flipping Dems never change

[Hotrod]

Pathetic bastards :nono:

http://hotair.com/archives/2008/09/26/the-democratic-acorn-bailout/

House Republicans refused to support the Henry Paulson/Chris Dodd compromise bailout plan yesterday afternoon, even after the New York Times reported that Treasury Secretary Henry Paulson got down on one knee to beg Nancy Pelosi to compromise. One of the sticking points, as Senator Lindsey Graham explained later, wasn’t a lack of begging but a poison pill that would push 20% of all profits from the bailout into the Housing Trust Fund — a boondoggle that Democrats in Congress has used to fund political-action groups like ACORN and the National Council of La Raza:
In the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.
“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”
Mr. Paulson sighed. “I know. I know.”
Graham told Greta van Susteren that Democrats had their own priorities, and it wasn’t bailing out the financial sector:
And this deal that’s on the table now is not a very good deal. Twenty percent of the money that should go to retire debt that will be created to solve this problem winds up in a housing organization called ACORN that is an absolute ill-run enterprise, and I can’t believe we would take money away from debt retirement to put it in a housing program that doesn’t work.
Here’s the relevant part of the Dodd proposal:
TRANSFER OF A PERCENTAGE OF PROFITS.
DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
USE OF DEPOSITS.Of the amount referred to in paragraph (1)
65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and
35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
REMAINDER DEPOSITED IN THE TREASURY.All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.
Profits? We’ll be lucky not to take a bath on the purchase of these toxic assets. If we get 70 cents on the dollar, that would be a success.
That being said, this section proves that the Democrats in Congress have learned nothing from this financial collapse. They still want to game the market to pick winners and losers by funding programs for unqualified and marginally-qualified borrowers to buy houses they may not be able to afford — and that’s the innocent explanation for this clause.
The real purpose of section D is to send more funds to La Raza and ACORN through housing welfare, via the slush fund of the HTF. They want to float their political efforts on behalf of Democrats with public money, which was always the purpose behind the HTF. They did the same thing in April in the first bailout bill, setting aside $100 million in “counseling” that went in large part to ACORN and La Raza, and at least in the former case, providing taxpayer funding for a group facing criminal charges in more than a dozen states for fraud.It’s bad enough that taxpayers have to pay the price for Congress’ decade-long distortions of the lending and investment markets. If we realize a profit from the bailout, that money should go to pay down the debt or get returned to taxpayers as dividends from their investment — not to organizations committing voter fraud, and not to restarting the entire cycle of government meddling in lending markets. I’d support a rational bailout package, but anything that funds the HTF needs to get stopped.

Update II: The Wall Street Journal reported on the HTF/ACORN/Democratic connections in July:
The housing bill signed Wednesday by President George W. Bush will provide a stream of billions of dollars for distressed homeowners and communities and the nonprofit groups that serve them.
One of the biggest likely beneficiaries, despite Republican objections: Acorn, a housing advocacy group that also helps lead ambitious voter-registration efforts benefiting Democrats. …
Partly because of the role of Acorn and other housing advocacy groups, the White House and its allies in Congress resisted Democrats’ plans to include money for a new affordable-housing trust fund and $4 billion in grants to restore housing in devastated neighborhoods. In the end, the money stayed in the bill; the White House saw little choice.
What most riles Republicans about the bill is the symbiotic relationship between the Democratic Party and the housing advocacy groups, of which Acorn is among the biggest. Groups such as the National Council of La Raza and the National Urban League also lobby to secure government-funded services for their members and seek to move them to the voting booth. Acorn has been singled out for criticism because of its reach, its endorsements of Democrats, and past flaws in its bookkeeping and voter-registration efforts that its detractors in Congress have seized upon.

Once again, the Democrats want to set up a self-funding mechanism, this time by exploiting a severe financial crisis. Despicable

[Smiling Assassin27]

If I'm McCain, I'm naming names and calling out these guys (and Pelosi, who's actually a cyborg). Unless, of course, McCain is one of the lemmings who refuse to question this bill seriously in which case he's slitting his own political throat, since Obama gets rave policy reviews just for going to the gym.

Pelosi and Reid are driving this heap and people need to understand this.

[OrangeDoofus]

If I'm McCain, I'm naming names and calling out these guys (and Pelosi, who's actually a cyborg).
If I'm Obama, I'm hoping you're McCain.

