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Omnaka

700 billion Bail out

700 billion  

80 members have voted

  1. 1. Bail them out or not

    • Bail them out
      17
    • Do not bail them out
      60
    • Let those in power figure this out , cause they know what they are doing
      3
    • 0


364 posts in this topic

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Omnaka

I ask those who think I should pay for the gambelers debt, Why should I do this?

Do I owe YOu?

Is it My patriotic Duty?

Any answer will be scrutinised To the hilt, but will be much apreciated.

Thanks

Love Omnaka

Almost sounds like baiting, But I truly am interested.O-

Edited by Omnaka

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Omnaka
I implore you to research the community banking and community reinvestment laws that forced banks to make a percentage of loans to low-income people who would not otherwise qualify for loans. It was said that banks were discriminiated against low income people, never once saying low income means high risk to pay back.

15 years ago I remember listening to a radio show and a guy called in. Said he was a loan officer at a bank in CA. Been in the loan business for 20 years. He said he was being forced to approve loans to people who have no credit history, no assets and in his expert opinion no real hope of repaying these loans. But he had to othewise the bank would be fined by the government.

Thank God I did not qualify back then , nore was a minority.

Love Omnaka

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IrishAidan07
I implore you to research the community banking and community reinvestment laws that forced banks to make a percentage of loans to low-income people who would not otherwise qualify for loans. It was said that banks were discriminiated against low income people, never once saying low income means high risk to pay back.

15 years ago I remember listening to a radio show and a guy called in. Said he was a loan officer at a bank in CA. Been in the loan business for 20 years. He said he was being forced to approve loans to people who have no credit history, no assets and in his expert opinion no real hope of repaying these loans. But he had to othewise the bank would be fined by the government.

Bull spit. You made the assertion, prove it. I have never heard of such a thing before. I'm not saying you are lying, but right now it's bull spit to me until you prove it.

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BlindMessiah
Ummm, why shouldn't our tax money go to social programs? I would much rather see my tax dollars go to feed some homeless guy in the street then to keep some ahole multi-millionaires job afloat.

Or... we could be consistent and use funds to cut out the deficit.

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IrishAidan07
Or... we could be consistent and use funds to cut out the deficit.

Well, I think a hungry person not being hungry anymore is more important than cutting a deficit which could be cut a variety of different ways. Obama said tonight that we spend 10 billion in Iraq, meanwhile Iraq has a 70 some billion surplus!!!!

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Omnaka
Or... we could be consistent and use funds to cut out the deficit.

That would mean chainey would have to give back the money he stoll, would never work.

Good Idea though, We could even get out of Iraq, Just a thought.

Love Omnaka

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Roughneck
Ummm, why shouldn't our tax money go to social programs? I would much rather see my tax dollars go to feed some homeless guy in the street then to keep some ahole multi-millionaires job afloat.

As would I. But the answer to your question is the context of my post you're quoting- most notably, in what I quoted. It's not why something should or shouldn't happen, it's that certain people here seem to function under the belief that only the rich benefit from being Americans. Excuse me while I laugh at the attempt for abstract thought.

I busted My butt paying 12% loan shark , (Intrest Only), Because I bailed a Buddy Out Of Jail, to fight a case I believed he was inno cent of. He Had holdings in a local Hotell whicgh a Hostle take over while he was in Jail took my colateral and any way of getting my Money Back. I paid The 2500 dollars a month for two years untill it came winter last year And I could not do it any more and the housing Market tanked. I coulds have sold, but no one was buying . My house and Land was apraised at 800, thou, and It got taken.

Now I made a bad choice helping my friend , and Lost my house, due to my own negligence. (No Governmet Grants) You would be lucky To have a friend Like me, I'll be damned If I'm going to pay for a millionair to continuing Making bad choices, Just Like i do not expect to get my house Back. Get it yet!

