Next up: U.S. mortgage rescue plan

[cobra de capell]

Originally Posted by VRM

Well, when are you going to take responsibility for the candidate you had in office for the last 8 years who managed to double the national debt? Lets just double your taxes to cover it. Learn to take responsibility for your actions.

As always, VRM the truth suffers when you post. I'm thinking.....

Back to the subject, versus a serially repeated history lesson from a biased reporter - this is nothing but smoke and mirrors. But the media will start reporting how much this helped the people and they’ll never again mention the word “foreclosure”. The messiah has acted and all is well!

[VRM]

Mike,
Excellent post!
I'm not familiar with the site you posted from, but like a broken watch that is correct twice a day even WND and Move-On can get it right once in a while.

Subprime loans are nothing new. They have higher risk, but they also carry a higher reward. Thinking banks can regulate themselves is like thinking that you can negotiate with a fox to only take 1 chicken every 3 days if you let him into the henhouse. It is just not in their nature.

I despise regulation, but I also know that in some cases the alternative is worse because human nature will will frequently cause us do the thing that might seem like a great idea in the short term, but is ultimately bad in the long term. In this case these regulations need to be there to protect the idiots trying to get loans as well as the people who will be forced to cover the losses when the banks are allowed to abdicate their own responsibility.

The only thing that gives us a chance at surviving in a civilised manner is our laws, and the penalties for not following them (we need to beef those up as well).

Steve


BTW CdC,
That one was actually funny! I'm used to your usual repetitive mantras showing that you have no imagination (and you managed to not disappoint me again this time), but the graphic you managed to find somewhere was quite good!

[bomelia]

Why.... uh.... thank you Steve!

I'm blushing.

TCS is a very good site... www.techcentralstation.com

Viewpoints wander the spectrum. Stupid name though. You can even post comments to the authors (and read other's.)

Its not about regulation, its about using tax dollars to to pay off individual's mortgages. I am still curious to see how Obama will determine if a person bought a house that they should not have bought (before offering aid.)

Moral Hazard be dammed. Their ain't one. No risk investing. Redistribution.

BTW, Frontline did an EXCELLENT program on the meltdown last night. My only issue was that Barney Frank was made to look like a guru, prognosticator, above it all kind of guy when we ALL know he was in the middle of it. Oh well, it is PBS afterall. Toss Barney another softey, will ya?

Watch it if you missed it.

Mike

[bomelia]

BTW, on O'Reilly tonight, Sen Shelby was criticized for being critical of the bail out and (republicans in general) for not offering a solution (instead of being critical. Sound familiar? Dam the democrats are good.

What to do for the poor shmuck who over borrowed? Simple. Renegotiate terms so that the payments are smaller and last over a longer period of time. Or, long enough until the economy starts to improve. Keeps the house in his hands (instead of the bank who does not want it) and keeps money flowing in the economy. Once "toxic" assetts become non-toxic (at least for a while.)
THis will not help everybody, but it will make a huge dent in the problem.

But no, lets use tax payer money to help these folks make their payments.

Problem is, democrats do not want to hear anything conservatives have to say. And they have the numbers to keep it that way.

Mike

[VRM]

SPF,
Yes on the % of GDP. If you look there as well it dropped a bit under Carter, but then went from about 35% when Carter left office to about 65% when Bush Sr left office (a HUGE jump from those 'fiscally responsible' folks). Clinton got it down to about 60% and Bush got it up to about 70%.

The DNC is partly responsible for this mess, and everybody knows it. The GOP is also partly responsible, but a lot of people seem to think that their poo don't stink. Watch - CdC will offer up some repetitive sage wisdom telling me that the truth suffers.

Mike,
I'll go check out TCS sometime.

Lack of proper regulation allowed this to happen. Plain and simple. Adding regulation will not fix the current problem though, and neither will the 'stimulus'.

I said the same thing on this forum a few months ago regarding redoing the loan terms to keep people in their houses.

And this $7 pay period tax break is just not going to do anything. The bulk of this is just a bloody waste of more taxpayer money.

While I agree with a lot of what the GOP is saying about this stimulus mess the GOP is now being treated just like they were treating everyone who disagreed with them a few years ago - though I don't think anybody has told the GOP to leave the country yet for disagreeing with the majority.

I keep hoping that one of these idiot parties we have will stop being childish hypocrites. I'm pretty sure it won't be the GOP or the DNC, though.

[Fred Douglass]

......this morning said it very well. I'm for another tax revolt! It's what started the movement for independence, after all. Wonder if Hillary agrees with the hordes of people warming up to criticize Comrade Obama (at great risk, I might add, of being called "racists")! Didn't she, after all, indulge in some atonal screeching about liberal "patriotism"?

Time for a 10% flat tax---which will probably bring all forms of tax evasion (legal and illegal) to a screechin' halt and get even MORE money into the Treasury so the liberals can simultaneously buy votes and add (even more) people to welfare roles and the masses utterly dependent on the Gummint!

Yippa daing!

BTW, I haven't paid any mortgage installments in 2 years! Hint: check my birfdate!!!

Ar-ar-ar-ar.

PS: Izzit true (as Rush just said [1:38 p, 2/19/09) that Putin has warned us and (Chavez) not to go down the socialist road to ruin? i.e. "Don't do this----look what it did to Russia!"

PPS: Don't tell me (same source as PS above) that O-frekin'-bama has ordered the statue (bust?) of Winston Churchill removed from the White House! CAN'T be true! But, if it is....well........it tells ya more than you want to know....

Carrion,

[Bobcat]

Hey Freddie .... agree on the tax issue .... but you might want to Goggle FairTax.org and let me know what you think .
Looks like reading "Atlas Shrugged" needs to be mandatory .... it shows a way out of this mess/coming train wreck .... and the parallels to today are scary .
I heard today that Mayor Bloomberg in NYC opposed raising taxes on the high producers/income people . Probably more self serving than concern for them as I think he is afraid they will leave NYC and then where would he be ? But he did say that 50% of all NYC taxes are paid by 1% of the taxpayers . Here is a perfect chance to implement a little scorched earth policy on our part ... those people should leave NYC , let the city self destruct .... and become a shining beacon to how well Socialism works .
Boy am I thankful I have zero debt and own my home !!