Another weekend, another bailout...

[mAdMaLuDaWg]

Paulson meeting with Bernake about FNMA and FMAC

This is getting FING ridiculous

 

[her209]

Smaller government!

 

[bamacre]

Oh wonderful.

 

[alchemize]

You do realize that the so called "$6 trillion liability" is backed up by some lesser amount of assets, right? And the variance between the two is the net exposure to the taxpayers.

Which of course is a trifling amount compared to the $53 trillion liabilities, backed up by zero assets, for medicare and SS.

And what, pray tell, would be your solution be - let Fannie Mae and Freddie Mac fail?

This is starting to smell Ron-paulish

 

[NoStateofMind]

But guys, this is good. You know if the FED didn't bail out these big guys don't you know there would be a cascading effect and everything would come to a complete stop? We do not want another Great Depression do we? The government knows what to do with our money better than we do and surely knows who needs it more.

 

[Capt Caveman]

First, you need to add some commentary.

Letting Fannie Mac and Freddie Mac fail will mean the Greatest Depression and thus the Gov't won't let that happen.

Surprised you're not also crying about the Gov't aid provided for natural disaster relief due to all of the hurricanes.

 

[NoStateofMind]

Originally posted by: Capt Caveman
First, you need to add some commentary.

Letting Fannie Mac and Freddie Mac fail will mean the Greatest Depression and thus the Gov't won't let that happen.

Surprised you're not also crying about the Gov't aid provided for natural disaster relief due to all of the hurricanes.

Yep, there are two sides to it. Let them fail and possibly suffer major economy slowdowns *or* have the taxpayers pay for a banking institutions bad loan investments. It's a moral clusterfuck either way you look at it. But I am of the group that would let the fuckers drown. Now these banks have government backing by way of taxpayer bailout. I guess I'm in the wrong business....

 

[Lemon law]

Yes on balance, the republican party line of not regulating lenders is the proper policy, a mere 6 trillion dollars is a small price to pay to keep the no regulation mantra alive. Four more years eight more years, anything is better than Bill Clinton and a balanced budget. Ken Lay died an innocent man, a financial guru that should inspire us all, and the embodiment of the American dream.

 

[mshan]

"If, two months ago, you asked any stock-market cheerleader what the Dow would do if oil suddenly dropped to $106, natural gas to $7, the euro to $1.42, sterling to $1.76, you'd have gotten, "To infinity, and beyond!" Instead, in the best marker of our deepening predicament, stocks are testing their lows of the year and this cycle. Break Dow 11,000/S&P 1,220 and the run to Treasurys will stampede -- maybe, just maybe enough to pull mortgages into the fives." http://www.inman.com/buyers-se...nes/is-fed-out-options

0.5% change in mortgage rate is supposed to be equivalent to 5% change in price (monthly carrying costs), so affordability should improve (Fannie / Freddie 0.5% surcharge anyone with less than stellar say 720 - 740 credit score so that homes aren't affordable even with all of the price drops reported on tv), but if people can't sell their current home, I guess point may be mute.

 

[SoundTheSurrender]

Start throwing money at it and it should fix it.

 

[alchemize]

Originally posted by: Lemon law
Yes on balance, the republican party line of not regulating lenders is the proper policy, a mere 6 trillion dollars is a small price to pay to keep the no regulation mantra alive. Four more years eight more years, anything is better than Bill Clinton and a balanced budget. Ken Lay died an innocent man, a financial guru that should inspire us all, and the embodiment of the American dream.

LOL you are such a tool...

H.R.3221
Title: A bill to provide needed housing reform and for other purposes.
Sponsor: Rep Pelosi, Nancy

Vote Counts: YEAs 72
NAYs 13
Not Voting 15

 

[mshan]

I suspect LK will eventually chime in, but what he might be referring to is that Republicans removed laws put in place after the last credit bubble (Great Depression) that allowed investment banks to put the whole financial system at such risk.

