Dems that are actually going to pass this thing.
Frank@Scottsdale-Sucks.com
f you, ok it had nothing to do with lending to folks in urban areas and EVERYTHING to do with loaning to speculative republican scum in AZ, FL and NV.
greedy rethuglicans caused this mess
Nothing Paulson can do will get the credit markets working like before, who's going to get loans? taxpayers are maxed out and investors now know debt is bad a bad investment. Wont touch it with a 10 ft pole.
In other breaking news: Clay Aiken is gay.........
I'm worried that if this bill passes that all the marginally upside down homeowners will just throw in the towel, and mail they keys to the banks.
I guess we'll see what's going to happen.
We are a nation of debt junkies who keep partying today and pushing off payment of the bill...
Sooner or later every junky either does the "cold turkey" painful recovery....or dies.
Since our "leaders" refuse to admit that it is time to pay for the debt party by letting free market captialism do its thing and weed out all the dead wood on Wall Street, all we are doing in juicing the debt junkies to keep them going.
You can postpone it but in the end, payment for excesses will come due. There is no way around it.
In the meantime the 700B will be used to ensure that golden parachutes are available for all financial execs and their politician friends. They will all profit from your tax dollars. Congratulations Paulson...MISSION ACCOMPLISHED!!!
For you and I...pain.
Swann is now bragging about how great the disaster has been for him and the other Realtors. Here's a direct quote:
"Heaven is a long-legged blonde and a stately REO on Alta Drive…"
Just in case you had any doubts
Put a Trillion dollars in unmarked bills on the side of the road ... Or you wont see your economy again...
I cannot think of an explicitive that fits this assClown....
About borrowing money for the 700 B bailout.. ahem..
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China banks told to halt lending to US banks-SCMP
Wed Sep 24, 2008 9:52pm EDT
BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
http://www.reuters.com/article/wtMostRead/idUSPEK16693720080925
Dude, Bush sucks the big one, but it's all for show. Democrat or Republican, the results are the same. Why is this so hard for you to figure out? It's the same f'ing party.
Keith: it is time to take another "where are we at" poll. we are definitely in fear. surprisingly most people are still pretty oblivious to it all and are purposely avoiding reading anything about it because the conclusions they would draw would send them into panic.
Panic won't hit until the ATM machines run dry and bank lines form.
China banks told to halt lending to US banks-SCMP
Wed Sep 24, 2008 9:52pm EDT
BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
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hmmmm, this from the country that released a news report about the successful space craft launch, complete with astronaut interview 2 days before the launch?
Dude, Bush sucks the big one, but it's all for show. Democrat or Republican, the results are the same. Why is this so hard for you to figure out? It's the same f'ing party.
================================
yep. the current race for president can be summed up as the race between
John Kerry II and George Bush III
People don't you see what he just did - he held the economy hostage.
The maturation value will pay off??? Chi shin!
Hey, didn't anyone notice that Bush and the tan man are dressed like twins? Hit the back button and take a look.
OK, 'fess up, who had voted for this sucker to be the Presidente 8 years in a row in the land of the Great Snapper Turtle ?
Don't be shy now. Step and forward, raise your hand and say: "I am proud to be an Americano and I had voted for SHRUB in 2000's and 2004's".
#####
There was a good old saying: "Fool me once, Shame on you; Fool me twice, Shame on me !!!".
Thus, how did good old SHRUB get to fool the Americano twice ? Is it because the Americano brain size are shrinking badly such that they can not function mentally or physically any more ? Or is it because they are too busy driving that hunker Ford F250 down the tobacco road, all the while chewing that delicious Red-Man, singing along that honkey-tonk white trash "Deliverance" music, burning that 8 cylinders gasoline chucker engine and running now the cows, squashing the goats, mowing the sheeps at the same time ?. HoooooWeeeee ! What an Americano, what a life !
Well, guess what, it is the evening time now, and the chicken are coming home to roost. Now the Americano will reap what they had sowed 8 years ago. Is it bad enough ? Just barely at $138.00 a barrel of crude oil 2 months ago.. Wait until that sucker rear its ugly head to $200 shitty-Americano-dollar a barrel. And then all Hell will break loose. The Americano will be toasted. How toasted, you may ask ? They will be toasted nicely, goldenly and juicely like the good old snapper turtle skewered on a green Chinese bamboo stick from head to ass all sizzling with that nose tingling aroma in the air, fat popping, juices dripping over a bed of red hot charcoal fire.
---- Go Americano, Go Grilled Snapper Turtle, Go SHRUBBY !!!
Fellow suckers,
We created a financial black hole that's gonna crush your life. So we're gonna throw your money at it in hope it disapears. While we have no clue what we're doing, we expect you to shut the f*ck up while we jeopardize the future of your country. By doing so, we hope you won't notice your being assraped until the next election. Now you can stop worrying and watch American Idol.
Blogger Frank@Scottsdale-Sucks.com said...
Bush's party did it? Time for a little fact check:
Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.
Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact.
When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded."
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.
A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it's gone off.
In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.
Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
September 25, 2008 7:33 AM
So Frank, blame it all on the minorities and "liberals". I guess it were poor minorities that bought an eighteen hundred square foot home for $899,000 right? I guess whenever it is time to blame someone, blame it on: A. Minorities. B. Liberals. C. Both of the above.
Blogger Frank@Scottsdale-Sucks.com said...
Bush's party did it? Time for a little fact check:
Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.
Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact.
When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded."
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.
A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it's gone off.
In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.
Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
September 25, 2008 7:33 AM
Frank, I totally agree with you 100%; it's the minorities fault. Finally, someone has the guts to call it like it is; it's the minorities fault. Finally someone explains why the housing bubble and the coming sever recession will come into being; it's the minorities fault. Thanks Frank, you da man!
I want to add the following to the Housing Bailout Bill:
Henceforth and forever more it shall be ILLEGAL for any Member of the Congress of the United States of America to accept money, food, trips, swimming pools, cruses, vacations, hotel stays, clothes, jewelry, property, stocks, insider tips, jobs, loans, houses, condos, coops, furniture, cars, boats, home improvements, lawncare, childcare, tuition, medical care, insurance, adult entertainment, call girls, snacks, gum, pens, or any preferential treatment or perceived preferential treatment from any LOBBY, LOBBIEST, LOBBIEST ASSOCIATE, LOBBIEST FRIEND, LOBBIEST NEIGHBOR, LOBBIEST RELATIVE or LOBBIEST CASUAL ACQUAINTANCE.
FURTHERMORE, it shall be forever more required that in any war (declared or otherwise) in which the Congress of the United States wishes to engage that the engagement shall be fought, first and foremost (via immediate ACTIVE DUTY assignment) by the members of the US House of Representates and the US Senate, their spouses, children, nieces, nephews, cousins, aunts, uncles, including any blood relative living in or at any time having lived in the United States of America.
September 25, 2008 2:44 PM
YES YES YES!!! WELL SAID!!!
Anonymous Sept 25 said, The problem with the US is that there are no poll tests and/or other restrictions on voting.
I totally agree. If you don't understand what you are voting for, what are you voting for?
Hard work and smart saving - that's what made America a great country.
Now it's external debt is 10 times bigger than GDP, export/import ratio like 20/80. Is it ever possible?
Americans should recall the pioneers spirit, stop living on credit and go back to real jobs to produce something else than plastic trash and CO2.
Blame Bush all you want He tried to get legislation passed to prevent this mess but was laughed at by Barney Frank who said the housing Market would never drop
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