I pay my Damn taxes and Just like you, support The welfare and every other Program you mentioned with The money make building Houses, Yeah, My company as A contractor, Now I am supposed to take the lender out for dinner and buy him a new car, because he Gambled and Lost ?

Again Iask Why should I , For you?

Get real, what do you do for a living?

PS, My Company Is as Fuc k-ing Legit as any of those which would be bailed out.

We actually make things and Build the houses you live in, not just shuffle money around.

Omnaka

Get it yet? You NEVER once stated the circumstances to how you lost your house- which is why I asked since you kept mentioning it (as I CLEARLY stated in my previous post).

The thing is, you are not a financial institution with A LOT of money invested in companies such as AIG- who happens to have investments in things like airline companies (well gee, the last thing the airlines need right now is more unstable investments). Now, regardless of how much you and I hate crooked businessmen, it is very important in how our country deals with this mess. If you pay attention to history, most notably around 1930, when things seemed to be getting better, but only for an instant.

Why?

I'll give you a hint- it has something to do with people thinking like you- they don't want their government further spending money to try to fix the situation, which would have added to the debt, hence taxpayer debt. Well, gee, that worked out well for the U.S. and the world, didn't it? Oh wait, we were plunged into a world-wide Great Depression for nearly a decade. The Dust Bowl was around this time, too, and Americans could forget about any sense of entitlement they had, as their economy was now circling the drain. Hold on a second, isn't there an environmental crisis going on in the Gulf of Mexico? Wait a second, it would seem history is trying to repeat itself, what with the sluggish economy, people's lack of willpower, and a well-timed environmental crisis trying to tip us into further melancholy. Hey I know, let's do the same thing over and over again because people don't seem to get the hint. You have to pay one way or another. You can either forfeit an extra ten-percent of your income, or explain to your kids why they can't have three meals a day like you used to enjoy.

And guess what happens to your company when NO ONE wants to buy anymore of those precious houses you build? Oh wait, you think this crisis only affects some crooked stock brokers. How quaint.

I ask those who think I should pay for the gambelers debt, Why should I do this?

Do I owe YOu?

Is it My patriotic Duty?

Any answer will be scrutinised To the hilt, but will be much apreciated.

Thanks

Love Omnaka

Almost sounds like baiting, But I truly am interested.O-

Why should I keep paying for welfare? Why should I keep paying for Medicaid? Why should I keep paying for student financial aid? Why should I donate to soup kitchens and community service programs?

Why? Because I care about people other than just my close personal friends. I am a citizen of this country. I have lived well in this country, and know how bad life can be outside of it. I know a few things about how economics works. And I know that sometimes you have to sacrifice instead of just reaping the benefits that generations before have sowed.

That's why.

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el midgetron
Or... we could be consistent and use funds to cut out the deficit.

I wouldn't complain about that.

Although, its still not clear to me where this money is coming from. Is it being borrowed or does the government have 700b just kickin around?

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Roughneck
I wouldn't complain about that.

Although, its still not clear to me where this money is coming from. Is it being borrowed or does the government have 700b just kickin around?

Through a small percentage increase in your taxes over the next decade. Or someone crazy will come along and increase taxes by upwards of ten-percent overnight for a year or two.

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IrishAidan07

Anyone bother to hear Billy Clinton's proposal? Instead of bailing out these companies, perhaps we could bail out the home owners and pay off the mortgage to a coin they can afford. Not only would the people be better off, but the companies would make some money, too. Considering Billy boy presided over the most prosperous economy in history, is a Rhodes Scholar, and sorta cute, I'll take his word before this ****ing moron in the Oval right now.

This bail out horse **** isn't going to work. It's just a temp fix and we'll feel the pain in a few years. Go read what a few economists from Harvard, MIT, Yale, and the like have to say about this BS. They, I presume, know a thing or two about economics. ^_^

Edited by IrishLexie

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danielost
I wouldn't complain about that.

Although, its still not clear to me where this money is coming from. Is it being borrowed or does the government have 700b just kickin around?

