You thought she was kidding at the time, didn't you? Shows what we know about the absurd. (Nothing).
The Obama administration is hammering out a program to subsidize mortgages in a new front to fight the credit crisis, sources familiar with the plan told Reuters on Thursday, firing financial markets.In a major break from existing aid programs, the plan under consideration would seek to help homeowners before they fall into arrears on their loans. Current programs only assist borrowers that are already delinquent.
Speechless. (No word on gas yet though- stay tuned).
Related video, after the jump.
Obama eyes home loan subsidies in rescue plan: sources [Reuters]
Posted by guest , Feb 12, 2009 4:53PM
This. Is. Fucking. Insane.
Posted by guest , Feb 12, 2009 4:53PM
http://www.youtube.com/watch?v=Erthun0Pauc
Posted by guest , Feb 12, 2009 4:54PM
I TOLD YOU CLOWNS!!!!
http://www.youtube.com/watch?v=k1FCmfo2Ft4
Posted by guest , Feb 12, 2009 4:54PM
kill me kill me FUCKING KILL ME!!!!
Posted by guest , Feb 12, 2009 4:57PM
That's it. As of today, I ain't paying a cent on any of my loans. Now, please bail me out. Douches.
Posted by guest , Feb 12, 2009 4:58PM
http://www.youtube.com/watch?v=LxQgXgS5G3c
Posted by guest , Feb 12, 2009 4:58PM
http://www.youtube.com/watch?v=vcZ9ku_wInw
Posted by guest , Feb 12, 2009 5:00PM
@7
ROFLMAO!
Posted by guest , Feb 12, 2009 5:01PM
@4: The death tax is c. 50% - interesting philosophical choice for the government... What was your AGI?
Posted by guest , Feb 12, 2009 5:02PM
Let me see now. I am responsible and pay my mortgage on time every month and don't go overboard on the extras.
My neighbor, however, went hog-wild with the vacations, flat-screens, dinners out, etc. and can't pay his mortgage.
Who gets rewarded?
Don't answer that. Dammit. I'm a fool.
Posted by Anal_yst , Feb 12, 2009 5:03PM
Agreed with #5, no more paying off student loans, its not my fault college is so damn expensive and my parents couldn't/wouldn't throw money at the problem (er, me). Please mista Obama, HELPPPP MEEEE
Posted by guest , Feb 12, 2009 5:03PM
You know, I have a great job, and life is good, but I am physically angry over this.
Anyone else?
Posted by guest , Feb 12, 2009 5:03PM
Everyone just keep your fucking pants on.
"Under the plan being mulled, homeowners would have to make a case of hardship to qualify for new loan terms."
Posted by guest , Feb 12, 2009 5:04PM
You know, I have a great job, and life is good, but I am physically angry over this.
Anyone else?
Posted by guest , Feb 12, 2009 5:04PM
CHANGE WE CAN BELIEVE IN!
Posted by guest , Feb 12, 2009 5:05PM
@12. @10 here - I am beyond mad right now. I feel like an IDIOT. You get all the kiddie stories about the industrious ant and the flighty grasshopper drilled into you, and what is the end result? You do better shredding your money on crap like holidays, dinners, clothes, etc. than on being responsible.
Posted by guest , Feb 12, 2009 5:06PM
@13
Why point that out? It's more fun watching the walleyes' reach for their pitch forks.
Posted by guest , Feb 12, 2009 5:07PM
**Physically angry here as well
13 - how difficult do you think it will be to prove "hardship"??? it will be a measure of total debt to income, debt of which was originated in ABSO-FUCKING-LUTELY irresponsible ways.
Posted by guest , Feb 12, 2009 5:07PM
Jesus it made me commit my first double-post!
*sigh*
Posted by guest , Feb 12, 2009 5:07PM
Well, for all the households that lack a male co-head of household to help pay the bills, here's the answer: Daddy's home with the bacon.
Posted by AJ , Feb 12, 2009 5:09PM
Why won't he pay my rent?? Dammit, I knew I should have bought a place
Posted by guest , Feb 12, 2009 5:09PM
If the government keeps stepping in and modifying the terms of this stuff, how do they expect the private money to want to get back involved? If you buy a senior tranche of some MBS, you have some sort of model about your risk vs. foreclosures, prepayments, etc. But if the government steps in and modifies the terms of the underlying mortgages, how do you determine who gets paid and how?
I can't imagine most hedge funds want to be subjected to the whims of congresspeople that don't really know about the financial system. And as long as thats keeping them out of these products, the liquidity is going to remain scarce and the system consequently broken.
