Home > Thinking Right > Archives > 2007 > December > 03 > Entry
DEL.ICIO.USSubprime mess: Facing consequences, moving on
The Atlanta Journal-Constitution
With the full year nearly gone, Congress returns to the serious business of 2008 presidential politics today. Eleven months into the year, Congress has passed one of 11 spending bills while politicking repeatedly with children’s health care, subprime loans and Iraqi withdrawal demands. It’s an unserious body, frivolous even, more determined to make points than policy.
The politicking over Democratic efforts to create and hugely expand a new health care entitlement into the middle class is likely to roll over into the new year, postponed to months where the debate better suits political timing. For now, the Dems who control Congress are satisfied to push the umpteenth unsuccessful effort to set a surrender timetable for Iraq.
On both the war and new entitlements, the Reid-Pelosi Democrats are overplaying their hands — an observation, not an appeal to do otherwise. On some important fronts, the failure of Congress to act is success for America.
A bill the House passed, with Republican support, to deal with subprime lending is an example. The bill, passed 291-127 by the House just before Thanksgiving, guarantees more difficulty for those with weak credit to qualify for mortgages in the future. Lenders would be required to make certain that potential borrowers have a “reasonable ability” to repay. Loan-originators, including lenders and brokers, would be prohibited from directing them to loans that have “predatory characteristics,” whatever that means, or for which they lack “a reasonable ability to repay.”
“It’s an awful bill, a terrible bill,” said U.S. Rep. Tom Price (R-Ga.) before heading back to Washington. “I don’t think the Senate is going to take it up.”
Hope that he’s right. Should it pass, the consequences are clear. Lenders will raise standards to levels that unnecessarily exclude deserving borrowers. Why risk taking on a loan where a borrower has any chance in the world of defaulting — and then claiming it’s the lender’s fault because its agent should have known that a borrower with severe ingrown toenails and migraine headaches could not continue to work.
The result will be that taxpayers will become lenders to those who are not credit-worthy. Government will absorb the risk the marketplace now bears.
The fact is that lenders have already been taught a lesson this generation won’t forget — or repeat. The marketplace has brutalized all who touched subprime mortgages. Citigroup’s paying 11 percent for $7.5 billion the Abu Dhabi Investment Authority is putting into this nation’s largest banking company, money it needed because of write-downs on its investments in subprime loans.
The irony here is that the nation’s smartest bankers are paying subprime interest because they couldn’t avoid the marketplace stampede — even though they thought they’d isolated their exposure by taking only the best slice of packaged loans. They’d also bought servicing rights to $45 billion in home loans when subprime lender ACC Capital Holdings closed in August. Now Citigroup’s writing down assets by up to $11 billion this quarter, followed by $6.5 billion.
The point is that the marketplace has dealt brutally and efficiently with an industry that invited fraud and speculation while failing to check borrower income. It should be noted, too, that the so-called teaser interest rates have not yet reset to higher levels — meaning that the foreclosures now are largely loans that were fraudulent or were to speculators looking to make a quick buck or to borrowers who never had the income to justify the mortgages they got.
Prospects are good, too, that within the next couple of weeks, lenders, borrowers and regulators will agree to relief, for some period at least, to credit-worthy borrowers with loans about to reset to higher interest rates.
That, combined with the lessons the marketplace has already taught, are sufficient.
Permalink | Comments (84) | Categories: Column
Comments
Commenting is now closed for this entry.
By jbmlaw
December 4, 2007 8:05 AM | Link to this
Good morning all. The topic is “democrat legislative efforts to prohibit lending to any other than A-1 credits.” A typically stupid democrat idea, on a par with the two worst lending laws, HMDA and CRA (the former increases costs of lending in that it requires a pointless generation of meaningless data, and the latter requires banks to divert precious human assets into creating dog and pony shows for regulators.) The meaningless “Fair Housing” law does not rank in the jbmlaw constellation of worst laws, since it is a mere advertising law on its face. Jim correct cites the two dozen worthless republican “moderates” who would sell out to the plaintiff’s bar on the government-caused subprime crisis. (Just ask me if Ben Bernanke did anything that led to Citibank’s de facto failure last week.) I have confidence that we have 41 reasonably rational, and most likely republican, Senators who will save the president from having to veto another Congressional monument to posturing.
By Jim's a Cherry PIcker
December 4, 2007 8:12 AM | Link to this
Morning Jim,
Nice quote from Tom “lapdog” Price.
