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Thank God

Thank you,

Yea I saw it. Thank God. If anything, will motivate things going forward. Still , this country is seriously in debt. And trouble. If we do not get Bush out of the office. He is speding a billion a day for this thing he got us into.
And guided us to 3 trillion in debt.
What an a s s.
He makes me sick.
Oh, sorry.

Have nice day.
Stay out of big caps !!!! mid cap or small.
 

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Some satisfaction

At least neither of my senators, one Democrat and one Republican, voted for this swindle of the American taxpayers. Unfortunately, the three stooges running for the highest office all did vote in favor.
 

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Time to clean house. The American people need to follow California in setting term limits for all elected positions. Government needs more transparency than it currently has and the people need more control over the elected officials that are supposed to represent our interests.
 

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Even the New York Times was able to correctly predict this outcome, as early as 1999:

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

...

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
How many of you have seen Barney Frank pushing for even more government-sponsored "affordable housing" legislation? He helped create this disaster in the first place. Now he's doubling down and wants even MORE easy credit, which, of course, is like tossing gasoline on a fire.

Well, here's a little tidbit that may help shed some light on Mr. Frank's intimate involvement in this whole Fannie Mae crime -- . And Herb was in charge of new "product initiatives," no less!

In other words, Herb and Barney colluded to stick all of us with a mess that cost $700 billion today.

And it will cost more. We will pay, and pay, and pay. And if things go Barney Frank's way, it would be even worse.
 

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Frank's fingerprints all over...
Frank doesn't. But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.

Now that the bubble has burst and the "systemic risk" is apparent to all, Frank blithely declares: "The private sector got us into this mess." Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he can find one suspect in the nearest mirror.
Lawmaker Accused of Fannie Mae Conflict of Interest
Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank's efforts to deregulate Fannie Mae throughout the 1990s. So did Frank's partner, a Fannie Mae executive at the forefront of the agency's push to relax lending restrictions.
A top GOP House aide agreed.
"C'mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?" the aide told FOX News. "No media ever takes note? Imagine what would happen if Frank's political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley's wife or [GOP presidential nominee John] McCain's wife was a top exec at Fannie for a decade while they wrote the nation's housing and banking laws."
 

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Obama and other Democrats are so tied up with Fannie Mae/Freddie Mac it's amazing. Yet, the bigwigs in Congress have the balls to stand up there and blame Bush and the Republicans. If they weren't Democrats, it would stagger the mind.



"Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions. The Clinton administration's White House Budget Director Franklin Raines ran Fannie and collected $50 million. Jamie Gorelick — Clinton Justice Department official — worked for Fannie and took home $26 million. Big Democrat Jim Johnson, recently on Obama's VP search committee, has hauled in millions from his Fannie Mae CEO job.

Now remember: Obama's ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain — Sen. Obama — was at the head of the line when the piggies lined up at the Fannie and Freddie trough for campaign bucks."
 

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I think the bail out is wrong, unless lots of people go to prison and hand over the money with interest they stold. Predatory lending is, like always, simply wrong. Banks conning people into loans when they are not qualified is wrong, and then selling these loans to buyers under the pretense that these loans are safe investments. These bankers need to be sitting behind bars and all the money in wages, etc., needs to be payed back with interest.

With out the right laws lawlessness will be law.
 

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There is more pork in this bill than can be found on a pig.

Rum makers in Puerto Rico get $100+ million for example.

And the Treasury department has no reason for picking $700 billion. They just wanted a big number.
 

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We tax payers get the shaft again.

All that pork and the Dems. want to raise taxes and put many of us out of work. If you got a loan how are you going to pay it if you need to stand in the soup line?
 

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It seems everyone else gets an entitlement program...why not Wall Street?;)

This makes me sick...even more sick because those elected pikers in DC larded it up with so much pork. Have they no shame?
 

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I know it stinks but are you all prepared to bring down the American economy and the world with it just for a priniciple? I think Congress had no choice.

What ought to happen now the decision has been made is for the culprits to be hounded down and for legislation to be put into place to make sure this cannot happen again - whether it will happen remains to be seen.

My reading of the American subprime disaster is that Clinton and Bush are both very much to blame - you pro Bush guys cannot let him off that lightly!
 

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I think the bail out is wrong, unless lots of people go to prison and hand over the money with interest they stold. Predatory lending is, like always, simply wrong. Banks conning people into loans when they are not qualified is wrong, and then selling these loans to buyers under the pretense that these loans are safe investments. These bankers need to be sitting behind bars and all the money in wages, etc., needs to be payed back with interest.

With out the right laws lawlessness will be law.
I'm sorry but I cannot agree with anything you have just said.

1) This so called "predatory lending", if it refers to subprime is a misnomer. Predatory lending is payday loans that charge hidden fees. These were mortgages made to people with less than stellar credit at rates higher than would normally be charged. Nothing wrong with that. Banks take a risk with these loans but the people taking the loans are adults and just as culpable. Imagine if banks had denied these people, especially had they been minorities. They would have been sued for racial discrimination!