But on the other hand...we did a good job breaking it ourselves, so who knows....
--
Unemployed? More than just a social network
http://www.freeagentnet.com
Posted by guest , Feb 12, 2009 5:09PM
@13: but that is STILL not right.
My spouse and I did the whole "save for a rainy day" thing and if - God forbid - we had a family emergency or the roof blew in, we could do something. We don't go out a lot, we don't buy expensive clothes, we were trying (HA!) to be "responsible".
But NOW, if someone didn't save for that emergency, and did the whole flat screen/Bahamas/PF Chang's every Friday - and saved 0 - then ANY emergency would qualify as "hardship".
And dammit, that ain't right.
Posted by guest , Feb 12, 2009 5:11PM
I apparently make too much money and have the wrong skin color for this plan. Thnx mom and dad!
Posted by guest , Feb 12, 2009 5:11PM
This is a stupid plan. There are borrowers that will be delinquent regardless of the economic climate.
Some solutions they should look at are:
1. Modify all mortgages to fixed rates, adjust principal down to say 90% of what is currently owed, and reamortize the mortgage over 30 years. In addition, that person would not qualify for an interest deduction at the end of the year
2. If solution #1 isn't viable for the borrowers, when a person sells their home at market value and that value is less than the principal owed (which has prevented a lot of sales), the borrower does not have to pay the difference and the holder of the mortgage gets to amortize that loss over a period of time or have it create a deferred tax asset on the books.
At the end of the day, helping people who are delinquent actually pay their mortgage is just stupid.
Posted by guest , Feb 12, 2009 5:12PM
The silence of all the Obamabot Hope and Changers who were so vocal just a couple of months back is stunning.
What happened? Not a word? Come on. This is change you can believe in. Aren't you?
Posted by guest , Feb 12, 2009 5:13PM
@13 & @17
Hardship will be defined thusly, "Are you a lazy asshole who won't go out and work for a living? If yes, unlimited government benefits are yours. If no, what is your AGI - please send 50% to the taxman to help the lazy assholes identified above."
Posted by guest , Feb 12, 2009 5:15PM
He is no messiah. He is a product of the Chicago system. Just ask Sean Connery.
Posted by guest , Feb 12, 2009 5:17PM
@25 - you are missing something:
THE MORTGAGE IS A CONTRACT TO WHICH THE GUB-MINT IS NOT A PARTY. How exactly is the gub-mint to "modify" its terms?
With whom does the gub-mint negotiate? This is like the whole B.S. "make the servicer do something" argument - in many cases the servicer cannot, by contract, do something. Modifications, in many cases, must be voted on my a class of bondholders.
It kills me when even talking head economists from prestigious universities exhibit a remarkable ignorance of the slightest detail of the "reality" of how the mortgage market works.
Posted by guest , Feb 12, 2009 5:20PM
@28
See @6.
As someone that dutifully paid his mortgage and owes no one a penny all I can do is sit back and watch this country go through its death throws.
I blame the Republicans for fielding such a limp biscuit allied with that moron, Palin.
It's fun in the peanut gallery.
Posted by guest , Feb 12, 2009 5:22PM
Nice. Everyone who screwed up gets a "do-over" with our tax dollars. How nice of Obama to screw over the responsible people who actually saved and made rationale decisions as to when to buy a home.
Well well well. This is what socialistic America wanted - change. U.S. is the new France. Get used to it. Waiting for the double digit unemployment rates and 40 days of annual vacation.
Posted by guest , Feb 12, 2009 5:23PM
Me! Me! Pick me! I want some of that money too!
Posted by guest , Feb 12, 2009 5:23PM
I hate hearing all you responsible, no screwing around, hard workers whining. Vote Democratic next time! It makes life a lot easier.
Posted by guest , Feb 12, 2009 5:23PM
I hate hearing all you responsible, no screwing around, hard workers whining. Vote Democratic next time! It makes life a lot easier.
Posted by guest , Feb 12, 2009 5:23PM
This is the worst possible solution to this.
Please explain to me how this does anything to stabilize the financial system.
It's classic socialist feel-good economics. Sounds great but it's really a disaster waiting to happen.
Posted by guest , Feb 12, 2009 5:25PM
I'm moving to Iceland. At least they can do national bankruptcy properly.
Posted by guest , Feb 12, 2009 5:25PM
Obama = Black Robinhood
Posted by guest , Feb 12, 2009 5:26PM
@29
The government can support the refinancing of mortgages, which is essentially what I proposed in point #1.