Did you pay him for that? Oh…never mind. I forgot he was already paid pretty well by lobbyists to say whatever they wanted him to say.
What a weasel.
By James
December 4, 2007 8:27 AM | Link to this
Tax Dollars at Work
Estimated Cost of Iraq invasion (Pre Invasion - Bush) $50,000,000,000. To be paid with Iraq oil $.
Estimated total Cost of Iraq War (GAO)- $2,000,000,000,000. To be paid by current U.S. Taxpayers AND their children and their grandchildren.
Taxpayer $ which can’t be accounted for $1,500,000,000
By Peter
December 4, 2007 8:33 AM | Link to this
“HA HA HA Jim is pretty funny today with what he says…..
Eleven months into the year, Congress has passed one of 11 spending bills “while politicking repeatedly with children’s health care, subprime loans and Iraqi withdrawal demands. It’s an unserious body, frivolous even, more determined to make points than policy.”
I guess we are only serious when we drive the nation deeper into debt with WAR time spending.
Of course we will totally forget we have children, and forget the consequences of the rhetoric of baloney such as “NO CHILD LEFT BEHIND”, which of course has never been fully funded.
Let’s see in the Bush Administrations time on office we have gotten as a country….
WAR, more poverty, a greater gap in the middle class and the Super Rich, we also have higher health care bills, a falling apart infrastructure, a failure to deal with GLOBAL WARMING, and of course our education system not up to snuff with the rest of the world.
“U.S. students also had an average science score that was lower than the average score in 16 other OECD countries. In math, U.S. students did even worse — posting an average score that was lower than the average in 23 of the other leading industrialized countries.”
“When compared with the broader group, the U.S. students fell in the middle of the pack in science and did somewhat worse in math.”
“There was no change in U.S. math scores since 2003, the last time the test was given. The science scores aren’t comparable between 2003 to 2006, because the tests aren’t the same.”
That is some SUPER leadership we have IN the Oval office !
We the only thing really serious is our WAR for OIL! “BLOOD OIL” !
How are we going to pay for the BLOOD OIL bill?
By Just Nasty and Mean
December 4, 2007 8:40 AM | Link to this
The government and this idiotic, political posturing, self serving Pelosi-Reid Congress should stay out this mess and let the current system cleanse itself from the morons and thieves that have fed off of this irrational approach to mortgages. Citibank, Countrywide, American Home, HomeBanc, and the homeowners that looked for impossible and irrational terms to screw the system are now paying the price. Let them!
As a taxpayer, I am sick and tired of bailing out thieves and morons looking for a handout from others. They build their own bed, now lay in it!
By Redneck Convert
December 4, 2007 8:42 AM | Link to this
Well, seems to me we need a big change in lending. Only give mortgages to people that can afford to pay for a place in cash already. The rest can just rent. Or settle for trailers. There is people that look down on trailers. But they are cheap and you don’t need 30 yrs. to pay for them. I think a place like Johns Creek or Roswell or maybe Alpharetta could use a few thousand of them. All they got now is a bunch of big houses and people driving fancy SUVs and buying big-screen TVs and such. If they moved a few thousand rednecks in it would upgrade the standard of living and maybe squeeze the illegal Mexicans and Those People out.
Anyway, I don’t want my tax money being used to help pay the mortgage of somebody that makes $15,000 a year and buys a $500,000 house. And I don’t want some librul Democrat law that says a lender can’t lend to a person like that. It will get in the way of the Free Innerprize system. The poor brokers and agents and lenders would just go bust. A person that is too stupid to figure out he is being charged 15% intrust and don’t make enough to make the payments deserves to get took to the cleaners anyhow.
Well, I got beer to deliver so I won’t be able to stick around to see weather Sister Dusty is in a bad mood again or TFTT is out of his treatment place yet. Have a good day everybody.
