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Just GIVE us the money - 9/22/2008 5:45:21 PM

Musicmystery

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$700 billion bailout. $300 million people in the U.S. That's $2,333 per person---every man, woman and child.

So just send it. A family of four would have $10,000 to see their way through the mortgage crisis.

But no. The corporations will survive. The families will lose their home, their credit---and be on the hook with the other taxpayers for the bill just the same. Why? Because deregulation works! [Ahem.]

Ronnie turned the largest creditor nation on earth into the largest debtor nation on earth--along with the stock market crash of 1987 and the Savings & Loan bailout. Now George has repeated the pattern, deficit, banking, bailout and all.

I hope voters are finally paying attention.

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RE: Just GIVE us the money - 9/22/2008 6:31:42 PM

MzMia

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Great post Mm.
I really think this latest debacle, is making many average joe's
sit up and take notice.

I think many voters are getting wake up calls.

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RE: Just GIVE us the money - 9/22/2008 6:38:45 PM

Jeffff

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They should give it to the Social Security Administration....... that way. they could just borrow it

Jeff

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RE: Just GIVE us the money - 9/23/2008 7:14:53 AM

UncleNasty

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That number could go up by including the AIG, Fanny, Freddie and Bear Sterns amounts.

It is obvious who or what is considered worthy in our country - and it ain't the people.

Uncle Nasty

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RE: Just GIVE us the money - 9/23/2008 8:01:57 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
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the big guys dont get it.

we cant really thrive on - 3 trillion

only by shear luck did we be around at - 9 trillion.

an extra trillion is no where. it does yet not exist.

when it does,
it will say to investors- America is no place to sink cash.

from there interest rates will rise significantly.

if we are lucky.

All of us here in casual banter will share a pumpkin pie.

how should I cut it?

8 or 16 peices?

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RE: Just GIVE us the money - 9/23/2008 8:32:54 AM

bipolarber

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Just a reminder, before we all go "Chicken Little"...

The $700 billion is the upper limit to what the governmnet will use to take on the bad loans,

These properties will become part of the RTC they are talking about setting up.

At a later time, as they are resolved on an individual basis, these properties will later be sold to other companies (possibly at a profit, but probably not likely) again, this time with people owning them that can actually make payments.

So yeah, we're on the hook for a huge amount of money... but we ARE getting something in return.

Still, I'm with you guys, chances are they are going to fuck this up even further, before they resolve it.

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RE: Just GIVE us the money - 9/23/2008 8:55:11 AM

LadyEllen

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From: Stourport-England
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Yep - its absolutely sickening. No one would take the slightest bit of interest (aside from hounding me to the grave over any unpaid taxes) if my business went bust even if it were not my fault. If it went bust because of my negligence, act or omission then I could expect serious questions and penalties over it. Yet, this lot get away with it.

But there's another side to it - and not the "we must stabilise the financial system" side either; the villains of the piece here are the same who handle our pension funds and savings. Our pension funds and savings though are not in little files marked with our names on them, but consist of the assets of these companies - if the companies go bust then the assets are realised to pay off creditors (in the UK in any case).

In the UK (and US may be different) Government liabilities come first - tax and whatnot. Then any secured creditors/ mortgagees - which may (or may not, depending on local law) include some safeguarded amount of what they owe you as an individual (£35k in UK I believe). Then unsecured creditors - the employees included. Trouble is, the money usually runs out well before unsecured creditors are paid out - and sometimes higher up the chain. Receivers' and administrators' bills only add to the shortfall - as would in these cases a sudden realisation of assets - basically, a flood of shareholdings and investments into the market at knock down prices which would then drive the market in general down, affecting everyone's investments - that is our savings and pensions.

My opinion is, hang the boards of these companies for their negligence, acts and omissions and have their personal assets distributed to pay the employees. Let the shareholders of these companies take whatever hit is coming to them, but stabilise the system for the sake of we ordinary mortals. Postpone any tax liabilities to enable these companies to get back on their feet - at interest of course, as they would charge.

And as for these "bad mortgages" - the government would do better to buy the properties out - at repossession/auction values and have the occupiers remain in them - subdiving them where possible for two families, paying market rental on them, to restock the social housing and avoid the huge social costs of having thousands evicted.

E

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RE: Just GIVE us the money - 9/23/2008 10:54:33 AM

popeye1250

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One of the conditions should be that we get out of NAFTA and move manufacturing jobs back here so "The People" can start earning a good week's pay again.

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RE: Just GIVE us the money - 9/23/2008 12:53:49 PM

pahunkboy

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dennis kucinch said that RICO statutes have been violated. and that these people MUST be charged

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RE: Just GIVE us the money - 9/23/2008 1:20:54 PM

kdsub

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Hi Musicmystery

I sure agree with your sentiments..but we all know that will not happen...What could and should happen is the government just stay out of this mess and let the market right itself.

It will hurt but will be cheaper and be over with faster.... I think.

If things don't straighten in a reasonable time THEN think about ways to help...other than throwing money at the people that caused the problem in the first place.

Butch

< Message edited by kdsub -- 9/23/2008 1:23:25 PM >

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RE: Just GIVE us the money - 9/23/2008 1:22:30 PM

subtee

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I think you have to live in Alaska to get handouts like that, dontcha?

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RE: Just GIVE us the money - 9/23/2008 2:13:27 PM

cyberdude611

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Joined: 5/7/2006
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quote:

ORIGINAL: Musicmystery

$700 billion bailout. $300 million people in the U.S. That's $2,333 per person---every man, woman and child.

So just send it. A family of four would have $10,000 to see their way through the mortgage crisis.

But no. The corporations will survive. The families will lose their home, their credit---and be on the hook with the other taxpayers for the bill just the same. Why? Because deregulation works! [Ahem.]

Ronnie turned the largest creditor nation on earth into the largest debtor nation on earth--along with the stock market crash of 1987 and the Savings & Loan bailout. Now George has repeated the pattern, deficit, banking, bailout and all.

I hope voters are finally paying attention.

The problem goes beyond the sub-prime mess. People got loans at teaser rates, some even as low as 4%, and they could barely make those payments. Then the rates reset and went up to 6% and then 9% and so on... So a $900 a month mortgage suddenly became $3500.

Now maybe it would help if you give that money to some people so that it makes up their loan to value ratio and are then able to refinance to a fixed rate. And then maybe they can keep the home. But a fixed rate mortgage right now I think is 6.75% interest. So you would have a $200,000 mortgage costing something like $1400 a month maybe?......something like that. So the question is....can the homeowner afford that monthly payment....if not, they are out of options and either they need to find a way to increase income or find another place to live because that means they have spent well beyond what they can afford.

I want a $1 million dollar house too but I realize I cant afford it. So I have to settle with something in my price range that I can afford. Simple personal finance skills.

So you see that just giving out the money to people who cant afford their houses anyway wont work either. So your only real option is to let these loans foreclose and die. I think what the government is trying to do is lessen the blow of those foreclosures so it doesnt take the rest of the economy down with it.

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