I think you've got me all wrong, though perhaps in part to my own communications. I've been awakened to the fact that both sides are a part of the problem for a while now.
It's not a grand conspiracy at the top that causes our problems but a mass of ignorance, fear, apathy, greed, and dishonesty in the masses that allows opportunities to those with great power to leverage our shortcomings to yield an even greater return on their investments of wealth and power with ease. It's nothing more than human nature in the lead with progress of education and accountability taking last chair if one were to boil it down simply, though at the cost of getting the details wrong.
Without awakening the people and driving for greater responsibility for both ourselves and those around us there is no resolution to the issue, only the continuance of the sine wave of society that has propelled us since the dawn of our civilization.
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Just because there is nothing wrong with saying what you are thinking does not mean there is nothing wrong with what you are thinking. - Jon Silveus
How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable
By TERRY JONES
INVESTOR'S BUSINESS DAILY | Posted Wednesday, September 24, 2008 4:30 PM PT
One of the most frequently asked questions about the subprime market meltdown and housing crisis is: How did the government get so deeply involved in the housing market?
Looking at the panic and irrationality on some of the forum posts, you can see why it's so hard to come to an agreement in Congress on such a complicated banking system. And they are closer to it than you are.
You guys are over reacting. You are acting on the news media's interpretation of events. Things are serious, indeed, and things will be done. So take a deep breath, and let congress work it out and then start bitching.
And if your paycheck clears the bank, things are working so far.
If we don't have an agreement signed by Sunday, Monday is going to hell.
One more note: Do you know why we borrow so much money? Because we have the lowest savings rate per capita in the world, that's why.
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Obama has taken America from purported bully to notorious chump in less than a year.
Last edited by Chuckiechan : September 25th, 2008 at 08:59 PM.
Looking at the panic and irrationality on some of the forum posts, you can see why it's so hard to come to an agreement in Congress on such a complicated banking system. And they are closer to it than you are.
You guys are over reacting. You are acting on the news media's interpretation of events. Things are serious, indeed, and things will be done. So take a deep breath, and let congress work it out and then start bitching.
And if your paycheck clears the bank, things are working so far.
If we don't have an agreement signed by Sunday, Monday is going to hell.
One more note: Do you know why we borrow so much money? Because we have the lowest savings rate per capita in the world, that's why.
So why don't they sell the properties or give the defaulters bridging finance to cover the shortfall, increasing the term of the home loan, eventually as wages rise the value of the property will equal what it's present inflated value is.
Surely this is cheaper and a lot more sensible.
It would cost less to finance the the defaulters, but it would take much longer for the Government to get their money back. This deal by the Fed should get them back all the money that these institutions borrowed with interest in two years (at least on paper). I don't think (IMO) we are going to spend $700 billion...maybe around $300 billion max, and a return of 11.4% is a nice chunk of money. However I think the Government is going to get stiffed on some of these toxic investments because they won't be worth the price the Government payed for them. So in the long run these financial institutes could/would be making a buck off of the taxpayers money.
So what happens to the people who default on their mortgages, will they be forced out of the property, will it be auctioned, and if so won't the market be flooded with defaulted properties, causing the price to tumble, which the government was hoping to forestall.
And a lot of homeless families.
How many properties do they estimate will be foreclosed, I read somewhere about six and a half million were in difficulty.
Last edited by Disley : September 26th, 2008 at 02:42 AM.
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