[Smiling Assassin27]

If I'm Obama, I'm hoping you're McCain.

Keep in mind, I'm not advocating doing this for his presidential hopes, but to 'talk straight' like he says he does. If he's really a 'maverick', then start shootin', Tex. As for Obama, the dude's primary job is 'Senator' but he seems to think it's 'Candidate'. Counting on this guy to exhibit any leadership is like counting on Pelosi to actually BE Catholic.

[watermock]

Jsaus Christ. WTF is this ACORN sh!t?

Loosening loan requirements is partly to blame for this mess.

[OrangeDoofus]

Keep in mind, I'm not advocating doing this for his presidential hopes, but to 'talk straight' like he says he does. If he's really a 'maverick', then start shootin', Tex. As for Obama, the dude's primary job is 'Senator' but he seems to think it's 'Candidate'. Counting on this guy to exhibit any leadership is like counting on Pelosi to actually BE Catholic.
Sure, let's line up where everybody stands and let the people make their decision.

As for Obama's character, that's something you and I are never going to agree on.

[Hotrod]

Jsaus Christ. WTF is this ACORN sh!t?

Loosening loan requirements is partly to blame for this mess.

Its completely insane Mock. Its **** just like this that makes me think WE ARE ****ed

[TailgateNut]

The October suprise is getting ready to bite those who creted it in the ass, and it will also bit e the rest of us. It will create a hatred for the republicans which will keep them from ever sniffing the leather counshes in the WH for decades to come.

[Smiling Assassin27]

Sure, let's line up where everybody stands and let the people make their decision.

As for Obama's character, that's something you and I are never going to agree on.


I refer you to the poll on the 2 party system. Usually, elections come down to SOB versus SOB.

As far as character goes, this election is more akin to Satan versus SOB.

[Drek]

Jsaus Christ. WTF is this ACORN sh!t?

Loosening loan requirements is partly to blame for this mess.
Its deregulation and bankers lying to borrower's faces thats to blame.

If one bank offers you $300,000 to buy a house and another only offers you $100,000, and the house you really like costs $250,000 what the hell are you going to do?

Loosening loan requirements by having housing foundations that create viable mortgages for low income families is paramount to the concept of the American dream. Letting those low income families be lied to about what they really can and can't afford is not.

And I especially like how a right wing mouthpiece like Lindsey Gramm is the source for this. Shows the obvious taint in the article. Acorn is a democratic surrogate because they help register voters who happen to be mostly democratic?

Newsflash! The vast majority of new registrants are democratic. Its because people are tired of your corrupt say one thing do another party. Deal with it.

[Hotrod]

I know I should not be but I am blown away that anyone would defend the actions of the democratic party based on the above information.

We are ****ed :nono:

[TailgateNut]

I know I should not be but I am blown away that anyone would defend the actions of the democratic party based on the above information.

We are ****ed :nono:



The democratic party??? Who the hell ****ed this **** all up? ...and now they want to lay blame on the democratic party.

****ing assholes!

[OrangeDoofus]

I know I should not be but I am blown away that anyone would defend the actions of the democratic party based on the above information.
I'm lucky I have access to other information.

[Hotrod]

The democratic party??? Who the hell ****ed this **** all up? ...and now they want to lay blame on the democratic party.

****ing a-holes!

Not JUST the dems the whole ****ing lot of them. I guess as Americans are choice is which canidate do you prefer **** you.

[Hotrod]

I'm lucky I have access to other information.

So you are saying the BS being pulled here is not really happening???

[frerottenextelway]

God only knows why anyone would believe anything written on hotair.

<p>TRANSFER OF A PERCENTAGE OF PROFITS.</p>
<ol>
<li>DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).</li>
<li>USE OF DEPOSITS.Of the amount referred to in paragraph (1)
<ol>
<li>65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and</li>
<li>35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
</li>

[Rohirrim]

http://en.wikipedia.org/wiki/Association_of_Community_Organizations_for_Reform_ Now

Sounds like an organization dedicated to helping poor people get housing. The bastards!

[Hotrod]

http://en.wikipedia.org/wiki/Association_of_Community_Organizations_for_Reform_ Now

Sounds like an organization dedicated to helping poor people get housing. The bastards!

Is that not one of the reasons were in this mess today. Giving people home loans they can't pay for.