Yes

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IrishAidan07

I don't give a damn what anyone says. Bill Clinton is the greatest president in history - or at least in my lifetime. He is smart as hell, and his presidency was smooth sailing, for the most part, for this country. I'll take his word over most. Now, I know a few Repukes will come back with why Bill Clinton is partly responsible for this, but that's just 'cause they were trained to say that.

Just listen to Bill - my drunken advice.

Oh - and repeal that pesky 22nd Amendment so he can be The Man again.

Edited by IrishLexie

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Roughneck
Go read what a few economists from Harvard, MIT, Yale, and the like have to say about this BS. They, I presume, know a thing or two about economics. ^_^

Would you mind referencing them specifically? Because almost all economists I've read up on agree that some kind of intervention is necessary.

Besides, it's not like economists are never wrong. Hell, read up on the predictions on how the Soviet Union was economically prospering a few years before they collapsed.

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IrishAidan07
Would you mind referencing them specifically? Because almost all economists I've read up on agree that some kind of intervention is necessary.

Gee whiz, thought I said some intervention was necessary. Like, I specifically remember saying something about bailing out the HOME OWNERS.

Besides, it's not like economists are never wrong. Hell, read up on the predictions on how the Soviet Union was economically prospering a few years before they collapsed.

Wonder if they counted on Reagan?

http://blogs.law.harvard.edu/philg/2008/07...lp-the-richest/

The above is an eco-man's blog.

If that isn't suffice and you require any further, please - pretty please - let me know. I like to give just a little taste before I WOW my fans. :st That isn't much right now, I realize. But like I said, just a taste. See if you think I'm lying and Harvard, MIT and Yale eco-men didn't actually say that.

Edited by IrishLexie

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el midgetron
Anyone bother to hear Billy Clinton's proposal? Instead of bailing out these companies, perhaps we could bail out the home owners and pay off the mortgage to a coin they can afford. Not only would the people be better off, but the companies would make some money, too.

This is probably a silly idea but wouldn't it make more sense to actually put that 7(uh..hundred) billion towards paying peoples loans than to buy the debt from the banks? The money would end up in the same place, relieve the banks, help a handful of Americans out and not add additional debt by proxy to those of us who are not in debt?

Bill is stealing my ideas!!!! :lol:

Economy Nobel Prize Joseph Stiglitz last weekend said that the current bail out plan for the U.S. financial sector would be "monstrous" for US taxpayers.

"This plan is nothing else but a short term solution," said Stiglitz in a Sunday interview with Germany's Frankfurter Allgemeine Sonntagszeitung (FAS). "We're turning risk investment funds into the hands of taxpayers," pointing out that since no private investor wants to take responsibility for "risk investments, we're simply wall papering them on to the taxpayer, and this is monstrous". ........

For this reason, the Bush administration has requested from Congress US$700 billion for a special fund to purchase these assets and bring stability to financial markets. However, private estimates believe the cost of the final bill could be well over US$ one trillion.

http://www.zogby.com/Soundbites/ReadClips.dbm?ID=18369

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IrishAidan07

This feller graduated from Harvard with an MBA and worked as a bank manager for a few years. Perhaps he is dumb?

Bottom line: People who support this bailout as currently proposed don't know what they are talking about. Quite simply - simply ^_^ Similar to that commercial: "Simply Orange. Simply." Or something like that. "Simply Ignorant. Simply." :sk

Edited by IrishLexie

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Roughneck
Gee whiz, thought I said some intervention was necessary. Like, I specifically remember saying something about bailing out the HOME OWNERS.

Gee whiz, thought we were talking about bailing out the savings and loans companies? You know, the same companies that have a big influence in the energy, aviation, and global markets. A company like, oh I don't know, AIG?