Posted by guest , Feb 12, 2009 5:27PM
The US is a pox on the world.
Posted by guest , Feb 12, 2009 5:27PM
Obama = Black Robinhood
Posted by guest , Feb 12, 2009 5:29PM
Hussman, far and above, has the best ideas:
"The proper way to address homeowner distress is not for the government to buy troubled mortgages and simply reduce the principal. That idea is utterly insane. If that policy was enacted, every homeowner in America would have an incentive to immediately go delinquent on their mortgage. Rather, Congress should provide for a relatively modest alteration in bankruptcy laws, allowing judges to write down mortgage principal but at the same time provide the mortgage lender with what I'd call a “Property Appreciation Right” (PAR) that would give the lender a claim on some amount of future price appreciation of property owned by the borrower."
http://www.hussmanfunds.com/wmc/wmc081013.htm
http://www.hussmanfunds.com/wmc/wmc080922.htm
Posted by guest , Feb 12, 2009 5:31PM
Weird idea, the "before delinquency" part.
I wonder if this is an attempt to head off the Option ARM recast explosion that's due to take place in late '09 thru 2010.
Free-falling home values and skyrocketing delinquencies are strangling CA in particular. Bair's experience with the IndyMac portfolio she took over might be scaring the s**t out of her.
Whatever, it's unlikely to do much but change the trajectory of the debt asteroid only slightly. Prices will find their true level eventually. Absent real wage growth, the outcome is assured, and as much as they'd like to pretend otherwise it's going to hurt Marxist Utopians and Crony Capitalists alike.
Posted by BlackSwan06 , Feb 12, 2009 5:32PM
Equity Private, your clip is borderline intellectually dishonest and belongs in the Lou Dobbs/Keith Olbermann school of Journalistic Integrity.
Not having to worry about putting 1) gas in the tank and 2) paying the mortgage could very well have reflected her confidence that the economy would allow her to continue working at the job she currently holds, therefore alleviating her concern over her family and household obligations. Go dig up her credit history and W-2's for last year before using selective editing and base plays to racial sterotypes to prove your point. Come on...
The issue of moral hazard was very clear without stooping to YouTube tactics.
That being said, I am more than pained by what this plan is leaning towards, but until I see the thing, I'm not sure if it makes me sick to my stomach or induces projectile vomiting.
Posted by guest , Feb 12, 2009 5:32PM
If you want to know what the future liberal US will look like, then just look west to CA - the 7th largest economy in the world and COMPLETELY broke.
Thats what hope and change gets you. Oh, but you can get as many abortions as you want to (or even 8 kids at a time if you want to, that too for free!) I guess that is all that should matter while voting.
Posted by guest , Feb 12, 2009 5:33PM
Who is more dumberest: Chris Dodd or Maxine Waters? No taking the easy way out on this poll - there can be no tie.
Posted by guest , Feb 12, 2009 5:33PM
I didn't see any policy makers at ASF this past week.
James Lockhart the Third did speak. F'n scary how little he knows about FNM and FRE.
Posted by guest , Feb 12, 2009 5:34PM
@38 - I'm not getting how the government is supporting anything in the proposal "change all mortgages to fixed rate, modify their principal, and reamortize them". All you say is "They Should Look At"
I ask again, please explain:
(a) who is modifying the mortgages?
(b) how are these modifications being accomplished?
(c) What is the government support being provided?
Posted by guest , Feb 12, 2009 5:37PM
Listen to you nuts. You're all assuming that the "hardship" ratio is total debt to income. OMG BIG SCREEN TV RAGE RAGE RAGE.
You don't even know and, frankly, it's obviously going to be income over some time compared to the specific terms of the mortage AND the mortage price, excluding other forms of debt.
But I guess assuming the worst makes your anger more justified, right?
-13
Posted by guest , Feb 12, 2009 5:37PM
Wow, that's a lot of rage at the idea that the government would send money directly to prop up mortgage defaults after this place was tearing Paulson, Geitner and their sister a new asshole for deciding to let Lehmann fail -- meaning NOT throwing money at it.
At this point, government intervention isn't a novel concept. The banks got the funding needed to stay afloat, or some of what they needed. That didn't resolve any of the significant mortgage default issues that are still obstructing progress in getting this shit cleaned up.
I see little difference between the gov't giving Joe Flat Screen a bailout and the gov't giving Ken Lewis a bailout. I want to physically assault both Joe and Ken, sure, but it is what it is.
I don't see why the rage at individual (irresponsible) homeowners should be so much more vehement than rage at individual (irresponsible) banks that leveraged themselves to near-death in shady securities.