By JK
December 4, 2007 8:45 AM | Link to this
Jim’s a Cherry Picker: “Dr.” Price must be your Congressperson too. Haha! Weasel indeed. Ever shake his hand? shudders
I had a similar conversation with him at one of those town hall meetings regarding the bankruptcy “reform” bill that was about to come his way from the Senate. I asked: “If the problem in the credit industry is SO SEVERE as to require legislative intervention by the Republican Congress on their behalf, then why is the industry not required to police itself and it’s own bad practices? Why are teenagers with no jobs and other credit risks being solicited by these highly profitable lenders for high-interest credit, when they have no ability to pay?” But Dr. Price, in all his compassionate conservatism, decided to vote to penalize those where are legitimately wiped out financially (i,e., the nearly 50% of bankruptcies that are filed by people suffering medical catastrophes who found out insurance doesn’t pay…) In other words, “Personal Responsibility” only applies to individuals, not profitable corporations. Now the very suggestion that these mortgage companies finally implement some common sense lending practices and stop whining to government to DO SOMETHING is somehow an “awful, terrible” idea.
Ask not whom your Congressperson represents. It’s NOT you.
By Just Nasty and Mean
December 4, 2007 8:55 AM | Link to this
Redneck Convert @ 8:42
You have gulped down a huge dose of Democrat class envy cool aid.
Wonder why you are in a trailer park or apartment? It’s because of your self victimization that SOMEBODY owes you something better…and it is all George Bush’s fault and has nothing to do with the decisions YOU have made with your life.
Just take another big gulp of the democrat Bush Derangement Syndrome cool-aid and see if that makes you feel better.
By Dennis
December 4, 2007 8:59 AM | Link to this
Mr. Wooten writes, “The politicking over Democratic efforts to create and hugely expand a new health care entitlement into the middle class….”
Once again, Mr. Wooten reveals the values of a true game playing neocon; if you can’t pay for your health care, you don’t need it or, better yet, you don’t deserve it.
But Mr. Wooten wants us to overlook the fact that the big health insurance corporations will benefit as well - as exampled by the Bush “Drug benefit” program. Most of those who have the drug “benefit” were forced into it or have nothing and are now paying more for this pharmaceutical industry designed program than we were before it existed.
Mr. Wooten continues; “For now, the Dems who control Congress are satisfied to push the umpteenth unsuccessful effort to set a surrender timetable for Iraq.”
Ah, Mr. Wooten; better to have more American soldiers killed for the proven pack of lies used by Bush to attack Iraq?
How many more soldiers should die, Mr. Wooten, and for what?
Oil?
As to the housing lending industry, if it had learned anything then corporate heads would be rolling like snowballs down a hill. Frankly, we’ve not seen that. And if I recall correctly (and I welcome being corrected) didn’t you support the easing of Georgia laws (originally created to protect Georgians) for lending to high risk Georgians?
Watch government create another “entitlement” program for the lending industry, and you will be one of those carrying the banner for it.
You don’t have to be a blind conservative not to see it, just an ignorant one to deny it.
By Curious Observer
December 4, 2007 9:01 AM | Link to this
I certainly regard Tom Price as the ne plus ultra of Bushism. Almost weekly I get an email from this weasel explaining why I should shaft myself by voting Republican and why we all are better off by leaving 40 million Americans without medical insurance or a means to receive treatment. So when Wooten opens with a quote from Dr. Price, I know precisely that Wooten is taking the Wrong approach.
If Congress wants to enact legislation that will require lenders to exercise some common sense in extending housing loans, what’s wrong with that? Everybody suffers when we have a subprime lending mess like the current one. It not only affects borrowers and lenders, but also people who had nothing to do with the lending. Millions of workers have watched their 401ks and other savings plans dwindle during the “correction” that has followed the subprime mess. And the taxpayers will inevitably be burdened with federal bailout plans that will surely come.
The supposition that lending practices should be unrestrained is based on the false assumption that only the lenders and borrowers are affected by the current Wild West mortgage mess. Well, a lot of the rest of us need some protection, too, and that’s what a Congress is for.
By KnowItAll
December 4, 2007 9:17 AM | Link to this
SOMEBODY—Take care of all of my health care and drug needs!
SOMEBODY—Take care of my overextended mortgage!
SOMEBODY—Protect me from these mean corporations!
SOMEBODY—protect me from making stupid decisions!
SOMEBODY—Do something about my 401k going down!
SOMEBODY—take care of me so all I have to do is eat and poop and not worry about anything!
—-A democrat
By Van
December 4, 2007 9:18 AM | Link to this
It seems to this middle class home owner, that the folks that would accept the terms of a sub-prime mortgage and the same folks I see coming out of a car title pawn shop.
They see the easy way out of temporary money crunches. Anyone that thinks a 2/28 ARM loan is a good deal, may want to take a second look at themselves.