I think it was Glass-Steagall Act and other stuff (I forgot what LK said previously).

 

[StageLeft]

I am surprised. Truly surprised, what a shock.

In other news, it looks increasingly likely that the big sh*t, er, I mean big three will get their own bailout. Let those fvcking companies ROT already for the love of God, it's become merciless letting them carry on. LET THEM DIE.

 

[mAdMaLuDaWg]

Originally posted by: alchemize
You do realize that the so called "$6 trillion liability" is backed up by some lesser amount of assets, right? And the variance between the two is the net exposure to the taxpayers.

Which of course is a trifling amount compared to the $53 trillion liabilities, backed up by zero assets, for medicare and SS.

And what, pray tell, would be your solution be - let Fannie Mae and Freddie Mac fail?

This is starting to smell Ron-paulish

I for one wouldn't mind starting out with a clean slate. Yes, I say let it go bankrupt and another financial institution absorb the assets along with the debt, and have it truly privatized. No more of this GSE nonsense and their free wheeling access to US taxpayer money... thats what caused the whole problem in the first place.

 

[alchemize]

Originally posted by: Skoorb
I am surprised. Truly surprised, what a shock.

In other news, it looks increasingly likely that the big sh*t, er, I mean big three will get their own bailout. Let those fvcking companies ROT already for the love of God, it's become merciless letting them carry on. LET THEM DIE.

Yup. Bailing out Fannie and Freddie is one thing as they are basically public institutions to increase home ownership, mismanaged car companies is entirely another.

 

[alchemize]

Originally posted by: mAdMaLuDaWg

Originally posted by: alchemize
You do realize that the so called "$6 trillion liability" is backed up by some lesser amount of assets, right? And the variance between the two is the net exposure to the taxpayers.

Which of course is a trifling amount compared to the $53 trillion liabilities, backed up by zero assets, for medicare and SS.

And what, pray tell, would be your solution be - let Fannie Mae and Freddie Mac fail?

This is starting to smell Ron-paulish

I for one wouldn't mind starting out with a clean slate. Yes, I say let it go bankrupt and another financial institution absorb the assets along with the debt, and have it truly privatized. No more of this GSE nonsense and their free wheeling access to US taxpayer money... thats what caused the whole problem in the first place.

Yes, let's make the Great Depression look like a tea party. GO RON PAUL!

 

[mAdMaLuDaWg]

Originally posted by: alchemize

Originally posted by: mAdMaLuDaWg

Originally posted by: alchemize
You do realize that the so called "$6 trillion liability" is backed up by some lesser amount of assets, right? And the variance between the two is the net exposure to the taxpayers.

Which of course is a trifling amount compared to the $53 trillion liabilities, backed up by zero assets, for medicare and SS.

And what, pray tell, would be your solution be - let Fannie Mae and Freddie Mac fail?

This is starting to smell Ron-paulish

I for one wouldn't mind starting out with a clean slate. Yes, I say let it go bankrupt and another financial institution absorb the assets along with the debt, and have it truly privatized. No more of this GSE nonsense and their free wheeling access to US taxpayer money... thats what caused the whole problem in the first place.

Yes, let's make the Great Depression look like a tea party. GO RON PAUL!

Proof that letting them fail will cause a depression please. Is there going to be a downturn and further strain the economy yes. Will it cause a "Great Depression"? Unlikely.

heck, we are bailing them out with money we don't have in the first place... where's the logic in that?

lol... so what if Ron Paul has the same viewpoint. A lot of people do.

 

[alchemize]

Originally posted by: mAdMaLuDaWg

Originally posted by: alchemize

Originally posted by: mAdMaLuDaWg

Originally posted by: alchemize
You do realize that the so called "$6 trillion liability" is backed up by some lesser amount of assets, right? And the variance between the two is the net exposure to the taxpayers.

Which of course is a trifling amount compared to the $53 trillion liabilities, backed up by zero assets, for medicare and SS.

And what, pray tell, would be your solution be - let Fannie Mae and Freddie Mac fail?