Posted by guest , Feb 12, 2009 5:39PM
@30 totally agree, the repub ticket was a disaster. It provided people two choices, socialism or alzheimers
@45 Maxine Waters, no contest "please raise your hand if you increased credit card rates on people in the last six months... Mr. Blankfield! I don't see your hand!"
Posted by guest , Feb 12, 2009 5:39PM
Wow, that's a lot of rage at the idea that the government would send money directly to prop up mortgage defaults after this place was tearing Paulson, Geitner and their sister a new asshole for deciding to let Lehmann fail -- meaning NOT throwing money at it.
At this point, government intervention isn't a novel concept. The banks got the funding needed to stay afloat, or some of what they needed. That didn't resolve any of the significant mortgage default issues that are still obstructing progress in getting this shit cleaned up.
I see little difference between the gov't giving Joe Flat Screen a bailout and the gov't giving Ken Lewis a bailout. I want to physically assault both Joe and Ken, sure, but it is what it is.
I don't see why the rage at individual (irresponsible) homeowners should be so much more vehement than rage at individual (irresponsible) banks that leveraged themselves to near-death in shady securities.
Posted by guest , Feb 12, 2009 5:40PM
Wow, that's a lot of rage at the idea that the government would send money directly to prop up mortgage defaults after this place was tearing Paulson, Geitner and their sister a new asshole for deciding to let Lehmann fail -- meaning NOT throwing money at it.
At this point, government intervention isn't a novel concept. The banks got the funding needed to stay afloat, or some of what they needed. That didn't resolve any of the significant mortgage default issues that are still obstructing progress in getting this shit cleaned up.
I see little difference between the gov't giving Joe Flat Screen a bailout and the gov't giving Ken Lewis a bailout. I want to physically assault both Joe and Ken, sure, but it is what it is.
I don't see why the rage at individual (irresponsible) homeowners should be so much more vehement than rage at individual (irresponsible) banks that leveraged themselves to near-death in shady securities.
Posted by guest , Feb 12, 2009 5:44PM
sorry for the double-post. (i thought Obama had also 'fixed' the crappy moveable type machinery on this site...)
Posted by guest , Feb 12, 2009 5:48PM
Y'all are right. Let's just keep giving all of the bailout money to the rich drunken frat boys who run the banking system. All of the riff raff can just go fuck themselves.
Posted by guest , Feb 12, 2009 5:51PM
Well, I'm off to buy that pricey home I've always wanted. Mebbe something waterfront.
Posted by guest , Feb 12, 2009 5:52PM
Damn, I need to go out an buy house I can't affor ASAP before the next round of layoffs hits me. Enjoy picking up my tab sukas!
Posted by guest , Feb 12, 2009 5:52PM
NEW YORK (MarketWatch) -- U.S. stocks bounced late in the session Thursday, and most finished higher following a report that the U.S. government is mulling direct assistance to people who are behind on their mortgage payments, helping troubled banks such as Bank of America and Citigroup pare their losses.
Posted by guest , Feb 12, 2009 5:52PM
@48, 51, 52 Were you a dispassionate critic of Ken Lewis and the evil greedy banks from the start? Or did you get yours too?
Posted by guest , Feb 12, 2009 5:56PM
This is getting more like Atlas Shrugged everyday. And I hate that book.
Posted by guest , Feb 12, 2009 5:59PM
48/51/52 here @58: is your point that a $45k income earner's $2k flat screen TV is somehow more blameworthy than Thain's commode? Or Pandit's $50M plane? If so, how so?
Or are there only two choices here - that one is on either team 'Evil Greedy Banks' or team 'Evil Irresponsible Mortgage Holders'? I don't think it's that simple. My point is that there shouldn't be any more vitriole for mortgage defaulters than is justified for bank CEOs that are receiving public money.
Posted by guest , Feb 12, 2009 6:00PM
49 - that would be rational. Thanks for joining us, I hope your nap was nice. But while you were out, everyone else realized we're not dealing with anyone rational here. One of our elected leaders grilled a clueless little indian yesterday about why his firm would *gasp* act in the attempt to turn a profit by increasing interest rates on high-risk borrowers.
We're not living in reality. We're buying votes.
Posted by guest , Feb 12, 2009 6:01PM
@50 Don't know about Galt's Gulch, but I'd sure like to move in on Burnett's Bush
Posted by guest , Feb 12, 2009 6:02PM
please don't being up ayn rand ever again.