[Rohirrim]

God only knows why anyone would believe anything written on hotair.

<p>TRANSFER OF A PERCENTAGE OF PROFITS.</p>
<ol>
<li>DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).</li>
<li>USE OF DEPOSITS.Of the amount referred to in paragraph (1)
<ol>
<li>65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and</li>
<li>35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
</li>

I really can't believe they're talking about "profits." They'll be lucky just to get our asses out of the sling. I guess you have to put it in writing to forestall any shenanigans down the road, but profits is the least of my concerns right now. I'm still waiting to see who's going to hang for this ****. Looks like nobody.

[Rohirrim]

Is that not one of the reasons were in this mess today. Giving people home loans they can't pay for.

I'm not sure what the worst part of this was, giving out loans to the unqualified or playing with the paper. From what I understand, they churned the paper to pump up values that didn't exist then sold more paper based on those mythical values. The unqualified homeowners were the pawns. After all, most of the people who got sucked into those ARMS are getting tossed. I doubt they're getting a bail out.

[frerottenextelway]

I really can't believe they're talking about "profits." They'll be lucky just to get our asses out of the sling. I guess you have to put it in writing to forestall any shenanigans down the road, but profits is the least of my concerns right now. I'm still waiting to see who's going to hang for this ****. Looks like nobody.

This is such ridiculous shenanigans by hotrod.

The purpose of this is when any individual asset the gov't takes control of then sells off for a profit, a portion of that profit would go into reducing the number of for foreclosures by attacking the problem from bottom up (i assume, re-negotiating balloon and other scam loans into standard loans).

In dumb words, this is to help main street from wall street abusing the plan.

[Hotrod]

This is such ridiculous shenanigans by hotrod.
The purpose of this is when any individual asset the gov't takes control of then sells off for a profit, a portion of that profit would go into reducing the number of for foreclosures by attacking the problem from bottom up (i assume, re-negotiating balloon and other scam loans into standard loans).

In dumb words, this is to help main street from wall street abusing the plan.

why I've never :nono:

Ha!

The funds should be going someplace that benifits all the taxpayers. Surely that makes sense no??? Why the hell should it go to a left leaning orgainization???

[Rohirrim]

why I've never :nono:

Ha!

The funds should be going someplace that benifits all the taxpayers. Surely that makes sense no??? Why the hell should it go to a left leaning orgainization???

Because the Left tries to put people into houses while the Right tries to kick them out of their houses. Or spy on them. Or tell them what they can do in their bedrooms. :wiggle:

[Hotrod]

Folks we need a little consistency here...

You don't get to run around from one thread to another screaming that we are ****ed and that this has no chance of working, only to turn around and b**** about where the "profits" are going.

Why not??? Just because were going to get ****ed does not mean we should give up the fight.

[frerottenextelway]

Folks we need a little consistency here...

You don't get to run around from one thread to another screaming that we are ****ed and that this has no chance of working, only to turn around and b**** about where the "profits" are going.

On some individual assets, there will be cases where there are profits. On the overall package, that is much, much more doubtful.

[frerottenextelway]

why I've never :nono:

Ha!

The funds should be going someplace that benifits all the taxpayers. Surely that makes sense no??? Why the hell should it go to a left leaning orgainization???

not having a collapse of a financial sector benefits everyone. that said, there will certainly be problems in determining who got scammed and who gambled.

and the last thing the Housing Trust Fund is a LW org. It's a gov't fund signed into law by Bush 2 months ago.

[Hotrod]

oy vey... if you think this plan is terminally ****ed then fight for things that make a difference. Running around b****ing that 20% of the imaginary profits (that you don't believe will ever materialize) might go to low income housing is nuts.

Not at all its based on principal.

[alkemical]

Excellent so here is what Hotrods argument looks like.


We purchase a $200,000 at a 30% discount = $140,000

3 years later we sell it at a at a 10% premium = $14,000

After fees and servicing costs are "extracted" we are left with = $4,000 (at most)

20% of that could go to "Low income Housing" = $800

Were talking about $700,000,000,000.00 and some people are b****ing that a few hundred bucks might go towards poor folk???

heh, meanwhile depending on how things shake out - some of us might indeed be po'

[baja]

Folks we need a little consistency here...

You don't get to run around from one thread to another screaming that we are ****ed and that this has no chance of working, only to turn around and b**** about where the "profits" are going.