This is starting to smell Ron-paulish

I for one wouldn't mind starting out with a clean slate. Yes, I say let it go bankrupt and another financial institution absorb the assets along with the debt, and have it truly privatized. No more of this GSE nonsense and their free wheeling access to US taxpayer money... thats what caused the whole problem in the first place.

Yes, let's make the Great Depression look like a tea party. GO RON PAUL!

Proof that letting them fail will cause a depression please. Is there going to be a downturn and further strain the economy yes. Will it cause a "Great Depression"? Unlikely.

heck, we are bailing them out with money we don't have in the first place... where's the logic in that?

lol... so what if Ron Paul has the same viewpoint. A lot of people do.

Proof that it will be "unlikely" :roll:

And no, a lot of peple don't. About 2% do. Rounding error.

I'll grant you that we need a balanced budget, but disemboweling the current financial structure is cutting off your nose to spite your face.

 

[Craig234]

Originally posted by: alchemize

Originally posted by: Lemon law
Yes on balance, the republican party line of not regulating lenders is the proper policy, a mere 6 trillion dollars is a small price to pay to keep the no regulation mantra alive. Four more years eight more years, anything is better than Bill Clinton and a balanced budget. Ken Lay died an innocent man, a financial guru that should inspire us all, and the embodiment of the American dream.

LOL you are such a tool...

H.R.3221
Title: A bill to provide needed housing reform and for other purposes.
Sponsor: Rep Pelosi, Nancy

Vote Counts: YEAs 72
NAYs 13
Not Voting 15

Um, that's a bill that's already law, introduced Jul 2007.

And Nancy Pelosi is speaker of the house, you posted a Senate vote for some reason.

The corporatocracy runs things, but it's funny, unless the government put out a press release saying that, the public will largely not notice. 'Who do you want to drink beer with'.

 

[brencat]

Originally posted by: PC Surgeon
But I am of the group that would let the fuckers drown...

Me too, fvck 'em. Even though we would immediately enter a much more serious recession overnight, the simple fact is we are stringing this thing out longer than it has to go via socialized bailouts using taxpayer money and cheap credit, when it was cheap money from Greenspan originally that got us into this mess in the first place!

We need a good flushing so we have the necessary retrenchment that clears out all the dead wood. Yes a lot of people will be hurt but they are going to be hurt anyway. Let's get it over with so we can move on to the next cyclical bull market.

 

[alchemize]

Originally posted by: Craig234

Originally posted by: alchemize

Originally posted by: Lemon law
Yes on balance, the republican party line of not regulating lenders is the proper policy, a mere 6 trillion dollars is a small price to pay to keep the no regulation mantra alive. Four more years eight more years, anything is better than Bill Clinton and a balanced budget. Ken Lay died an innocent man, a financial guru that should inspire us all, and the embodiment of the American dream.

LOL you are such a tool...

H.R.3221
Title: A bill to provide needed housing reform and for other purposes.
Sponsor: Rep Pelosi, Nancy

Vote Counts: YEAs 72
NAYs 13
Not Voting 15

Um, that's a bill that's already law, introduced Jul 2007.

And Nancy Pelosi is speaker of the house, you posted a Senate vote for some reason.

The corporatocracy runs things, but it's funny, unless the government put out a press release saying that, the public will largely not notice. 'Who do you want to drink beer with'.

Yes, that's the bill that became law, that approved the misnamed "6 trillion" that the OP refers to.

Pelosi introduced it, and it passed the Senate with wide support. So Lemon Law seems a bit confused as to the source of this spending.

 

[bamacre]

Originally posted by: alchemize

Originally posted by: mAdMaLuDaWg

Originally posted by: alchemize
You do realize that the so called "$6 trillion liability" is backed up by some lesser amount of assets, right? And the variance between the two is the net exposure to the taxpayers.

Which of course is a trifling amount compared to the $53 trillion liabilities, backed up by zero assets, for medicare and SS.

