Tuesday, September 23, 2008
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I'm Stocking My Depression Pantry
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Posted by:
Amanda Carpenter at
9:38 AM
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 Today Congress will consider spending $700 billion of your tax dollars to bailout out a banking industry who did themselves in by extending housing credit to people who weren't credit worthy.
Surprise, people who will lie about their income probably won't make their payments. Yes, your neighbors down the street who you assumed just had a lot of family money were probably the ones getting no-document "liar loans" in hope of appearing one day on "Flip this House." You can thank them and their worthless mortgage advisers for this one.
Even more outrageous is the fact this is not the first bailout your tax dollars, your children's tax dollars and your grandchildren's tax dollars are on the hook for because of greedy lenders and home buyers.
The USFG has already take on $9 billion in trash from IndyMac, up to $29 billion from Bear Stearns and probably $200 billion from the mutant, quasi-goverment entities Fannie Mae and Freddie Mac.
If bailouts are so great, why didn't those ones stop this from happening? It only delayed the pain.
If that doesn't punch you in the gut hard enough, you might like to know Congress voted for the second time THIS month to raise the national debt ceiling. THIS MONTH. And, if the Democrats have their way they'd like to tack on an extra $25 billion for Detroit automakers and make sure the government gives some extra money to those people who can't make their house payments. Foreclosure is just to painful they say. So, screw the renters, the people who make their payments and the people who own their homes.
This is an off-the-rails train wreck, brought to you in only two years by the Democratic Congress. Funny, some conservatives thought we'd have to wait for an Obama administration for socialism to be shoved down our throats. Who knew Reid and Pelosi were so capable?
It'll get worse, too. The more bailouts we have, the weaker the dollar will become and the more energy and food costs will go up. I don't know about you, but I'm already stocking up my Depression pantry with dry goods to get through this.
Update: I'm glad I'm not the only one fuming over the fact Chris Dodd is in charge of writing this bill. Yeah, the guy who helped keep Freddie Mac and Fannie Mae's books in the shadows in return for a steady stream of donations and got a secret, discount mortgage on his own home from his friend Angelo Mozilo at Countrywide is heading up this bill. Conn Carroll over at Heritage says this is like having Ken Lay write Sarbanes-Oxley.
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This is really perverse, the very people who brought us this mess now want to throw their dirty laundry over the fence. Unbelievable. The party of personal accountability is now the party of "blame the other guy". |
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First, Amanda, get someone to copy-edit your pieces. So many typos and grammatical errors. tsk, tsk.
And what in God's name do the Democrats have to do with this mess? The greed-heads on Wall Street and their complacent anti-regulation apologists caused this whole thing. Let's face it: You blew it, guys. You've set back the cause of unfettered free-market capitalism about 20 years or so. NOBODY'S going to trust Wall Street to take care of itself for a long time to come.
So don't take that pile of doggy do-do that you found in front of your house to the Democrats' door and ask for an explanation. It was clearly the Republicans' dog that did it.
Okay? Got it?
Now apologize to the rest of us. |
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the only culprit. Mainstreet mortgage lenders had to originate the bad loans before the investment banks could bundle and securitize them and Wall Street could sell the securities.
Why did mainstreet originate the mortgages? They were experiencing pressure from Congress to make more Americans homeowners, especially in the inner cities. The pressure from Congress did not allow for making loans based on ability to repay. Congress wanted more people to own homes and whether they could afford them or not was irrelevant to Congress.
There is enough blame to go around. Blame Congress, mendacious borrowers, mendacious mainstreet mortgage originators, investment bank bundlers and Wall Street. |
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government being so secretive? Why is this crisis not more transparent?
How many banks are failing? Are only large banks in danger of failing? Do the failing banks have government insured deposits?
If the failing entities do not have government insured deposits, why is the government involved at all? Surely, the failed banks' successful competitors would be interested in the good assets of the failed banks. That is the American way. Let the survivors take over the failures. |
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of the Currency know, or should know, exactly what banks with insured deposits are likely to fail. Why will the government not tell the people?