2) The loans being sold were sold to big boys with big money! They knew what they were getting into. Very few retail investors bought these packaged loans. These were professionals rolling the dice.

Its always popular, especially in an election year, to go after the minority with money. Its certainly not politically safe to blame the borrowers who have put themselves in over their heads because of their own avarice and poor judgment. I don't expect politicians to talk about this but our media need to bring this part of the equation to the forefront. So far they have failed to do so.
 

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The initial signs are very poor that they're going to address the systemic issues. You have to keep in mind that Fannie and Freddie were the #1 source of lobbying donations. Nearly everybody in lobbying works there at one time or another.

Specifically:
In the bailout is a raise of FDIC insurance from $100k to $250k, but it's only temporary, lasting until the end of 2009 and the FDIC is *forbidden* from taking the larger insured amount into consideration to raise FDIC insurance rates. FDIC is already projected to need a $150B bailout this year. Does this sound like prudent fiscal planning?

Congress is going to do some high-profile investigations to hang this all on some scapegoat's necks. Conveniently many of the scapegoats will be guilty. (Henry Waxman is subpoenaing hedge funds with inquiries about naked short selling of financial company stock already.) But the old boy network is counting on that distracting the public and not changing the underlying game. Fannie and Freddie and the corrupting circle of money between them and Congress must be destroyed as they exist today or this will happen again.
 

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I know it stinks but are you all prepared to bring down the American economy and the world with it just for a priniciple? I think Congress had no choice.
The idea that this massive socialization of yet another industry is necessary, or even remotely helpful, is nothing more than propaganda, fear and lies.

Prices rise and prices fall. That's what they do. And in so doing, they transmit vital information about economic reality, unless they are artificially manipulated by government.

The people and businesses that bought these overpriced investments (i.e., mortgage-backed securities and other collateral debt obligations) bought a bad investment. The prices of these investments were grossly inflated. They were grossly inflated because of government manipulation of mortgage credit. When that irrational and unjustified credit stops, the inflated prices are revealed for what they are -- fraudulent.

Barney Frank, his boyfriend Herb Moses, Bill Clinton, ACORN and Franklin Raines were all at the forefront of making mortgage credit easier than ever. This is the result. The obvious, predictable result.

The best result for the economy would be to let the holders of these crappy investments liquidate them on the open market. They will sell for pennies on the dollar. Some businesses would go bankrupt. Others would take their place. The bad investors would be eliminated, and the keen investors would profit. In the end, the true market price for these securities, and mortgages in general, would be found.

This bailout, if you can even call it that, interrupts and stalls this vital, important and helpful process. It therefore makes things worse.
 

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I'm sorry but I cannot agree with anything you have just said.

1) This so called "predatory lending", if it refers to subprime is a misnomer. Predatory lending is payday loans that charge hidden fees. These were mortgages made to people with less than stellar credit at rates higher than would normally be charged. Nothing wrong with that. Banks take a risk with these loans but the people taking the loans are adults and just as culpable. Imagine if banks had denied these people, especially had they been minorities. They would have been sued for racial discrimination!

2) The loans being sold were sold to big boys with big money! They knew what they were getting into. Very few retail investors bought these packaged loans. These were professionals rolling the dice.

Its always popular, especially in an election year, to go after the minority with money. Its certainly not politically safe to blame the borrowers who have put themselves in over their heads because of their own avarice and poor judgment. I don't expect politicians to talk about this but our media need to bring this part of the equation to the forefront. So far they have failed to do so.
1) Most people who go to a bank for a loan go like they are going to a lawer or doctor- they are letting "experts" make decisions for them. Flexible interest rate when they are down means they can go up. Predatory lending is when they know the customer can only make that low interest rate payment and not something higher. Another predatory lending is to loan to -right out of college- kids who know almost nothing about job stablity who go for the most glamous condos after landing there first jobs (no banker in his right mind will give out those kinds of loans). The list of crimes go on and on.

2) Professionals who get caught up in the hype are without excuse, too. They were investing other peoples money foolishly instead being good stewards. As Phinn says markets go up and get over priced and then fall; every professional has been taught that. Just look at stock charts, realestate is the same way. These professionals look more like goones than professionals. And no, they don't deserve what they took in fancy wages, bonuses and gifts.

And your last paragraph should be aimed at the school system for not haveing finance and economy theories taught beginning in 3 or 4 grade. These classes are not required anywhere from k-12 and yet the student will be working for the a huge part of his life for money without understanding money and how it works. This is a failure of the schools system in the USA. Money is the most important subject in school to learn about because you will be spending 8 hours a day 5 days a week for forty years to earn it. Schools are so dumb because they know nothing about it so have no wisdom to be know why it needs to taught above all other subjects.

Anyway, those are some of my opinions.
 
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