There is a reason he calls himself Hotrod.

[Hotrod]

Excellent so here is what Hotrods argument looks like.


We purchase a $200,000 note at a 30% discount = $140,000

3 years later we sell it at a at a 10% premium = $14,000

After fees and servicing costs are "extracted" we are left with = $4,000 (at most)

20% of that could go to "Low income Housing" = $800

Were talking about $700,000,000,000.00 and some people are b****ing that a few hundred bucks might go towards poor folk???

$800 times what number???

[Hotrod]

There is a reason he calls himself Hotrod.

Dude what is up with the personal attack??? I never called you a dumbass............out loud Ha!

[frerottenextelway]

Excellent so here is what Hotrods argument looks like.


We purchase a $200,000 note at a 30% discount = $140,000

3 years later we sell it at a at a 10% premium = $14,000

After fees and servicing costs are "extracted" we are left with = $4,000 (at most)

20% of that could go to "Low income Housing" = $800

Were talking about $700,000,000,000.00 and some people are b****ing that a few hundred bucks might go towards poor folk???

It's even less than that. Of the "20%", 35% of that goes to an entirely different of fund than the HTF.

[Hotrod]

You all are missing the freaking point. Because the dems are trying to push this **** nothing is getting done. :nono:

[frerottenextelway]

$800 times what number???

http://www.w3.org/Math/characters/glyphs/003/U003C0.png

[Hotrod]

I'll say this you attack the dems in this forum you better be ready to fight LOL

[frerottenextelway]

You all are missing the freaking point. Because the dems are trying to push this **** nothing is getting done. :nono:

No, that would be because McCain balked and the southern House conservatives want to completely ditch the plan and replace it with (even more!) business deregulation to let businesses gamble on this.

[Taco John]

If the Republicans are moving to bail out the multi-billion dollar companies, I see no ethical reasons why the Democrats shouldn't move to fund their own pet cuases. I disagree strongly with both, but the idea the the democrats are somehow more despicable than the Republicans in this action doesn't move me, all things considered.

[Taco John]

You all are missing the freaking point. Because the dems are trying to push this **** nothing is getting done. :nono:




To that I say HALLELUJAH!

I hope the Democrats tack on more disagreeable crap that makes a deal impossible. I don't want to see a bailout. The taxpayers shouldn't be saddled with this catastrophe.

LIQUIDATE!

[Taco John]

And if we're going to bail out financial institutions, why not pay off all my debt while we're at it? I can't be burdened with the debt that I signed off on. I'm too important.

[baja]

Dude what is up with the personal attack??? I never called you a dumbass............out loud Ha!

Does this mean there is not a reason you call yourself Hotrod?

[Hotrod]

Does this mean there is not a reason you call yourself Hotrod?

It means your off my x-mas card list :)

[baja]

Not that anything but that.

[Hotrod]

Not that anything but that.

Fine we'll be friends again

[Rohirrim]

If the Republicans are moving to bail out the multi-billion dollar companies, I see no ethical reasons why the Democrats shouldn't move to fund their own pet cuases. I disagree strongly with both, but the idea the the democrats are somehow more despicable than the Republicans in this action doesn't move me, all things considered.

Bingo! The last time I heard this much fear mongering we ended up in a war in Iraq. Let's call it curiousity. Let their house of cards fall. I want to see what will happen.

[gunns]

I'm surprised Hotrod is so hot over the Dem's, where was this anger when the problem was being created. As a high school boy wrote to CNN, Reagan and Bush Sr laid the logs, Clinton lit the match, and Bush Jr poured 151 Rum all over it and danced around it like a fool.

Then, in rode John McCain! Hee Haw!

[DenverBrit]

As the problem is liquidity in the market, why the hell aren't we just making 'loans' available and taking the bundled 'mortgages' as collateral??
Keep the banks on the hook and save us all the problem of trying to put a value on each security.
If the 'notes' turn out to have less value than the loans, then the banks must come up with more collateral.
Too simple? ???

[Hotrod]

I'm surprised Hotrod is so hot over the Dem's, where was this anger when the problem was being created. As a high school boy wrote to CNN, Reagan and Bush Sr laid the logs, Clinton lit the match, and Bush Jr poured 151 Rum all over it and danced around it like a fool.

Then, in rode John McCain! Hee Haw!

