Bail out passes :(
mammasan
Posts: 5,656
"When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
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mammasan
Posts: 5,656
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www.seanbrady.net
i'm not. i expected it to from the get-go.
sadly i think we as a country make far too many rash decisions instead of investing the time into finding the BEST choice of the varying options to solve our woes. let's hope it actually 'works'...although i believe, long-term, it won't. from much of what i've read...it's a VERY costly short-term fix that in the long-run, will fix nothing. :(
Let's just breathe...
I am myself like you somehow
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
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As individual fingers we can easily be broken, but together we make a mighty fist ~ Sitting Bull
I couldn't agree more. Instead of fixing the root cause they decided to go with the short-term fix.
But hey, at least this will prove one thing for Obama, that he's for sure not a muslim. Because a mulsim would probably never endorse something with so much pork in it.
Can you remember the last time our government didn't go with the short-term fix instead of fixing the root cause?
Me neither...
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
I cannot for the love of me imagine how someone could defend shifting their position, especially Republicans.
http://clerk.house.gov/evs/2008/roll681.xml
http://clerk.house.gov/evs/2008/roll681.xml
If your congressperson voted for this, VOTE THEM OUT.
It's that simple.
That would take a miracle. The people in Congress don't give a shit about the American people. All the hollow promises from these losers is unreal.
The bottom line is that we all messed up big time. Wall street, Mortgage lenders, and consumers. Mortgage lenders were making loans to people that should have been turned down, people were gettting into mortgages that they couldn't afford, and Wall Street was backing securities with these risky mortgages. There is a lot of blame to go around. Government surely dropped the ball when they didn't address this issue and provide some more regulation. But why would they? Everybody was getting rich and trying to slow that down would be unpopular. A politician's main goal is to get elected and re-elected.
In the long-term, there needs to be more regulation in trading mortgage securities. I think it should be considered to do away with it altogether. People need to start thinking about their home as a place to live, rather than an investment. If they do trade mortgage-backed securities again, they should only be as good as the people who are paying them. In other words, they would only be able to trade mortgages of homeowners with 'A' credit.
I do worry about the haste in which this was passed. I hope it wasn't fear-mongering like the Patriot Act and the War in Iraq. I don't think it was because I do believe there would be severe consequences in the short-term, but we'll see...
Or an ATM machine, which a lot of people treated their homes as for a long time.
checking the rollcall, I'm happy to see my congressmen voted "no"...
It fucks me off the Obama and Biden voted for this bullshit...I'm not surprised, just pissed off...
Very true. They wound up w/ more in home equity loans then their house was worth. People just assumed home prices would increase forever and they could sell their's for a huge gain if they got in over their heads.
Yeah...and I'm so sure this woman (and many more like her) will be helped by the "bail out".
CNN) -- A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home became a symbol of the nation's home mortgage crisis Friday.
Addie Polk is being treated at Akron General Medical Center after shooting herself at least twice in the upper body Wednesday afternoon, her city councilman said.
U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal.
"This bill does nothing for the Addie Polks of the world," Kucinich said after telling her story. "This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill."
Neighbor Robert Dillon used a ladder to enter a second-story window of Polk's home after he and the deputies heard bangs inside, Dillon told CNN affiliate WEWS-TV in Cleveland, Ohio.
"I just thought she may have fell or couldn't get up or something," he told WEWS. "I didn't know [she had shot herself] until I got in there. And even when I got there, she was breathing, but she wasn't saying anything to me. I knew she needed help then."
Dillon said he saw blood when he put his hand on Polk's shoulder.
"There's a lot of people like Miss Polk right now. That's the sad thing about it," said Akron City Council President Marco Sommerville, who had met Polk before and rushed to the scene when contacted by police. "They might not be as old as her, some could be as old as her. This is just a major problem."
In 2004, Polk took out a 30-year, 6.375 percent mortgage for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls, Ohio. The same day, she also took out an $11,380 line of credit.