If that isn't suffice and you require any further, please - pretty please - let me know. I like to give just a little taste before I WOW my fans. :st That isn't much right now, I realize. But like I said, just a taste. See if you think I'm lying and Harvard, MIT and Yale eco-men didn't actually say that.

The internet does not make you a hero. Congratulations on your ability to link to blogs. Now please link me one that does more than complain about how people like me have to pay for this. It's not like we haven't been saying this throughout the entire damn thread.

I do like how that economist totally forgot about AIG, though. Because it's not like we're bailing out anyone other than Fannie Mae or Freddie Mac.

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IrishAidan07
Gee whiz, thought we were talking about bailing out the savings and loans companies? You know, the same companies that have a big influence in the energy, aviation, and global markets. A company like, oh I don't know, AIG?

Sorta thunk that the money to pay off the mortgages of these home owners would go to the companies you are so concerned about.

The internet does not make you a hero. Congratulations on your ability to link to blogs. Now please link me one that does more than complain about how people like me have to pay for this. It's not like we haven't been saying this throughout the entire damn thread.

Was the Harvard Blog and New York Times Op-Ed from a Harvard MBA Graduate not enough? You want more? I have more.

And BTW, spouting the Bushivik BS doesn't make you are hero!

The credit crisis will not be over until house prices stop falling. Direct assistance for home buyers and homeowners is the best, and the fairest, way to make that happen.

Chris Mayer is a professor of real estate and the senior vice dean of Columbia Business School.

From my link.

Edited by IrishLexie

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IrishAidan07

Ohhhh girls just wanna have fun.

God I love this song when I'm drunk.

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BlindMessiah
I wouldn't complain about that.

Although, its still not clear to me where this money is coming from. Is it being borrowed or does the government have 700b just kickin around?

I have no clue. They seem to cough up cash out of no where. *pst* (I think they stole it)

:P

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IrishAidan07
I have no clue. They seem to cough up cash out of no where. *pst* (I think they stole it)

:P

Blind, clearly you don't know what you are talking about. You have like weird hair.

:lol:B)

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Roughneck
Sorta thunk that the money to pay off the mortgages of these home owners would go to the companies you are so concerned about.

You mean so this mess can repeat itself all over again?

Don't get me wrong, 700 billion is a lot of fricking pizzas. But I'm trying to be realistic here. So far, it seems Bush is against business regulation until it's too late. So the only way I can see of any regulations here is if we buy the companies. And the companies are important to the economy. Or do you think the markets plummitting upwards of 500 points is not a sign of how important they are?

What's that? American markets affect the economy? No way!

Was the Harvard Blog and New York Times Op-Ed from a Harvard MBA Graduate not enough? You want more? I have more.

Keep linking them, please, and I'll keep gladly pointing out how your articles you keep linking to me claim the same thing in practice- which is to get involved. Hey, that's sort of like what I've been saying this entire time? No way!

And BTW, spouting the Bushivik BS doesn't make you are hero!

When you form a well-thought out response to how not bailing out AIG will have an impact on our energy, aviation, and housing markets, let me know. Otherwise, I'll forward any kindergarten comebacks you have to my nephew. I hear he can use a few simple one-liners.

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Tiggs
I ask those who think I should pay for the gambelers debt, Why should I do this?

Do I owe YOu?

Is it My patriotic Duty?

Any answer will be scrutinised To the hilt, but will be much apreciated.

Well, I'll give it a try.

If this was just a case of a few banks making some mistakes, the Government wouldn't be offering to bail them out. Other banks would swoop in and buy them at firesale prices and the world would keep on merrily turning. That is the way that the free market is supposed to work, after all.

It's a lot deeper than that.

As MasterPo pointed out earlier - Government legislation was enacted which required banks by law to give mortgages to people that would normally be refused as they were bad credit risks. These mortgages are referred to as subprime.

In a market where house prices are rising - this works fine, as the banks foreclose and end up selling the property at an overall profit.

However.