Dont lie to us Gunns your not surprised at all.

FWIW I currently hate both partys and am sick and tired of the bitching and slap fighting going on in washington.

[gunns]

Dont lie to us Gunns your not surprised at all.

FWIW I currently hate both partys and am sick and tired of the b****ing and slap fighting going on in washington.

Busted. :(

[baja]

Bingo! The last time I heard this much fear mongering we ended up in a war in Iraq. Let's call it curiosity. Let their house of cards fall.<b> I want to see what will happen.</b>

You know what today is a new day. Deep down I want to see that too. Here is my "But" I fear that if we do not do this bailout things will get so bad so fast that there will be blood in the streets and Bush will have his excuse to implement marshal law suspend the elections and finish the job he was unwittingly drafted by the now desperate neocons to do.

[baja]

As the problem is liquidity in the market, why the hell aren't we just making 'loans' available and taking the bundled 'mortgages' as collateral??
Keep the banks on the hook and save us all the problem of trying to put a value on each security.
If the 'notes' turn out to have less value than the loans, then the banks must come up with more collateral.
Too simple? ???


Now there is a damn good question

[TailgateNut]

You know what today is a new day. Deep down I want to see that too. Here is my "But" I fear that if we do not do this bailout things will get so bad so fast that there will be blood in the streets and Bush will have his excuse to implement marshal law suspend the elections and finish the job he was unwittingly drafted by the now desperate neocons to do.


Me thinks you may be on to something.

I'm not worried, my pantry and freezer is stocked and I have plenty of ammo.

[Smiling Assassin27]

“I don’t know that we included them in enough, and that’s always a dangerous thing in politics. Remember, you’re dealing with egomaniacs. We’re all egomaniacs down here...“Now, what we have to do is open that door for the House Republicans, bring them on in and say, ‘Guys, you know, we can’t cast your idea aside.’ Let’s listen to it … I think we have to allow them to talk their idea out. We have to be willing to listen.”--Paul Kanjorski, chairman of the House Financial Services subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises.

[Old Dude]

1. Gotta bail 'em out or else, as dubya says, "the whole sucker could come down."

2. Taxpayers eat it and get angry.

3. Big push to vote out all of the incumbants who let this happen in the first place (so long as it's other people's incumbants.)

4. Federal proseciutions and convictions of various CEOs.

5. Rich people take advantage of the new investment opportunities.

6. Poor people can't and therefore fall further behind, and blame it all on whoever or whatever they usually do.

7. Convictions of scapegoat CEOs (see 4 above) are mostly reversed.

8. New cycle of scams begins.

Rinse Repeat.

[Rohirrim]

You know what today is a new day. Deep down I want to see that too. Here is my "But" I fear that if we do not do this bailout things will get so bad so fast that there will be blood in the streets and Bush will have his excuse to implement marshal law suspend the elections and finish the job he was unwittingly drafted by the now desperate neocons to do.

Naw. Cheney might try to pull that off, but not Bush. Bush is a chicken****. The only thing he's doing is counting the days until he can get out of Dodge with his ass intact. That's been the story of his life. Anyway, if these assets start dropping the Chinese and Saudi's will launch a friggin yard sale. They're the ones that know they have to prop this **** up. It's their asses in the sling. Ha!

[Rohirrim]

1. Gotta bail 'em out or else, as dubya says, "the whole sucker could come down."

2. Taxpayers eat it and get angry.

3. Big push to vote out all of the incumbants who let this happen in the first place (so long as it's other people's incumbants.)

4. Federal proseciutions and convictions of various CEOs.

5. Rich people take advantage of the new investment opportunities.

6. Poor people can't and therefore fall further behind, and blame it all on whoever or whatever they usually do.

7. Convictions of scapegoat CEOs (see 4 above) are mostly reversed.

8. New cycle of scams begins.


Rinse Repeat.

Here's how I look at it: If they bail out Wall Street, the taxpayers get screwed. If they don't bail out Wall Street, the taxpayers get screwed. So if we're going to get screwed anyway, can't we at least get a little entertainment out of it? A couple of perp walks? A couple of these fat cats doing the twenty story belly flop? Some politicians going to jail. When do we get to party?