There are at least two possible explanations. First, they are not telling us because it is primarily a small number of very large banks. Second, it is so many banks, both large and small, that the truth will scare Americans in to a panic. Another possibility is that most of the failed securities are held by foreigners and the administration is protecting them.
Who knows? That is the biggest problem. Congress and the adiminstration are hiding something. Before they commit $700 billion, the American taxpayers have a right to the facts. |
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does not cut it with me when our leaders are about to put me and future generations in debt for at least $700 billion!!!
SOME FACTS PLEASE!!!!
Where is the media? They appear to be in cahoots with Congress and the administration. Has anyone heard in the media how many and how large the failing banks are?
Are only federally insured depositors being protected or have we decided just to protect those people who have enough clout to get a Congressperson, the Sec. of Treasury or some other highly connected Washington phony on the line? |
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Who holds all the worthless paper? They are the biggest beneficiaries of this proposed bailout. |
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reputation if he would get and publish the facts behind this "supposed" economic meltdown. Transparency is needed. There is no reason for all of this secrecy unless our leaders are trying to pull another fast one.
He could enhance his leadership credentials if he would put out a detailed plan to handle this affair. |
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the worst way to get me to shut up is to tell me to shut up.
We both know this has nothing to do with national security. The secrecy is designed to protect the fat cats. The fat cats are the ones who give the Congresspeople the campaign contributions.
It is funny. You and I are in the same corner on this one. |
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who caused it. They are all involved in covering it up.
Where is the media? How many banks? How many insured deposits? Who holds the worthless paper?
Where is the media? Where is the media? Where is the media? Are they in cahoots with the fat cats, the Congress and the administration?
Amanda,
why have not you asked these questions? Why are you not raising a storm about the secrecy? |
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my only familiarity with section 8 is in regards to subsidized housing. What section 8 are you referring to? |
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I'm resourceful. I'll get by.
This do nothing, spend spend spend, democratic house needs to quit sitting on their behinds and DO something productive instead of profiting from this crap! They can't even pass a comprehensive energy reform act! One that includes EVERY KIND OF ENERGY!
News for you Pelosi who wants to "save the planet." The planet has been "saving" herself for billions of years. Ice age? The astroid that took out the dinosaurs? We're next. The earth will flick us off like a flea on a dog when she has had enough of our crap. So you and Al Gore should use your time more wisely and productively.
And yes, Amanda. It disturbs me as well that Dodd is overseeing this legislation.
I fear for my son's future and the socialist, broken world he is going to inherit. |
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There's enough blame to toss everywhere: Repubs, Dems, bankers, home owners... The main problem is government has to have its finger in every pie.
Makes me sick that we can spend 700 billion bailing out bad business, but can't spend a 100 billion to get the resources necessary to put child pornographers in jail. Even though they now can tell what computer is sending it out, they don't have the resources to make the arrests. Great. You don't even want to know what is being emailed around or the amount. |
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Glenn Beck is up in arms over this! Watch his show from last Monday and Tuesday if you can find them online. And so is O'Reilly. He flipped pretty well the past few days. |
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Everyone is saying the mortgage business caused this crisis but let's look at one fact. These foreclosed loans are not worthless - they are all tied to a piece of real estate somewhere. The loan may have been for 400,000 but the current value is 350,000. The banks should get busy and get these properties sold and get them off their books. Unfortunately banks just turn the problem over to their real estate lawyers and there they sit - nothing gets done.
I saw all this happen once before when I worked for the RTC. It is my understanding that the Resolution Trust Corporation cost the taxpayer $120 billion. Why do we need $700 billion for this crisis.
I say let them fail. |
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I think this is the Section 8, uhh, we're FUBAR.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
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You are an idiot if you think this didn't start in the pockets of the Dems, and who nominated you the Grammer Cop?
The same idiots who told you that the republicans are responsible for this blow out?
When all is said and done and we don't have another Clinton hide the true information coverup, the Dems light of Guilt will shine bright!
If you are concerned about grammar go be a teacher or something, don't come to an opinion blog where punctuation or grammar doesn't mean dodo.
And asking Amanda for any apology? You are a real Jerk!
