I approached with trepidation the assignment of reviewing public commentary on the FDIC Legacy Loans Program, as I assumed the commentary would, as is typical for such openings, be drab, dull, and require substantial review to uncover the few gems that might amuse, titillate or otherwise entertain. How wrong I was.
These are but samples from a fraction of the comments. Do enjoy:
...However, I can't get 4% on a "business loan" because I am not some kind of Wall Street big wig.
Instead, I will continue to liquidate all of my wife's retirement savings (mine are already gone), at 30% losses, to pay the above rate mortgage until all the retirement money is gone. Then, we declare bankruptcy.
Thank you oh wise leaders of our Republic. Thank you for showing us how little we matter. Thank you for reminding us that we are merely rabble whose concerns can just be ignored or rationalized away.
Thank you for ruining our lives.
Not just any garden variety financiers could think of so many good tricks for getting money (and leverage and other force-multipliers) into the pockets that matter.
So what I would like to suggest is that they quit fooling around and put Bernie Madoff in
charge of the whole shebang. Turn the FED-Treasury over to Bernie. He knows what to do.
So bring on the free money, YAY! - and then oops, we're very sorry but the re-inflation
is unsustainable; the bankers crack-cocaine binge is over, and the taxpayers have the biggest hangover in financial history to show for it. Right? I mean, that's how these things end; the bigger we blow up the bubble the bigger the blast when it pops. So clearly, the way to deal with this inevitable crash is to delay it as long as possible.
Bernie proved that he could keep a multi-billion dollar Ponzi scheme going for YEARS. He's financially sophisticated, with a track record that speaks for itself.
Bernie! He's our guy.
...As such, I am obliged to tell you how broke I am as you are continually reaching into my bank book to pay for these crazy bailouts. What, you didn't think I could see through this latest PPIP?
Being broke, I cannot afford this.
Neither can the rest of the taxpayers. I'm not sure if you've seen the latest numbers, but this government is in debt up to its ears.
It therefore follows: you can't afford it. Do you get this? You are spending my money.
Tax payers lose a trillion dollars paying top dollar for the toxic waste. This is a transfer of wealth from the common american citizen to the greedy wealthy wall street bankers and their investors. Ironically, Our prez may like to see the reverse happen. I guess eventually the Prez can tax the middle and upper class and get the trillions back.
You should be ashamed at your pathetic dissembling. ARE WE TAXPAYERS SHARING IN EQUAL PROPORTION TO OUR INVESTMENT? Please don't issue statements like these again. It permanently impedes the return of confidence.
Send all the greedy cheaters to jail. 110% tax their income, take all their assets, let the cheaters and their families go homeless like so many others(and veterans are a big group of the homeless) and you will put a stop to all the greed that created this mess. Sorry, I'm talking to the government, which only understands how to spend, spend, spend their way out of a crisis(rather than work thru a crisis). Let the free market take its toll, destroy the economy and then life will get fixed. Most of you that have never really had to work and hold a job to make a living don't have a clue.
Yours in poverty and debt
A True Bill Paying Saving American
Name withheld cause you will probably hold this against me, somehow-someway
As an American taxpayer who has served in our Military, I feel an express right to demand that this entire program be stopped.
The purpose of this program is NOT price discovery, and any claim along those lines is a lie. The purpose is to keep the banks from recognizing losses that already exist, by reversing them via unloading the paper at a fictitious high price and dumping the loss on the taxpayer. Unless and until the bondholders are forced to take losses before the American taxpayer, I will stand against this corrupt arrangement.
Former United States Marine
Rule follower, no debt accept his home loan
instigator if this crap does not stop
Legacy Loans Program - Public Comments [FDIC.gov]