[Hotrod]

Here's how I look at it: If they bail out Wall Street, the taxpayers get screwed. If they don't bail out Wall Street, the taxpayers get screwed. So if we're going to get screwed anyway, can't we at least get a little entertainment out of it? A couple of perp walks? A couple of these fat cats doing the twenty story belly flop? Some politicians going to jail. When do we get to party?

LOL

[DenverBrit]

Off the top of my head...It does not address the accounting issues that arrive from doing that. By leaving the loans on their books and adding additionl debt these banks would be in worse shape than they are now.

You're right.
Ok, so how about moving the note and its associated loan into escrow and provide the banks with a loan using the escrow account as collateral.
Simply adjust the rules (isn't that what they've been doing for years now?) to allow the escrow account to be a long term liability that doesn't appear on the books until an agreed due date.
Same as a bail out, but leaves the Banks on the hook down the road.
Ok, as you can see, I'm not an accountant, but accountants got us into this mess, they'll need to bend a little in the right direction.......and agree to my plan ;D

[DenverBrit]

Here's how I look at it: If they bail out Wall Street, the taxpayers get screwed. If they don't bail out Wall Street, the taxpayers get screwed. So if we're going to get screwed anyway, can't we at least get a little entertainment out of it? A couple of perp walks? A couple of these fat cats doing the twenty story belly flop? Some politicians going to jail. When do we get to party?

Exactly. Let's not waste an opportunity. Ha!

[Denver Crush]

Exactly. Let's not waste an opportunity. Ha!

Count me in this group as well. I am against bailing any of this **** out. Lets give wall street an Ænema. Let those wall street bitches learn to swim, as they say. We're ****ed either way anyhow.

[Breaker]

Jsaus Christ. WTF is this ACORN sh!t?

Loosening loan requirements is partly to blame for this mess.

Predatory lending and consumer stupidity is what is to blame for this....

[Denver Crush]

Send a letter to your elected representatives to vote no on the bailout.

http://www.votenobailout.org/

[L.A. BRONCOS FAN]

Predatory lending and consumer stupidity is what is to blame for this....

And when the states tried to enact laws to protect themselves from predatory lenders, the pinhead you support blocked them.

[ScottXray]

Predatory lending and consumer stupidity is what is to blame for this....


GREED is to blame for this crap!

Lenders who were greedy and put together insane rates and packages in which the owner had to refinance or flip in order to not get burned, borrowers who were greedy for more house than they could afford, speculators who were greedy and thought they would always make money by flipping houses, Financial houses that were greedy and packaged securities that were based on inflated and unreal home values, then mistated the value and soundness of those investments so they could sell them to investors, Greedy investors who thought they were buying sure things with guaranteed rates of return at above prime rates, and greedy politicians who got donations and other dividends from the greedy lobbyists in return for ignoring their responsibilities and even passing legislation to make this easier and easier to do.

The bubble of value kept being stated as larger and larger, because everyone wanted to get easy money all the way up and down the chain. And when the true economy reared its head and the housing bubble popped everyone got caught. A pox on ALL of them! I have busted my ass to make what I have gotten and saved for years to have a decent retirement. These bastards may just have wrecked all of that work.

The difference is that the REALLY big money was all taken out by the people at the top of the food chain....the investment banks and wall street financiers. They already HAVE their loot....and they aren't going to give it back, except at the point of a gun or a term in prison. Since they knew this was coming they probably already have it somewhere it can't be touched.

[baja]

GREED is to blame for this crap!

Lenders who were greedy and put together insane rates and packages in which the owner had to refinance or flip in order to not get burned, borrowers who were greedy for more house than they could afford, speculators who were greedy and thought they would always make money by flipping houses, Financial houses that were greedy and packaged securities that were based on inflated and unreal home values, then mistated the value and soundness of those investments so they could sell them to investors, Greedy investors who thought they were buying sure things with guaranteed rates of return at above prime rates, and greedy politicians who got donations and other dividends from the greedy lobbyists in return for ignoring their responsibilities and even passing legislation to make this easier and easier to do.

The bubble of value kept being stated as larger and larger, because everyone wanted to get easy money all the way up and down the chain. And when the true economy reared its head and the housing bubble popped everyone got caught. A pox on ALL of them! I have busted my ass to make what I have gotten and saved for years to have a decent retirement. These bastards may just have wrecked all of that work.