Over the years, I have rented, lived in trailers and owned my own house. By starting small (first house about 1000 sq. ft) and slowly building up, I keep my credit record clean and have increased the size of my home as needed.
One thing that has helped me along the way is I never over extended my self, money wise.
While some in the lending field have no problems with lending folks with less than sterling credit reports, I think the only action the feds should take is - nothing.
The buyer always takes the responsibility of the purchase. If I put my signature on a piece of paper and I have no idea what it says, who should be held responsible.
With the current “truth in lending” laws we have, all the details are spelled out for the person or persons applying for the mortgage.
By Irritated
December 4, 2007 9:18 AM | Link to this
This whole “subprime mess” continues to dance on my last nerve. As a responsible borrower/homeowner, I feel as though I continue to be shafted on so many levels. First, my investments are taking a hit because of its effect on the stock market. I have a well-diversified portfolio, but that doesn’t matter in today’s market conditions. Secondly, I am irked by Henry Paulson’s plan to “help” with this subprime mess by freezing rates on certain home loans. I chose to go into a 5-yr ARM (with a reputable company) almost 3 years ago knowing my home was in an appreciating area, and that I would likely move before my ARM went up. Turns out I like where I live more than I thought I would, and so I’ve decided to stay. However, I am not concerned about my rate going up because I didn’t buy more house than I could afford, and I calculated (up-front) that my rate could go up nearly 8% before I would feel even remotely crunched. Besides that, I will likely refinance into a fixed loan before it even becomes an issue. What gets me is that MY adjustable rate loan will not fall under Paulson’s plan as it has been layed out… but some half-brained borrower will get a reprieve on THEIR loan because they weren’t smart enough to take the common sense steps that I took prior to jumping into a loan they couldn’t afford. I hate to sound like a child, but this really isn’t fair.
By Dusty
December 4, 2007 9:23 AM | Link to this
Well, Jim is telling us that people who couldn’t afford expensive homes bought them anyway with the help of greedy mortgage brokers and adjustable rates which were soon jacked up. The financially overloaded homeowners cannot pay. Homes are lost.
Politicians are going to give us a “cure” for loose thinking and greed. (I’m trying not to say stupidity.)But the political cure is worse than the ailment.
Now our local liberals are telling us that freedom is less important than buying a house you cannot afford. They stretch it into “building bridges” is more important than freedom.
Election-looming Democrats in Congress lead this crazy “war against our war”. Even mortgages are more important.
Christ knew humanity so well. He said, “Forgive them for they know not what they do.”
By getalife
December 4, 2007 9:30 AM | Link to this
Headlines around the world are the fact that iamanutjob has punked w on WMD’s just like Saddam.
Pitiful.
By Ron
December 4, 2007 9:31 AM | Link to this
Jim,so you think the lenders actually learned not to do this again?This isn’t the first time I’ve seen this.You’ve seen it before too.The reason the lenders want to extend the initial interest rate is to extend the collapse over a longer period of time.Some of them just waited too long.They’ll be quicker next time.There will be a next time,Jim,sooner than you think.
By Peter
December 4, 2007 9:35 AM | Link to this
WOW…….. “Building Bridges is MORE Important than Freedom”…..HA HA HA.
Well those Butter Rolls must be accumulating these days!
Just when is Invading a country Thousand Miles away, having ANYTHING TO DO WITH FREEDOM ?
Wow if we wanted TRUE FREEDOM, why didn’t we go after the perpetrators of 911 ?
I guess that wasn’t SEXY enough……also you didn’t get to OIL that way, never mind spending our TAX dollars on a WAR, so a few buddies could get SUPER RICH !
Yes we have the Boy Scouts and Girl Scouts here to protect us, no point in having soldiers at home !
Chicken Hawks Speak ! Gobble Gobble.
By Peter
December 4, 2007 9:42 AM | Link to this
Van hit the nail on the head !
Why isn’t our government run the same way ?
If it was run like a business or a house hold like Van’s……. we would be in totally different shape as a country !