Over the next couple of years Polk missed payments on the 101-year-old home and in 2007 Fannie Mae assumed the mortgage and later filed for foreclosure.
Deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's incident, Sommerville said. She never came to the door, but the notes the deputies left would always disappear, so they knew she was inside and ambulatory, he said.
The city is creating programs to help people keep their homes, Sommerville said.
"But what do you do when there's just so many people out there and the economy is in the shape that it's in?"
Many businesses and individuals have called since Wednesday offering to help Polk, Sommerville said.
"We're going to do an evaluation to see what's best for her," he said. "If she's strong enough and can go home, I think we should work with her to where she goes back home. If not, we need to find another place for her to live where she won't have to worry about this ever again."
He said that by the time people call for help with an impending foreclosure, it's usually too late.
"I'm glad it's not too late for Miss Polk, because she could have taken her life," Sommerville said. "Miss Polk will probably end up on her feet. But I'm not sure if anybody else will."
"Promise only what you can deliver. Then deliver more than you promise."
--Anonymous
The liberties of a people never were, nor ever will be, secure when the transactions of their rulers may be concealed from them. -Patrick Henry, revolutionary (1736-1799)
that was kinda my point in that other discussion on this topic in that other thread. hell if i know what the 'right' choice would be, but hell, there are a lot of smart people out there...people who know a lot about this topic....i just think it would be wise to figure it out FIRST, and not go for the quick-fix. i mean, isn't the whole 'instant gratification' issue a BIG part of what got us in this mes in the first place?
those who do not learn from their mistakes are doomed to repeat them.
it's almost like a national mantra nowadays. :(
sadly, it should not be a point of pride, but shame.
Let's just breathe...
I am myself like you somehow
Wow that's a sad story.
But what about the fact that when she was 86 she took out a 30 year loan on a house and a credit line which she could not afford. Clearly she wasn't planning on paying it all back. Unless she was hoping to live till 124 or winning the lottery.
That's not to say that the lenders are not at fault. They should not have lent her money for a house.
It's definitely a shitty situation, but both are at fault.
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That story broke my heart.. I am sorry, but there should be some kind of law that 90 year old people do not get foreclosed.. horrible!!
As individual fingers we can easily be broken, but together we make a mighty fist ~ Sitting Bull
That is also wrong. While the government was relaxing regulation it was also being extremely intrusive by manipulating interest rates. By swinging the pendulum the other way you will only suffocate the market and strangle our economy. You need a fine balance.
You'd better believe my rep will NOT be getting my vote when I find out if she voted Yay.
put the economy in the hands of the people and you wont hear these sad stories of 90 year old women losing their houses. Give us the power, or we will take it. the gov't obviously can't handle it. socialize everything, from taxes to authority to the military. If the people are in charge the ones that get shit on are the ones taking from us on a daily basis. luxury is objective.
The economy was in the hands of the people. The government deregulated to allow people and the market itself to regulate and look what happened. Either extreme will produce negative results. You need to find a nice balance that allows the markets to run freely but set rules so that the people are not taken advantage of by the few. Also in a socialist society the government plays a larger role, the same people you just said couldn't handle it.
I"m talking about collectivism, anarcho syndicalism. If Idaho has a coal mine, a corporation from new york shouldn't be allowed to come in, extract all the coal, sell it to whoever, and make all the profit. The people of Idaho should benefit from that resource. the same should be true all over the world. The resources of any region benefit the people of that region. all of this lending and borrowing would cease. if you have actual resources to bhack up your venture, there is no problem. and its a community effort. what's good for community is good for the individual.
It will change the way we think.
Goddamn it
Goddamn it
Today has been teh suck.
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Well according to your example wouldn't the people of Idaho be making money from the salaries/wages they are paid from that NY based company. That money is spent in the community providing it with revenue and the community also collects revenue from the taxes paid by said company.
Its a community based ideology. AS oppposed to pitting individuals against eachother, ie capitalism, individuals would work together. the power of that is incalculable. People working together for a change, instead of competing.