The difference is that the REALLY big money was all taken out by the people at the top of the food chain....the investment banks and wall street financiers. They already HAVE their loot....and they aren't going to give it back, except at the point of a gun or a term in prison. Since they knew this was coming they probably already have it somewhere it can't be touched.

Another one of your great posts Scott I am loving your rightful outrage we need more of this folks...... Ya hear!!!!

[Spider]

If I'm Obama, I'm hoping you're McCain.

Hilarious! Hilarious! Hilarious! Hilarious!

[defenseman]

Its completely insane Mock. Its **** just like this that makes me think WE ARE ****ed

Unless, we vote out the Franks/ Dodds and all other scumbags on both sides of the aisle, we truly are ****ed. Second, IF Obama does get elected, we are screwed anyway. He quite simply does not understand why the tax on businesses needs to be lowered and it's effect overall on the job market. IF, he does manage to close loopholes and effectively raise business tax across the US, cost of goods and sevices will go up, ergo once a company cannot compete they either go under or re-locate to a more tax friendly country, taking their jobs with them. Simple as that. Obama gets in, tax wise, we are screwed. In addition, raising capital gains tax????? Nice move zipperhead, provide de-incentives to every american NOT to invest in america cause more of it ends up in your freaking pocket SFB's Obama. Oh and he "says" he's cutting back spending, WHERE??????? He's a notorious spender, earmark nutbag the last three years, a liberal "beacon" for all libs to bow down to with his voting record. WHY should he cut back, everyone obviously approves?????? No, we are screwed no matter how you slice if he is elected. I'm guessing 15% interest rates and record unemployment 4 years from now, not to mention he will display how he has absolutely NO CLUE on foreign policy, let alone a severe case of "lack of nads" when it really counts. In short, the WH message machine will contain LOTS AND LOTS of messages from 3 am emer. phone calls, unanswered by Obama. Quite simply, he doesn't have the spine, nor will he grow one, to make an emergency decision when it really counts.......dman

[Rohirrim]

Unless, we vote out the Franks/ Dodds and all other scumbags on both sides of the aisle, we truly are ****ed. Second, IF Obama does get elected, we are screwed anyway. He quite simply does not understand why the tax on businesses needs to be lowered and it's effect overall on the job market. IF, he does manage to close loopholes and effectively raise business tax across the US, cost of goods and sevices will go up, ergo once a company cannot compete they either go under or re-locate to a more tax friendly country, taking their jobs with them. Simple as that. Obama gets in, tax wise, we are screwed. In addition, raising capital gains tax????? Nice move zipperhead, provide de-incentives to every american NOT to invest in america cause more of it ends up in your freaking pocket SFB's Obama. Oh and he "says" he's cutting back spending, WHERE??????? He's a notorious spender, earmark nutbag the last three years, a liberal "beacon" for all libs to bow down to with his voting record. WHY should he cut back, everyone obviously approves?????? No, we are screwed no matter how you slice if he is elected. I'm guessing 15% interest rates and record unemployment 4 years from now, not to mention he will display how he has absolutely NO CLUE on foreign policy, let alone a severe case of "lack of nads" when it really counts. In short, the WH message machine will contain LOTS AND LOTS of messages from 3 am emer. phone calls, unanswered by Obama. Quite simply, he doesn't have the spine, nor will he grow one, to make an emergency decision when it really counts.......dman

Dman, you really are clueless. Don't you get it yet? You've already been screwed. In fact, you've been so screwed that this screw is going to reverberate for decades. You've been screwed by Reagan, Gingrich, Delay, Gramm, Bush, Cheney, and all the rest. You've been screwed for years. Maybe you're just numb to it. Here's the point: It doesn't matter who goes in next. The country is in a shambles. You're boy Bush has racked this country and left it in ruins. Whoever gets in next is not going to initiate anything new. They're going to spend all their time cleaning up the smoking ruins your party has left behind.

[Rohirrim]

http://en.wikipedia.org/wiki/Association_of_Community_Organizations_for_Reform_ Now

Sounds like an organization dedicated to helping poor people get housing. The bastards!

Ha! DBruelu neg repped me for this post.

[L.A. BRONCOS FAN]

Ha! DBruelu neg repped me for this post.

I think he's having a meltdown - he's neg repped me four times in the last 24 hours. Ha!

Must be tough to be a republi-con this week - what with watching your party morph into just another socialist kleptocrat party. :D