In a falling house market, the banks take a heavy loss. Realising this, the banking industry en masse repackaged these mortgages into complex financial "investments", and resold them to banks throughout the world. Some banks were more aware of this, than others.

Today, banks are financially interwoven, lending each other money daily, in order to cover running costs. The truth is, that there are some banks whose collapse would create a domino effect, causing other banks to fail.

Right now, the American Banking system is on the verge of total and utter collapse. We're not talking about a few rogue investment companies. We're talking about every single bank in America, which will have a ripple effect that could quite possibly take out the vast majority of banks across the globe.

This would be a very bad thing.

In short - the American economy benefited from the government enforced sale of houses to people that couldn't actually afford to buy them. If you're in the construction industry, the odds are that you directly benefited from this.

The American economy is now on the verge of meltdown because of this decision. The government needs to fix this, and fast.

Offering to buy back the mortgages that they legally enforced the banks to make is the honourable (and economically best) thing it can probably do.

Arguing for and against bailing out the "fat cats on Wall street" is completely misdirecting the blame.

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BlindMessiah
Blind, clearly you don't know what you are talking about. You have like weird hair.

:lol:B)

Yep, Irish and their demonic hair. :devil:

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Omnaka
As would I. But the answer to your question is the context of my post you're quoting- most notably, in what I quoted. It's not why something should or shouldn't happen, it's that certain people here seem to function under the belief that only the rich benefit from being Americans. Excuse me while I laugh at the attempt for abstract thought.

Get it yet? You NEVER once stated the circumstances to how you lost your house- which is why I asked since you kept mentioning it (as I CLEARLY stated in my previous post).

The thing is, you are not a financial institution with A LOT of money invested in companies such as AIG- who happens to have investments in things like airline companies (well gee, the last thing the airlines need right now is more unstable investments). Now, regardless of how much you and I hate crooked businessmen, it is very important in how our country deals with this mess. If you pay attention to history, most notably around 1930, when things seemed to be getting better, but only for an instant.

Why?

I'll give you a hint- it has something to do with people thinking like you- they don't want their government further spending money to try to fix the situation, which would have added to the debt, hence taxpayer debt. Well, gee, that worked out well for the U.S. and the world, didn't it? Oh wait, we were plunged into a world-wide Great Depression for nearly a decade. The Dust Bowl was around this time, too, and Americans could forget about any sense of entitlement they had, as their economy was now circling the drain. Hold on a second, isn't there an environmental crisis going on in the Gulf of Mexico? Wait a second, it would seem history is trying to repeat itself, what with the sluggish economy, people's lack of willpower, and a well-timed environmental crisis trying to tip us into further melancholy. Hey I know, let's do the same thing over and over again because people don't seem to get the hint. You have to pay one way or another. You can either forfeit an extra ten-percent of your income, or explain to your kids why they can't have three meals a day like you used to enjoy.

And guess what happens to your company when NO ONE wants to buy anymore of those precious houses you build? Oh wait, you think this crisis only affects some crooked stock brokers. How quaint.

Why should I keep paying for welfare? Why should I keep paying for Medicaid? Why should I keep paying for student financial aid? Why should I donate to soup kitchens and community service programs?

Why? Because I care about people other than just my close personal friends. I am a citizen of this country. I have lived well in this country, and know how bad life can be outside of it. I know a few things about how economics works. And I know that sometimes you have to sacrifice instead of just reaping the benefits that generations before have sowed.

That's why.

Buy your Own stocks , don't invest for me OK?

I did tell, I remortgaged my house at a Loan shark rate to bail My friend out anf Fight his case, Sorry I did not Go in to detail for you , But this hardly explaines why I should be penalised twice , When I only made one mistake, twist it how you will this is the truth , and If you want to Pay for a war and Some guy who cant even dig a guardens fat bob pay chech Go for it, I am against it .

If its bad Its bad, throwing more money at it won't make it good. Think Man.

Do you own stocks?

Love Omnaka

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