And what, pray tell, would be your solution be - let Fannie Mae and Freddie Mac fail?

This is starting to smell Ron-paulish

I for one wouldn't mind starting out with a clean slate. Yes, I say let it go bankrupt and another financial institution absorb the assets along with the debt, and have it truly privatized. No more of this GSE nonsense and their free wheeling access to US taxpayer money... thats what caused the whole problem in the first place.

Yes, let's make the Great Depression look like a tea party. GO RON PAUL!

http://www.lewrockwell.com/paul/paul128.html

Note the date.

 

[Craig234]

Originally posted by: alchemize
Yes, that's the bill that became law, that approved the misnamed "6 trillion" that the OP refers to.

Pelosi introduced it, and it passed the Senate with wide support. So Lemon Law seems a bit confused as to the source of this spending.

Well, that bill is certainly passe by democrats; very few Rpublican House members voted for it. If that's the bill with the spending he's talking about.

It had a lot.

Summary:

-Increases the national debt limit from $9.82 trillion to $10.62 trillion (Sec. 3083).
-Establishes the Home Ownership Preservation Entity Fund to fund the HOPE (Home Ownership Preservation Entity) for Homeowners Program, which will insure up to $300 billion for 30 year refinanced loans for distressed borrowers between October 1, 2008-September 30, 2011 (Sec. 1402).
-Provides that the mortgagor and the Secretary for Housing and Urban Development each receive 50 percent of the appreciation value for each eligible mortgage insured under the HOPE program if changes occur to the property value 5 years after the loan is taken over by HOPE (Sec. 1402).
-Allocates $3.92 billion in grants to States and other units of local government to redevelop abandoned and foreclosed property and $180 million to the Neighborhood Reinvestment Corporation, given that at least 15 percent of the $180 million be provided to housing counseling organizations that provide services for loss mitigation to minority and low-income homeowners (Sec. 2305).
-Establishes a Housing Trust Fund to be used to increase and preserve the supply of rental housing for extremely low and very low-income families (Sec. 1131).
-Establishes the Federal Housing Finance Agency, with regulatory authority over Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Office of Finance (Sec. 1101).
-Sets conforming loan limitations for Fannie Mae and Freddie Mac at a maximum of $417,000 for a single-family residence up to $801,950 for a 4-family residence, adjusted annually (Sec. 1124).
-Raises the limits on the size of the principle mortgage obligation that is eligible for insurance for most homeowners, up to 115 percent of the local area median house price for single-family homes (Sec. 2112).
-Increases conforming loan limitations in areas where the average house price is over 115 percent of the housing price index (Sec. 1124).
-Increases appropriations under the McKinney-Vento Homeless Assistance Act from $70 million to $100 million for the fiscal year 2009 (Sec. 2901).
-Increases housing benefits for specially adapted houses for disabled veterans from $10,000 to $12,000, with increases each year tied to the residential home cost-of-construction index (Sec. 2605).
-Changes the limitation on the sale, foreclosure, or seizure of property owned by service members from 90 days to nine months after their return from military service, and limits their interest rates to 6 percent during service and one year after their return (Sec. 2203).
-Provides first-time home buyers with a tax credit of up to $7,500 for residences purchased on or after April 9, 2008, which the homebuyers will repay over fifteen years following their purchase (Sec. 3011).
-Expands home ownership counseling eligibility to include people who have a reduction in income due to divorce or death, or who have an increase in expenses due to medical expenses, divorce, unexpected property damages not covered by insurance, or a large property tax increase (Sec. 2127).
-Allows a real property tax deduction on the amount of state and local real property taxes paid during the taxable year of up to $500 for individuals and $1,000 for joint returns, applicable to taxable years beginning in 2008 (Sec. 3012).

 

[IronWing]

:music: I'm changing my name to Chrysler... :music:

 

[Finalnight]

man, what is it about friday nights???
We have already had two big bank bailouts on friday nights, plus bear stearns, rofl.