Posted by guest , Feb 12, 2009 6:06PM
not.going.to.say.it ATLAS SHRUGGED!! whew, slipped
Posted by guest , Feb 12, 2009 6:06PM
A rumor is not an official rumor without the great Charlie Gasbagarumor. Until he confirms a rumor. a rumor is nothing but a piece of truth..ohhh, I meant rumor.
As we speak Gasbagarumor is calling all his reliable sources.If you happen to see the gatherings of bus and cab drivers, Wall Street janis,nannies and Spitzwhores at the Bistro they are having serious business to do.
I can't wait to hear from the King!
Posted by guest , Feb 12, 2009 6:42PM
Was feeling pretty bad about being laid off until I read this. Only mistake I made was not buying a house while I had a job.
Posted by guest , Feb 12, 2009 6:52PM
Brilliant.
Prez is doing exactly what I would do. Pit everyone against each other to get to government teat.
...except I hate the U.S. hmmm.
Posted by guest , Feb 12, 2009 6:59PM
He that lives upon hope will die fasting.
Posted by guest , Feb 12, 2009 7:41PM
Not sure which I prefer:
1) Tax $$$ spent on spying on me and killing foreigners
or
2) Tax $$$ spent on feeding loser banks and loser Americans.
Choices, choices ...
Posted by trojan , Feb 12, 2009 7:56PM
do you guys really think everybody was out there spending beyond their means, buying new plasma screens and summering on the vineyard? yes, some were retards whose reach extended thier grasp, but i think many many of the poor idots in their 3 room condos or single floor ranches had no idea what they were getting into. i think the key is to screen carefully in states like nevada, california and florida, where most real estate was used for investments
Posted by guest , Feb 12, 2009 8:04PM
Here's a plan: People who can't afford the house they're living in GET THE FUCK OUT and go back to renting.
Posted by merkin capital partners , Feb 12, 2009 8:18PM
Obama's exchange with Julio caused all of this.
http://www.youtube.com/watch?v=vY84fF2hzhY
Posted by guest , Feb 12, 2009 8:19PM
Democracy only lasts up until the point where poor people realize they can just keep voting themselves more money at the expense of the rich. -Plato
Posted by guest , Feb 12, 2009 8:32PM
70 - "do you guys really think everybody was out there spending beyond their means,"
Rhetorical??
Of course not. Which is why agency loans (pre the government foring in massive moral hazard by making people delinquent to get modifications) still have only 2% delinquency rates anbd jumbo loans have < 10% delinquency rate. That is 60% of the whole mortgage market right there!
However, way more people in this country already live beyond what is possible on a normalized global scale. When there are hundreds of millions of high school dropouts in this world barely scraping through life, how can you expect UAW and AFL-CIO members to continue enjoying the lifestyle that they do forever?
Markdown to global standards is inevitable for all the western economies. This will hit the less educated and skilled especially hard simply because there are way more of them in this world. What are you gonna do about it? Fight against nature like you plan to 'reverse' global warming?
Posted by guest , Feb 12, 2009 8:34PM
@71-- no can do, hombre. that would mean the shacks would be on the books of the banks, then sold in a 70% off firesale, bringing the write down to a mark far below where it's being marked at present. and therein lies the problem.
no, no, see here. the banks need the warm bodies kept in the houses to keep the dream alive.
Posted by guest , Feb 12, 2009 9:45PM
I knew I should have bought a $2mill home with 0% down when this whole thing started. Then, I should have had (at the very least) sextuplets while refusing to pay my mortgage and maxing out all of my credit cards on vacations and couture. If I had done all of that I could be relaxing and waiting for my government checks instead of writing the government a f'ing $10,000 check because apparently I make enough to pay not only my mortgage, but a few others!!!
I am ashamed to be an American.
The new American dream = Having the fiscally responsible pay for your life of extravagance while you sit on your ass.
Posted by guest , Feb 12, 2009 9:45PM
Let's come up with some nice terms to be attached to Joe's bailout - Congress is keen on them...
- No cable, that's excessive
- Salary cap, don't want them to be rewarded...
- Open house inspections weekly, transparency is important after all
- have some people's courts to grill these wasters weekly about what they're doing to deserve a bailout
At least I can go to joe's house, watch the game on his 60 inch flat screen and trash the place with a clear conscience now - shit, no cable though...
Posted by guest , Feb 12, 2009 10:18PM
@76-- let's be clear here. it's not lazy ass's fault the banks lent him money recklessly.
