Congress has bailout plan
POSTED BY: SignyM
UPDATED: Tuesday, April 8, 2025 20:49
VIEWED: 3660
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The killers are with the patient
By Darryl Robert Schoon
" There is nothing more dangerous than when those responsible for a nation’s troubles are believed to be its savior.
The WSJ had one fact correct regarding Wall Street’s accelerating collapse when on September 20th they wrote: When government officials surveyed the failing American financial system this week, they didn’t see only a collapsed investment bank or the surrender of a giant insurance firm. They saw the circulatory system of the US economy - credit markets - starting to fail.
The WSJ was correct in that the circulatory system of the US economy was failing. Because the WSJ is the house organ of Wall Street investment banks and their co-conspirators in government, the WSJ blamed deteriorating credit markets for America’s troubles, not those responsible - to wit, Alan Greenspan, Ben Bernanke, and their cohorts at the Federal Reserve Banks.
As we collectively move towards the economic disaster awaiting us, the investment community is hoping the world’s central banks will be able to save them from the crisis. If the truth be known - and someday it will be - central banks are at the very center of today’s problems. Indeed, they caused them. Today’s disintegration of capital markets based on debt-based paper began in 1913 with the creation of the US Federal Reserve Bank, the central bank of the US.
Debt-based paper money has led nations and the world down a very dangerous path. Facilitating expansion by encumbering future revenues with compounding debt inevitably indebts individuals, businesses, and governments beyond their ability to repay. In the beginning, production expands, needs are met and everyone goes home happy. In the end, everyone’s home gets repossessed. This is when the amount of debt has grown so large; governments, businesses, and consumers collapse under its collective weight. That’s where we are today. We lived off tomorrow and tomorrow has arrived. What a surprise. "
There's more :
http://www.dailytimes.com.pk/default.asp?page=2008%5C09%5C26%5Cstory_2
6-9-2008_pg5_50
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http://www.breakthematrix.com
http://endthefed.us
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I feel ya.
We went fixed rate and played pretty damn rough to get a favorable (i.e. a bit less exploitive) set of terms, and I went the extra mile with an added proviso that they could not under any circumstances or conditions, sell this loan to Citibank/Citigroup as a deal-breaker precondition that would amount to breach of contract in the whole.
And anyone care to guess what the first fucking thing they did was ?
And having to hear from my lawyer that it would cost more to try to have the provision actually enforced than to pay off the loan entire doesn't exactly make me fuckin happy, does it ?
Especially with shittybank changing payment dates at random and sending the notices often after the changed payment date, or holding the checks for up to eleven days after receipt before cashing them, or in one case cashing them for 1/10th of the face value in an effort to do ANYTHING they can possibly do to cause a missed payment - forestalled only by the fact that we're paid three months ahead and keep it that way even if it means an empty fridge, cause those fuckers wanna rob us out of here any way they can.
A lot of those so-called "irresponsible" folk facing foreclosure actually did play by the book and responsibly, and got fucked over by the bag of dirty tricks alluded to above because they were not rabidly, hatefully, paranoid enough when it came to the fucking economic predators that are mortgage companies.
Shittybank wants this place real badly now cause they're up to their neck in shit too, and if you happen to be on the upside of a mortage, you better start armor plating your ass, folks, cause they'll do just about anything short of sending in armed goons to fucking take it from you - by any means they can possibly get away with, laws and regulations notwithstanding.
That some folk might have been less than responsible does not in any way excuse the fact that these assholes are so crooked they make the mafia look like paragons of law and order.
-Frem
It cannot be said enough, those who do not learn from history, are doomed to endlessly repeat it
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do not bailout the wall street crime syndicate
stop the destruction of the US Dollar !!
or else watch them get the hell out of dodge using their prearranged escape plan and take most of the money with them (stealing our taxes)
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Quote:
Originally posted by FutureMrsFIllion:Quote:
Originally posted by Kirkules:
It's going to help responsible homeowners that could afford to keep their homes with better loan terms, primarily by getting them into fixed rate loans.
So if someone can't pay their mortgage they are irresponsonle? Cause thats insulting.
Nobody is saying that the inability to make your house payment makes you irresponsible. What constitutes an irresponsible homeowner in my opinion is someone who bought their home betting that home prices would continue to rise so they could resell the home and make a quick buck. Many people bought their houses knowing they couldn't make the payment, but as long as prices continued to go up they could just get a home equity line of credit to make their payments. Others took out huge home equity loans to buy cars and vacations that they otherwise couldn't have afforded. Obviously if you lost your job or your income dropped due to the downturn in the economy, or other unpredictable circumstances, you're not irresponsible.
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Quote:
Originally posted by AnthonyT:
Hello,
As someone who is riding the fine line of being able to pay my own mortgage, I can tell you that I have acted irresponsibly.
Having sworn to myself that I would never purchase a home by using an ARM (Adjustable Rate Mortgage) I was convinced to do so by my spouse. Eager to own a home, she colluded with my mortgage broker to assure me that after faithfully making payments for a year, I would be able to refinance to a better rate, and a fixed one at that.
Thus bolstered with confidence, I ignored my own good sense and signed on the dotted line. And then the real estate market crashed, and my home is worth about fifteen thousand less than I bought it for. So I can not refinance, the ARM is up, and my struggles have commenced.
I was irresponsible. I knew better. I did it anyway, and I was wrong.
Still... I'd hate to lose my home. Every month sees me undertake creative re-budgeting in order to preserve my ownership. How long, I wonder, can I hope to keep it up? Every month gets harder, and Christmas will be bare.
So, is it insulting to be told I am irresponsible for not being able to make my mortgage payments? Yes, it is insulting. It is insulting in the same way as calling a fat person fat, or a stupid person stupid. It's insulting because it's true, and the shame of that truth burns.
However, if you want to call it impolite, I will agree there as well.
--Anthony
Quote:
Originally from Rue:
If the bailout money was going to the people who were at best misled and at worst defrauded in their loans I would be very much with the plan. But it's not, you see, at least not most of it. It's going to make good on the fat-cats' investments. And that really pisses me off.
You believed the house (no - HOME) to be a worthy investment. There's no shame in that. I wish you and your wife the best.
What she said, T-man, what she said. (I wish I could say that it was a significant other who talked me into all the ill-advised b.s. I've got up to over the years...)
It was like something else when we got here!
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How ready are they for the sanction and tariff madness
when the Trade War goes nutty will the Saudi make a threat to dump the US Dollar?
Mike Johnson will block legislation that strips President Trump of tariff authority.
“You've got to give the president the latitude, the runway to do what it is he was elected to do”
https://x.com/BigFish3000/status/1909408008041283885
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