By Truthifier
December 4, 2007 9:44 AM | Link to this
Mr. Wooten is correct that the Congress isn’t making much headway on passing the Fiscal Year 2008 appropriations bills, but his suggestion that this is a uniquely Democratic failure is circumspect. I’m sure Mr. Wooten is aware of the press release from House Appropriations Chairman David Obey concerning the Congressional record on pasage of appropriations bills since President Bush took office. For those who are not, the following may possibly be of interest:
1) Since Mr. Bush took office the Federal government has operated under a Continuing Resolution (temporarily funding the government at the previous year’s levels until the current fiscal year spending bill can be passed)for at least some portion of EVERY year;
2) Since Mr. Bush took office Congress has enacted only 6 (of a possible 74)appropriations bills before the end of the Fiscal Year on September 30th;
3) Mr. Bush has signed 3 Omnibus (or “catch all”) appropriations bills in 6 years; and
4) Since Mr. Bush took office, appropriations bills were completed in December twice, in January twice, and in February twice.
Having said that, I would challenge Mr. Wooten to find statements by the President chiding the previous Republican-led Congresses for their “failure” to meet his demands on finishing appropriations bills in a timely manner. To save some time, I can tell you that those statements from the President do not exist because he is playing partisan politics with this issue.
Should Congress be able to complete the spending bills in a timely manner? Of course! However, this Republican mantra that the Democrats have somehow set a new and low standard on this issue is just not based on facts.
By Dusty
December 4, 2007 9:45 AM | Link to this
Mean & Nasty @8:55
Don’t mind our blog joker, RedNeck Convert. He likes to practice “funny” on poor unsuspecting citizens. The fact is, he probably lives in a mini-mansion on the golf course and drives an SUV to work instead of a beer truck. He loves to copy the now departed “Red” Green of defunct TV.
We tolerate his liberal streak ‘cause he doesn’t know any better. Probably a Democrat. He may also be a Southerner who has fallen by the wayside from “northern” influences.
You should also “smile” when the Captain starts blogging. He, too, is another “funny” character. But, my friend, just enjoy the foolishness. No one should ever take these two seriously.
By Van
December 4, 2007 9:51 AM | Link to this
I find it amazing, the topic is “A” and the liberal lunk heads are somewhere else?
I was reading the the AJC where kudzu is responsible for Global Warming, and the AP says the divorce is killing the planet.
Where the logic is, I do not know.
I still think we need more green house gases. I would like to see more water vapor in the air and over Lake Lanier.
By Tiny Tim
December 4, 2007 9:52 AM | Link to this
The subprime mess is a direct descendant of medieval-europe’s fannie-mea-culpas, when the serfs worked land they didn’t own, and lived in little hovels that the king sold them at six points over prime. Foreclosures were always followed by a guillotine, (on the court house steps. Few people know that Marie Antoinette was flipping a summer castle when the market collapsed and she missed an interest-only payment.)
Ditto our healthcare system. When the mice-spread plague ravaged Europe about a thousand years ago, most Europeans serfs had a high-deductible HMO with a small supplemental policy from Ye Olde Afflack Corporation. The Kings had refused to provide universal healthcare for centuries so that most serfs would’ve had to lose an arm or a leg, or suffered really prickly heat to ever consider actually visiting the local witch-doctor or alchemist, (or anybody with a leech farm) Thus, when the early symptoms of the plague appeared, (sleeping during the day, aversion to sunlight, cant see reflection in mirrors, insatiable thirst for blood), the average serf was happy to wait a while and see if it went away. That’s how a window of opportunity to stop the scourge of the plague from spreading was lost, and 450 quintquadrillion people died a horrible death until only the Knights-who-say-Neh were left standing (and Robin Hood, of course).
If we dont make it affordable for people to seek out preventative, early intervention of unusual pathologies manifest by symptoms like, say, atrophied genitalia, tumoric brain lesions, sniffles, and strep pleurisy, then we’re finished, and a new plague will surely wipe us all out to a man, woman, and mouse.
Universal health care for all. Now.
By AmVet
December 4, 2007 9:55 AM | Link to this
Every once in awhile our esteemed columnist surprises me. But alas, and as usual, not today.
I fully understand that his commonly senseless schtick is designed to keep the dwindling number of Bush apologists from losing ALL of their flagging hopes.
And though their numbers here in Georgia are still fairly significant, across the nation, they are going the way of the William Jennings Bryan crowd.
Mr. Wooten, I realize that using a perjorative term like surrender comes easily to you, in your incessant, if not ineffective attempts at rallying the occupationists.
But surely (you jest) you realize that any and all educated Americans with no vested interest in either political party or their pronounced agendas, views the term as simply fraudulent and contrived.
To paraphrase Dean Wormer, taking juvenile sloganeering to such new heights is no way to go through life.
