Lest We Forget

[Revere2]

back in March.........

http://www.freeforum101.com/allthingsout/viewtopic.php?t=135&mforum=allthingsout

[frankieG]

lest we forget is reserved for veterans who died in war and not some other bull shaZam!.

[Revere2]

What about the monetary RAPE of the American Citizenry? That isn't important??

[The Buddha]

What about the monetary RAPE of the American Citizenry? That isn't important??

Very important, thanks for bringing it up OMW, and it was encouraged and orchestrated by the Bushies ...
Cool.
Buddha.

[Revere2]

It has been fostered and nurtured since the inception of "Social Security", "income tax", and the "Federal Reserve" (not affiliated with the FEDERAL GOVERNMENT). If you think only the Bushes hands are "dirty", then you are either very young, very crazy, or both.

[yamahonkawazuki]

What about the monetary RAPE of the American Citizenry? That isn't important??

Very important, thanks for bringing it up OMW, and it was encouraged and orchestrated by the Bushies ...
Cool.
Buddha.

and the clintons

[The Buddha]

Reagan yea and Bush ... I dont see no bail out from clinton ...
Sorry ... dont fly ... Clinton did a lot of stupid shaZam! ... handing over billions to crooks en masse
was not one of those ...
Greenspan should have been fired back in ... 96. Huge mistake ... by 98 he was the messiah when the tiger economies crashed ... and by 2000 when bushies took over hewas perfectly positioned to inflate the bubble of his choosing ... obviously he decided to leave before his chickens came home to roost ...
Cool.
Buddha.

[yamahonkawazuki]

clintons actions contributed  to teh fannie/freddie mess. and the bailout as well

[The Buddha]

Nope ... fannie and freddie should have phased themselves out of the sub prime and jumbo BS in 2003-04 ... they didn't have clinton doing anything ...
Clinton did one thing that started the mess ... in 98 the proceeds from the sale became tax exempt up to 500K. That started the house as a investment mentality ... but that was the depression generation that was standing to benifit from that ... however it just spiralled out of control and the bushies "ownership society" policy exacerbated that.
Clinton started the mess, but the next 100 mistakes go to Bush.
Cool.
Buddha.

[yamahonkawazuki]

100? hell clinton had that many regarding this. so its essentially the american homeowner who defaulted on their loans, carter, reagan, bush1, clinon, bush 2, and congresses fault. because a president by himself, or one day, herself is powerless

[The Buddha]

100? hell clinton had that many regarding this. so its essentially the american homeowner who defaulted on their loans, carter, reagan, bush1, clinon, bush 2, and congresses fault. because a president by himself, or one day, herself is powerless

No ... I blame Bush for the bail out mainly ... Now The crisis as well ... cos he wanted to get out of the 00-01 recession so bad cos it would affect his re election BS he did anything ... so he inflated a random construction bubble. Homeowner defaults are of course the real problem ... the catalyst for it was the "ownership society" of bush. Some people need to be renters ... like people who are unemployed or are still finding their feet ... or people who need to stay mobile ... or any number of others. Having created the problem on 1 side, then he actively erred on the opposite side effectively doubling down on the disaster.

If anything the one and only thing that wil stop the crisis without moral hazard really ... is to force everyone to keep up with what they promised to ...
Stop rewarding people who did stupid sheite by bailing out the Idiots. Let them pay ... like they agreed to, and if they dont put up very very stiff penalties ... like a credit rating that will be hit for life ... they will never be able to buy ... ever if they walk ... besides if they know their neighbor is getting the same shaft they are, they know their house isn't dropping in value as fast ... and that will actually keep them in it too.
Like they have been saying ... keep homeowners in their homes ... you do that by making sure ... even if it is by force ...
By bailing out the Idiots, you are robbing the savers and the ones who didn't make stupid descisions and borrow on their house like it was an ATM. Try these idiots for example -
...
The link is - http://sacramentolanding.blogspot.com/2008/10/empty-homes-have-turned-into-giant-bird.html

Down at the bottom of the article -

Homeowner Deramous was caught in the frenzy. She and her husband relocated to Stockton from the Bay Area in 2000, buying a 2,400-square-foot home for $176,000. As home values soared, so did their spirits. The house appraised for $500,000 in 2006. They refinanced, took money out for a new car, vacations and other expenses. Now, they owe more than $300,000, and the house "is probably worth $176,000 again," Deramous says. "It was foolish of us," she says. "My parents never took money out." Deramous hopes their lender will lower their payments.
...
Manuel Leighton...bought the home in 1998...Near the peak of the market, the house was appraised for $465,000. He and his wife refinanced three times in almost six years, each time taking out cash to pay for a pool that never got built. Now, Leighton laments the loss of his better judgment and that he owes $390,000 on a house worth far less. A house next door recently sold at auction for $265,000, he says. "That hurts me," he says. "I'm going to call my lender and see if they'll redo my loan. If they can't, I may end up walking."

Less than 3-5% of these idiots are going to bury the whole rest of the country. I think we slap cuffs on them, rent their house out collect the money pay the bank that holds the note, toss them in a 6X6 cell with 3 other criminals let them work their regular jobs, send the $ to the bank and charge them rent for the 6X6 and let them think about it a few months, they will gladly pay the full amount they agreed to as on the original loan. We do that to a few 1000 people nation wide, coupled with a few criminals like Angelo Mozilo and Michael Perry who are publicly arrested and dragged off to jail ... it will do more for the foreclosure crisis than the trillion dollar bailout. The trillion bucks will only encourage people to get a bigger slice of a bigger pie ... try 3-5 trillion next time and I want 15% instead of 10% is the prevailing attitude.

Anyway, we used to be a nation of laws ... what happened. Unless we are once again a nation of laws ... nothing will reverse course. We are just going to see more and more and more defaults.
Cool.
Srinath.