not to bring up ron paul stuff, but wtf is he talking about here: http://www.youtube.com/watch?v=Wy6SlUpbnIU attached to this bill is the ability for the IRS to collect all our credit card transactions?
http://freedomworks.com/newsro...late.php?press_id=2571
If you receive more than 10k a year from credit cards or make more than 200 transactions on a credit card then the IRS knows about it. This means that small businesses will have to report their credit card transactions to the IRS which will include your information (it could also include social security numbers and whatever the site uses to verify you).
You didn't even mention the fingerprinting that mortgage brokers are required to make. They're planning on making a national database with this information.
Fuck the government.
Which part of the Bay Area are you talking about because it certainly will not include any place within 15-20 miles of San Francisco that isn't a shit hole.
Taxpayers get the benefit too. You can't always get it both ways. Shitty situation, but you take it up the ass one way or another. You just gotta pick the lube option.
Your choice.
Really? Taxpayers got the benefit of cheap money because of the bondholders. They get the benefit of continuing cheap money.
Besides, a bond is a contract, their assets are secured in true-sale trusts. Your ignorance to this truth and the law supporting it, and the chaos that would result in the repudiation of it, is ridiculously laughable.
Looks like I changed my sig just in time.
This mortgage bailout that passed the house yesterday with an estimated cost of 300 billion? Feds giving money to localities to buy foreclosed homes? Feds funding credit lines so dumbasses who bought too much house on a zero down interest only loan can stay in too much house?
150 billion stimulation package
300 billion housing package
Half trillion and we are only in July. This congress and this administration will send us 1 trillion in more debt by the end of this year. When you include the several hundred billion deficit for this budget cycle.
This mortgage bailout that passed the house yesterday with an estimated cost of 300 billion? Feds giving money to localities to buy foreclosed homes? Feds funding credit lines so dumbasses who bought too much house on a zero down interest only loan can stay in too much house?
150 billion stimulation package
300 billion housing package
Half trillion and we are only in July. This congress and this administration will send us 1 trillion in more debt by the end of this year. When you include the several hundred billion deficit for this budget cycle.
I see a lot of bitching in this thread, but has anyone really done a comparison of the actual costs of a bailout compared with doing nothing at all. Large financial institutions having serious problems have the potential to do a lot of harm to the economy as a whole, so while the knee jerk reaction is to complain about government spending, it may not be smart in the long run to adopt the typical conservative economic attitude ALL the time.
I'm not saying this is true, but I don't see anybody making a real argument otherwise.
I'm not saying this is true, but I don't see anybody making a real argument otherwise.
One more step to a Human credit system.
Where you have a chip implanted and credits are tracked that way.
That's because they cannot think of X or Y, they just think Y. One track ignorant minds cannot comprehend the damage done. Instead, they focus on tangential issues, or assigning blame.
Ignorant statement. Fannie and Freddie has about 5 trillion in asset. If they go under and you have a fire sale of their asset, that 5 trillion probably going to for half of what it's worth. So 2.5 trillion may disappear just like that.
Many of those bond holders are major banks, retirement funds, pension funds. How many bank is gonna go under with that much money disappear just like that? How many retirement funds, pension funds is gonna take a major hit if 2.5 trillion just disappear like that?
I guess no tax payer put money in banks, retirement funds or pension fund eh?
Starbuck1975
Lifer
- Jan 6, 2005
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The counter argument is that perhaps our nation needs an economic catastrophe as a wake-up call...a government bailout will only reinforce the bubble herd mentality and credit driven culture that continues to plague our society.
Think of the greatest generation, one that survived the Great Depression and went on to fight WW2...that generation understood sacrifice, saving and economic responsibility.
I am fully aware that doing nothing could lead to a Great Depression scenario...but there is a flip side to that coin as well.
Yeah, just like it needs a terrorist attack to wake up. Or the world needs another hitler to wake up. Or needs this or that to wake up.
That's a pretty crappy way of doing business.
So true and I like to think too much money is at stake to allow it to happen, but none the less, although it's may not be widely known, the human psyche is of such a construct that we are psychologically driven to actualize our fears. It isn't widely known because to see it one has to understand self hate and, unfortunately nobody wants to do that.
The long and the short of it is that we were traumatized as children and removed from the Garden of Eden. Our consciousness was split and now contains a conscious ego and an unconscious longing to get back to the garden which means getting back to the horror of the trauma, but we do it in such a way as to create new trauma and live that vicariously instead of the real trauma which killed us psychically. We know heaven is hiding behind some tremendous disaster so we dream of Rapture and help it along by our unconscious behavior. We have met the enemy and it is us.
No shit their is contract. Please tell me where in that contract it says that the US tax payers will repay the bonds?
What's the alternative Mr. Wizard? Companies retain a portion supporting the bondholders, as the contract stipulates. The bondholders aren't on the hook for the valuation of that retained piece. If it goes to 0 it is not their responsibility. If they get hit by any losses afterwards, that's their fault.
Now, as far as why taxpayers should support the GSEs, you only have to look to the cheap mortgage rates and financial system to understand that.
Does the situation suck? Yes.
Was it preventable? Yes.
Should we let the system burn because of the previous two questions? Depends, what's the economic cost of letting it burn compared to the economic cost of saving it, then fixing it after it has been saved.
Only a fricking moron would ignore the two scenarios and simply scream "let it burn" without even giving serious consideration to both.
But then again, it's not surprising I see that here, or around this country, there's a lot of fricking morons around.
It could be that the value of the ash would excede their net worth and they are hoping to turn a profit.
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