But good luck in keeping your more rabid and fervent “hawks” in tow.
By Dusty
December 4, 2007 9:56 AM | Link to this
Peter @9:35
Would somebody explain “freedom” to Peter? I am kinda busy this morning and can’t stay too long. Thank you.
By Dennis
December 4, 2007 10:03 AM | Link to this
By Dusty December 4, 2007 9:56 AM Would somebody explain “freedom” to Peter? I am kinda busy this morning and can’t stay too long. Thank you.”
In the sense that Dusty is talking about, “freedom” is when your government tells you the TRUTH and then you are responsible for your own behavior to that truth.
Otherwise, you are NOT FREE.
Who has ever known the government to tell the truth?
You don’t have to be a blind conservative not to see it, just an ignorant one to deny it.
By Dennis
December 4, 2007 10:03 AM | Link to this
By Dusty December 4, 2007 9:56 AM Would somebody explain “freedom” to Peter? I am kinda busy this morning and can’t stay too long. Thank you.”
In the sense that Dusty is talking about, “freedom” is when your government tells you the TRUTH and then you are responsible for your own behavior to that truth.
Otherwise, you are NOT FREE.
Who has ever known the government to tell the truth?
You don’t have to be a blind conservative not to see it, just an ignorant one to deny it.
By AmVet
December 4, 2007 10:04 AM | Link to this
Peter, freedom is what Dusty the Decider says it is. Ditto patriotism, courage, etc…
By getalife
December 4, 2007 10:15 AM | Link to this
iamanutjob has punked w on WMD’s just like Saddam.
A reporter asks w if he has a credibility problem.
Duh but wingnuts get punked every single day and ♥ it.
Geez.
By Dusty
December 4, 2007 10:27 AM | Link to this
Would someone please explain “freedom” to Dennis and AmVet? These poor lost ones need help and I am getting ready to leave.
Oh, and tell getalife that Amajenabad is not president of the USA. George W. Bush is our president. getalife is supporting the wrong president AGAIN.
By jm
December 4, 2007 10:29 AM | Link to this
It is interesting the Mr. Wooten overlooked the AAA (should have been junk) rated CDOs that were created from the subprime loans. I wonder how many investors who took the word of the bond rating agencies (did their homework) and are now taking a hit in their 401ks and other investments because they were misled.
By Peter
December 4, 2007 10:31 AM | Link to this
Freedom is a state of mind, no matter what your situation is.
Patriotism is standing behind your country……no matter what the leaders do.
You do NOT have to believe in the policies of the leaders to be patriotic.
Standing behind the leadership that is doing a country wrong is just “Blind Patriotism”….. like a lemming !
By Phil o sopher
December 4, 2007 10:35 AM | Link to this
There just isn’t enough time or space to do any of these topics justice. Let’s just try to deal with one sentence as an example:
On some important fronts, the failure of Congress to act is success for America.
If I wanted to sling a little political satire, I might look at this sentence and say something like “The only time when failure is deemed a success is when you are losing!” Then, if I were feeling especially mean, I could continue with something like “Take the war in Iraq for example - somebody please take it!”
Of course, I must also admit that I too have felt complacency and/or disgust set in more than once after listening to any number of politicians. During those times I would just walk away and mumble something like “What can I do about it! Maybe we are better off with them doing nothing.”
Then I have times where I reminisce. Once a year, we minions of the corporate mindset were required - as in do it or lose your job - to participate in the ritualistic performance review process. Now bear in mind that this was not a one-day venture. No, it was a process that, if properly performed, would actually become as one with your daily work-self. However, there were prescribed days of each year that one was required to bare all - fess up as some might also say - and share with your superior your prior year’s accomplishments. (We won’t delve into the politics that were typically associated with this ritual for that in and of itself is a book yet left in the closet.) The superior would then assemble and assimilate these previously undiscovered truths for future dissemination, revelation, and elation at ever higher levels until ultimately these truths would reach the highest of all corporate levels - executives - and most notably the exalted CEO level. The exalted one would then accept this knowledge as his own since it could have been no other way and extend his satisfaction with the minion’s performance by way of extended employment as well as sums of cash in addition to a salary. Then the CEO, from his exalted position, would himself venture forth to his own superiors with his newly found, but temporarily misplaced, knowledge and humbly accept that which he is so rightfully entitled to in exchange for sharing this knowledge with the ones who can only be referred to as the Directors. (Unfortunately, the story must stop at this level since so little is yet known or even understood of these beings.) Anyway, the justification for this digression is simply to lead to other unanswered questions while we search for solutions to life’s problems: What if elected officials were subjected to an annual performance review? What criteria and metrics would they be judged by? What would be the consequences of failure or success? Who would judge them?