Posted by guest , Feb 12, 2009 10:29PM
All the working people should fucking quit the job and collect unemployment and get the mortgage subsidized. If you do this then it better then working hard. Because if you get your mortgage subsidised, then over the life of the loan you would be better off not working even for 5 year in just the amount you would save in the interest payments I am totally mad at the way the stupid govt is throwing money. I want a re-election. Instead of helping the good guys these bastards are helping the stupid fools and that is why this country is going down the drain.
Posted by guest , Feb 12, 2009 10:29PM
All the working people should fucking quit the job and collect unemployment and get the mortgage subsidized. If you do this then it better then working hard. Because if you get your mortgage subsidised, then over the life of the loan you would be better off not working even for 5 year in just the amount you would save in the interest payments I am totally mad at the way the stupid govt is throwing money. I want a re-election. Instead of helping the good guys these bastards are helping the stupid fools and that is why this country is going down the drain.
Posted by guest , Feb 12, 2009 10:51PM
the timing of this announcement was pretty remarkable - just as the s&p is about to break through a techincal support level reuters gets a breaking story from the gov't...I am sure it is just a coincidence.
Posted by guest , Feb 12, 2009 11:14PM
If only I knew the Emperor would subsidized delinquent
I could have bought $25 million NY penthouse!
Posted by guest , Feb 12, 2009 11:21PM
EP, I am going to have to call you out on this one. I do not usually enjoy your writing (too much race baiting, very divisive, too Lou Dobbs-ish) but this has gone a bit too far.
1. African Americans make up 12% of the population, so clearly they did not elect Obama all by themselves.
2. The guy won more popular votes and much more electoral votes...deal with it.
3. The alternative was "economy is fundamentally strong" McCain with "I can see Russia from my backyard" Palin.
4. Phil Graham or John Thain would have been McCains Treasury secretary.
5. The $50bb this will cost is already set aside (it will come from the TARP). I don't remember the first $350bb doing much to stem the problem (though it did stop total chaos).
6. Housing IS the root of the problem.
7. The market rallied on the announcement. You fools were complaining that the market was down bc it didn't like Tim G's plan...so maybe it likes this plan.
8. WTF would McCain and Palin have done?
Some of the posts above are totally ridiculous. Each of your portion of this $50bb is abt $165??? So STFU bc it doesn't give you much of a say. I will spend $165 anyday to stabilize the housing market so that I won't lose a couple thousands when my neighbor is foreclosed on.
Seriously, having differing viewpoints is fine. The race baiting isn't.
Cheers B1tches,
Tanned Banker
Posted by guest , Feb 12, 2009 11:35PM
Ok, might the reaction here be just a bit reactionary? Really. All the mortgage relief talk now is exactly that and will most likely remain so for the vast, vast majority of mortgage-holders--as it should be.
Posted by guest , Feb 12, 2009 11:39PM
Ah, Tanned Banker, never thought we had so much in common.
Posted by Equity Private , Feb 13, 2009 12:04AM
"1. African Americans make up 12% of the population, so clearly they did not elect Obama all by themselves."
Sorry, what does this have to do with anything I posted?
"2. The guy won more popular votes and much more electoral votes...deal with it."
Argumentum ad numerum.
"3. The alternative was "economy is fundamentally strong" McCain with "I can see Russia from my backyard" Palin."
I'm not sure why this is the only alternative- nor can you be sure this would have been worse. Again, I'm not sure what this has to do with my post.
"4. Phil Graham or John Thain would have been McCains Treasury secretary."
I must have missed the ringing endorsement I gave to McCain in my post somewhere. Can you point it out for me, please?
"5. The $50bb this will cost is already set aside (it will come from the TARP). I don't remember the first $350bb doing much to stem the problem (though it did stop total chaos)."
Again, I really have no idea how this applies. Since it was "set aside" we should all just relax and enjoy?
"6. Housing IS the root of the problem."
It is one of the roots of the problem.
"7. The market rallied on the announcement. You fools were complaining that the market was down bc it didn't like Tim G's plan...so maybe it likes this plan."
Not sure what this means exactly.
"8. WTF would McCain and Palin have done?"
You are repeating yourself.
"Some of the posts above are totally ridiculous. Each of your portion of this $50bb is abt $165??? So STFU bc it doesn't give you much of a say. I will spend $165 anyday to stabilize the housing market so that I won't lose a couple thousands when my neighbor is foreclosed on."
It would only cost everyone $80 a piece to pay me $25 billion. Let's do that. What are you complaining about? That's only $80 from each of you!
"Seriously, having differing viewpoints is fine. The race baiting isn't."
You obviously are talking about some other poster and got lost in here. Try to be more careful in the future.