The only thing Amanda should apologize for is listening to your own ignorance
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The United Socialist States of America, brought to you by BOTH parties. They have both been complicit in this economic meltdown. The Bush administration is the one ushering in the socialist bailouts. He beat Obama to being the first socialist President.
Vote against the two divisions of the one party system. |
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Just this week he's pushing amnesty for illegal aliens.
How many of these bad loans went to illegal aliens who should not have been eligible in the first place? |
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Pasadena Phil coined that one. |
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Actually a lot of the resources are going towards fighting ID theft. Also, budgeting comes from Congress. There is a mix of Repub and Dems in Congress. The DOJ actually knows where the violators are, they just don't have the resources. And sure, the Clinton DOJ was so awesome at catching child predators. Lots of those in Waco and Ruby Ridge. Congress did actually put through the Walsh bill and Bush signed it, but now ACLU and others are screaming about it. I'm not convinced you understand how government works. Check out School House Rock. Specifically, "I'm Just a Bill." Please, understand what you are talking about before you say something. You also seem to lump all conservatives together. Like one commenter will only blame Dems so I guess we all only blame Dems. Give me a break. If you can't see that there is blame to go around on this, you are just as bad as the people you blame for being partisan. |
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Your response was simply loaded with facts. Again, a "debator" who doesn't use any facts, just throws in some insults, says you don't know what you are talking about and then concludes with a masculine "Next." Powerful stuff.
"And if child predators is your big issue thatn you don't know squat about squat." Why don't I know squat about squat?
If you're trying to hang all of this on Repubs, you can try, but the facts don't reflect that. It's an entire government problem.
"live in the partisan world you people created. You don't like being all lumped togther? " How'd we create it, exactly? |
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And the BIG question is: Why is no person in congress screaming for investigations?
Answer: Many in both parties are deeply bear blame for the financial problems.
Senator Dodd received the most money from Freddy Mac/Mae and Obama received the second largest amount. McCain received money too, but the amount was down in the 32K range. McCain warned of impending problems in 2005 at which time Dodd and Barney Franke poo-poo'd the possibility of problems. Seen on TV this morning that a past CEO of FM told the Black Caucus that they were "brothers." (I don't know what year this happened, so do not know if the Black Caucus then had repubs, or not.)
Don't take this as the repubs are scot free! They had their hands deep in the cookie jar too. Phil Gramm was the prime mover in deregulation. It is my understanding that several in the Clinton administration thought this was a good idea too.
We do need wide-ranging investigations, but don't hold your breath. |
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Totally wrong, as always....
The financial meltdwon is clearly to be laid at the feet of the Dems, but if you think all conservatives are on board for this bailout scheme....think again.
It's a ridiculous notion...a license to steal for many years to come. Frankly, I'm surprised the libs aren't looking at it from that perspective..... |
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...so when the free-market preachers get their dreams and we have to pay for their collapse, suddenly it's the Dems fault? It's certainly their fault for letting Wall Street Socialist foxes get away with de-regulating the hen-house.
But let PragerHewitttMedvedElder tell you that the system is fine, it's just a few bad apples. Again.
WAKE UP AMERICA. |
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Yeah, sure, there's been no politicizing of anything by Democrats. Nah. Bush wasn't accused of "playing on our fears" every time he did something with regards to terrorism. He wasn't accused of raising the threat level for political reasons every time it went up. Or lying about WMD despite leading Dems believing the same thing. We shouldn't listen to the rhetoric about "Two Americas" from people who give a half of one percent of their income to charity. Yeah, Republicans are the ones who politicize everything. I'll laugh for a bit on that one. |
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So now Amanda Carpenter sees what deregulation has brought to the American people. She has supported it for years
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All of you Jerry Springer watching republican country club socialists are a national embarrassment and the laughingstock of real hard working middle class Americans.
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why not just spit on the American flag that our veterans have fought so bravely under.
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You all can cozy up to Bush in your wall street penthouses but beleive me - Main Street Americans are not going to put up with you Fat Cat Republican sOCIALISTS any longer!!
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You are all a disgrace to real Americans!!! |
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