Then other times, I just want to react - What the bleep are these clowns doing in office!!!!! Why don’t they get up off their bleeps and earn their pay!!!!! After all, they volunteered for the jobs!!!! Give me a break.
By Van
December 4, 2007 10:40 AM | Link to this
Dennis, even a Georgia educated person has the basics of freedom - As Webster puts it -
1: the quality or state of being free: as a: the absence of necessity, coercion, or constraint in choice or action b: liberation from slavery or restraint or from the power of another.
We in the western world do have to work to eat, is this a lack of freedom? Or is the freedom our ability to choose in which way we will earn our daily bread?
The only restraints we have on us, is something called the “law”. We must work within this structure, if we do, we have a great deal of freedom.
We all have the power of choice in our lives. We can be lazy and a burden on society or we can be productive. Can’t find that dream management job, try something else.
I guess the liberal point of view is so skewed that any chance of reason is nil.
By Ted P
December 4, 2007 10:41 AM | Link to this
It is very obvious that we need to NOT Re-elect anybody that is already in office, If you can’t balance a check book then you do not deserve a several hundred thousand dollar a year job. The average American has to do this to survive, hey there is a thought lets elect some average Americans to the Congress and Senate. Then we will give them 1 job only, balance the check book, we have seen that highly educated people do not have this ability so let’s get rid of the good old boys and girls club and usher in a new beginning.
By Peter
December 4, 2007 10:47 AM | Link to this
Van……why are you making this statement after a good explaination?
“I guess the liberal point of view is so skewed that any chance of reason is nil.”
How in the world does this make any sense ? Why the labeling?
Yes there are plenty of LAZY folks out there, but they are not entirely all liberals !
By Dusty
December 4, 2007 10:51 AM | Link to this
Peter@10:31
Perhaps you would enjoy “freedom of mind” in Sudan? or Somalia? Zimbabwee??
I will take freedom right here in the USA and fight for it. I also support the “dawn of freedom” in Iraq. Our troops are great. They understand freedom!!
I’m out the door now. Bye!!
By Tiny Tim
December 4, 2007 10:52 AM | Link to this
Since Bush is too scared to warn Osama Bin Laden, allow me.
Message to Osama Bin Laden: “If anything should happen to one of our airliners, if it should disappear from radar, run out of gas while on final approach, miss a scheduled maintenance, or even if lightning should strike it, well, then that I dont forgive, and then I gotta wax you, nothing personal, just bid’ness.”
How could we fall for Bush’s Iran/WMD intel again? Last summer most pundits were convinced some justified strike against Iran was imminent based on W’s chicken-little intel. What wrong with you people? Do you all have amnesia? Bush practically read from Powell’s UN speech transcript word for word, and we bought it again. He wouldn’t make up the same nonsense, would he? He would! He said everything except “rocket tubes” and we believed it.
Bush is a loose cannon, a chicken little, and some sort of tasmanian devil.
If we get through his administration without destroying ourselves and the planet it will be a miracle. Bush has set things in motion that are probably unavoidable. Perpetual war in Iraq for one. We’ve been stalemated there for three years, as I blogged three years ago. What else did I blog three years ago that’s a fact now… could it be… “we aint nevah gonna git outta minaq”? And who made fun of me and called me bad names and hurt my feelings cause they thought they knew more than me? ALL OF YOU!
I must be some sort of geo-political genius, and you uber-pudwits and your pustuled-pearls of wisdom and opinions are as worthles as the scabs you hack from.
In the future, please just read my blog and then reply, “ditto, smooch, and ball tickle” and quit pretending any of you have any brains.
Just kidding. God Bless Us Everyone.
By Dirtty
December 4, 2007 10:57 AM | Link to this
Jim, my ex-husband used cash out refinancings for more than a decade to live the good life - a new car every three years, european vacations, private school for the kids. So did our neighbors. Now we have a very large ARM on our house in Ca, which we are trying to sell, with no takers. Why are you being such a grinch, can’t you see we are hurting - our cars are now three plus years old, I have not been back to Europe this year, the children are going to have to move to public schools, and I am not getting my child support payment. I may have to move in with Dusty, but that is a last resort. Anyone out there want to buy a four year old Mercedes convertable?