Posted by guest , Feb 13, 2009 12:40AM
@ 83 - weak sauce.
@ 86 - Glad you didn't take his bait.
The hand-out society is going to be the end of us.
Posted by guest , Feb 13, 2009 12:52AM
@69
Nothing has changed, so you get both!
Posted by guest , Feb 13, 2009 5:24AM
Obama - what a fucking idiot.
Posted by guest , Feb 13, 2009 5:42AM
Democracy only lasts up until the point where poor people realize they can just keep voting themselves more money at the expense of the rich. -Plato
Bollocks did he ever say that you small minded retard with no critical skills.
Posted by guest , Feb 13, 2009 7:29AM
Next week, Timmy G starts seeding the clouds with dollar bills as part of the Gov new Money Rain Program.
Congress summons Leprechauns and asked them where their pot o'gold.
Super Mario employed to collect gold coins.
Posted by guest , Feb 13, 2009 8:29AM
So Brother Barry is only covering gas and mortgage payments.......what about the Popeyes fried chicken, the grape soda, the Kools and the lotto tickets. This shit ain't right.
Posted by guest , Feb 13, 2009 8:40AM
Let's keep this thread going today..!!
Wheee.....!!!
Posted by guest , Feb 13, 2009 8:42AM
Un-fricking-believable....
Seriously, what the hell does lowering payment for an unemployed household do but delay the inevitable. Complete waste of money.
Prediction: Under 6 months from now we'll be looking at another $500bln+ bailout.
D I S A S T E R ! ! !
Posted by guest , Feb 13, 2009 9:09AM
the world has gone completely mad. a place where the responsible are punished and the stupid/lazy/wasteful are rewarded for their excesses is surely bizarro world.
Posted by guest , Feb 13, 2009 10:00AM
Hey douche~baggues, ze Liberalism has aluways beeen about subsidizing ze loseurs of ze society.
Haaauu, haaauuu, haaauuuuu, we are all ze loseurs now! Vive le Egalité, Vive le U.S.A.
You vant ze Capitalisme? Go to Hong Kong.
Nouw, vhere is my 6 weeks of mandatory vacation, eh? fat Amercain loseur?
Posted by guest , Feb 13, 2009 10:19AM
Barry can give out all the money he wants bit it isn't going to actually solve anything when the successive waves of Option ARM resets occur except delay the inevitible and drive up commodity prices.
Weimar Republic anyone?
Posted by guest , Feb 13, 2009 11:02AM
well, all of the idiots who voted for "change" certainly are getting it... in the ass
Posted by guest , Feb 13, 2009 3:21PM
Viva El Commandante! Where's my free stuff?
Posted by guest , Feb 13, 2009 5:50PM
OMG! Thank you thank you thank you . I have finally found a non-militant-liberal blog! The Huffington Post censored me because I said ...maybe it’s the guy with the 0% down on an million dollar mortgage who makes $35,000 a year who is partially to blame,...censored! Not only censored but also, banned —from a blog! Sheesh! And, the hijacking of the Census by our new King? Why is ABC, CBS, NBC, not on this stuff. Don’t they realize that nationalizing the Press is next? Are we sure BO is channeling Lincoln and not that fellow in Germany in 1932???
Posted by guest , Feb 13, 2009 5:50PM
OMG! Thank you thank you thank you . I have finally found a non-militant-liberal blog! The Huffington Post censored me because I said ...maybe it’s the guy with the 0% down on an million dollar mortgage who makes $35,000 a year who is partially to blame,...censored! Not only censored but also, banned —from a blog! Sheesh! And, the hijacking of the Census by our new King? Why is ABC, CBS, NBC, not on this stuff. Don’t they realize that nationalizing the Press is next? Are we sure BO is channeling Lincoln and not that fellow in Germany in 1932???
Posted by guest , Feb 13, 2009 5:57PM
Acorn is getting 4.8 billion -("neighborhood stabilization activities")maybe they should do the census -- they'd never have to leave the hood
Posted by guest , Feb 18, 2009 1:46PM
Real classy, EP -- posting preliminary information about a plan that's about a light year away from being implemented (and will undoubtedly bring more opposition from both dems and reps than the executive pay), and then below it post a video of a black woman who is probably neck-deep with debt and is probably feeling good for the first time in the last 5 years (as stupid as she is).
I'm the first one to say that we're going down the crapper and Atlas Shrugged-way, yada yada yada, but let's not get carried away here...
Posted by guest , Feb 19, 2009 10:03AM
Govt should be asking (any one they want to help) why they are in trouble with their mortgage to begin with:
1) They lost a job and cant pay mortgage any more. This is not living beyond means (no matter what kind of home they live in). Helping them stay in that house wont help...they need a job. How is lowering their mortgage going to help?
2) They cant afford their house now because they had an ARM and interest is high now. Govt can give these guys a good rate 30 year fixed and help them.
3) Dont want to pay mortgage any more because house value has fallen a lot. Govt should do nothing to help these guys. They can afford the mortgage but they dont want to. They dont deserve tax payers money. If you buy a car which depreciates after a couple of years, you cant just run away from its payments because it is not valued as much any more....u bought it, u deal with it.
For every responsible home owner, govt should try giving good mortgage rates so that they want to still keep paying their mortgages...maybe also give them tax breaks, property tax breaks et...incentives to keep them in the house.
Posted by guest , Feb 19, 2009 4:08PM
Where the hell were all of you when Honest Babe ran for office? This is what you voted for you assholes.
I wonder if the Gitmo prisoners are eligible for tax rebate checks since they will be living in the States?
Oh come on...like that is so farfetched. You are already paying for their defense lawyers.
Posted by guest , Feb 19, 2009 4:17PM
Fine use tax payer $$$ to buy the dead beat idiots mortgages but one thing-
We should all get a list of those homes like the Megan's Law website and we shoud be able to use their bathrooms whenever the fuck we want
Posted by guest , Feb 19, 2009 4:36PM
@24 "I apparently make too much money and have the wrong skin color for this plan. Thnx mom and dad!"
WTF does skin color have to do with this? The housing bubble (and its inevitable collapse) was not a white issue, black issue, or brown issue. The problem was people in the United States were green with envy that neighbors were buying homes and consumer goods and, on paper, getting "richer" as the home equity in their McMansions rose thanks to Greenspan's E-Z Credit. The exurbs of Phoenix and the Inland Empire (to say nothing of the cookie-cutter condos in Williamsburg and the Far West Side) filled up with people of all races, and internationals (especially from East Asia and western Europe) who bought into the fantasy of ever-increasing American real estate prices.
Now that the party's over, the economy has been in freefall because people feel poor and they feel worried about spending. Until the housing market stabilizes, there can be no recovery. Obama and his advisers are not trying to save everyone, but the plan is a good start.
@92, please take your racist ideas somewhere else. I think the New York Post is looking for a new cartoonist you douchebag.
Posted by guest , Feb 19, 2009 4:40PM
@24 "I apparently make too much money and have the wrong skin color for this plan. Thnx mom and dad!"
WTF does skin color have to do with this? The housing bubble (and its inevitable collapse) was not a white issue, black issue, or brown issue. The problem was people in the United States were green with envy that neighbors were buying homes and consumer goods and, on paper, getting "richer" as the home equity in their McMansions rose thanks to Greenspan's E-Z Credit. The exurbs of Phoenix and the Inland Empire (to say nothing of the cookie-cutter condos in Williamsburg and the Far West Side) filled up with people of all races, and internationals (especially from East Asia and western Europe) who bought into the fantasy of ever-increasing American real estate prices.
Now that the party's over, the economy has been in freefall because people feel poor and they feel worried about spending. Until the housing market stabilizes, there can be no recovery. Obama and his advisers are not trying to save everyone, but the plan is a good start.
@92, please take your racist ideas somewhere else. I think the New York Post is looking for a new cartoonist you douchebag.
Posted by guest , Feb 19, 2009 5:21PM
@108 I am not sure of your skin color or income bracket but clearly those attributes put you in a class of your own. What color is the sky in your world? do you trade goods or use a currency? I have been waiting for proof of life on other planets...welcome to the USA on planet earth where we are giving away houses, trains to Vegas and ponies for all. Would you like to meet our newest citizens from Afghanistan by way of Gitmo?
How does Obama's dick taste
Posted by guest , Feb 19, 2009 6:04PM
109, you must have been so busy sucking on Cheney's shriveled nuts that you didn't have time to read 108's post or digest its information. This a mess that the new administration inherited after eight years of economic mismanagement under Bush/Cheney. The Republicans slashed taxes for the wealthiest Americans, who in turn purchased houses, [trips] to Vegas, ponies, etc. while the government racked up huge deficits on the Iraq War. Now, with our infrastructure crumbling and millions of people out of work, Obama is trying to get the economy back on track by stabilizing the housing market and passing a stimulus package focused on rebuilding transit systems and investing in education.
Once you come up for air, please think of a useful policy response to this crisis before regurgitating the rantings of Rush Limbaugh on this blog.