By getalife
December 4, 2007 11:04 AM | Link to this
That idiot was spewing WWIII.
Stop believing them idiots.
They have no credibilty.
Stop getting punked morons.
Geez.
By Dennis
December 4, 2007 11:14 AM | Link to this
By Van December 4, 2007 10:40 AM “The only restraints we have on us, is something called the “law.”
“The law.”
How many “restraints” is that? :)
You don’t have to be a blind conservative not to see it, just an ignorant one to deny it.
By ASA
December 4, 2007 11:17 AM | Link to this
First - did anyone read Tiny Tim? I didn’t know that people in mental health facilities had access to computers…be that as it may, I just plain don’t want to help anyone who is involved in this sub-prime mess. Not the bankers, or investors, or the jerks that took out the mortgages. Not the overseas investors, not the money market funds that invested in this mess…I don’t want to help any of this. I don’t see a victim in this…I see greedy, selfish, myopic people who thought they were getting something for very little. I don’t believe anyone is going to be homeless - they’re just going to screw up their credit history and end up renting for a long period of time. I don’t want to help them out of this mess. I’m old enough to remember the savings & loan mess…it seems to me that banks, investors, and people that are easily sucked in never, never learn. Why is bailing them out this time advantageous to the rest of us? Why aren’t we demanding that the general population be taught how to manage their money - instead of learning how to get on the public dole? Answer me that…
By TW
December 4, 2007 11:24 AM | Link to this
Hats off to Republican George W. Bush for not wearing a bag on his head today at the press conference.
By getalife
December 4, 2007 11:27 AM | Link to this
Just stop wingnuts.
It is embarrassing you still believe w and his WWIII lunacy.
Take a break, go educate yourself.
Punked again.
Geez, so ignorant and so gullible.
Amazing stupidity.
By Peter
December 4, 2007 11:35 AM | Link to this
Dusty I guess is off to that Donut run……
I guess she probably forgot most here actually were born Americans ?
Well hey I guess you will be going over to Iraq soon to enjoy the “dawn of freedom” in Iraq.
Let us know when you are leaving for that visit !
Yes our troops are great….no matter if they are told to fight a WAR for OIL.
They signed up for the Army, we all make out own choices.
Pretty soon we will vote and the choices again will change.
By the way our resident Redneck, is quite gifted in his creativity, and quite enjoyable.
Anything you say ALL takes with a grain of SALT… cause it is not worth much more than that !
By Captain Freedom
December 4, 2007 11:53 AM | Link to this
Dusty,
THE Captain is in no mood to smile today, as the Islamotraitors of the US Intelligence (so-called) agencies have undermined my dreams of a Christmas bombing attack on Iran. My holiday plans are ruined.
For verily, nothing says Christmas cheer like the spectre of dusky-hued ragamuffin heads frothing about in a pool of their Yule-red, America-hating blood. And while there are still clear-eyed policy geniuses like Our Cheney, THE Captain fears that this coup by the Intelligence cabal is more than even He can overcome.
Yes, Dusty, the handwringing Liberesbianazis will dance in the streets at this news, celebrating the last-minute aversion of so-called “innocent” blood being spilt in defense of Our God Given Freedom to Build Bridges. For how can we make an Omelet of Freedom without breaking a few eggs, a little infrastructure, and random women and children?
Yes, the Yuletide spirit has been sucked from THE Captain’s teat, leaving Him with nothing to satisfy himself save his dog-eared collection of Abu Ghraib photos. It’s a sad substitute for Real American Holiday Cheer. Is it really too much to ask to receive a long-anticipated invasion of yet another sand-n!gher hellhole? It is the Right Thing to do. Common Sense demands it! Because even if the Iranian devils have not been working on nuclear weapons for the past four years, THEY COULD HAVE BEEN!!! And we would be that much closer to the smoking gun of a mushroom cloud that we have been so frequently warned about against in fear of.
nineleveninelevenineleveninelevenineleveninelevenineleveninelevenineleven!!!!
Wake up people, and put in your prayers for the necessary military action that will enable us to preserve the ideals that America stands for!!! Or would you rather wait until you and your loved ones are vaporized shadows in a desolate landscape of post-apocalyptic horror?
Santa? Are You listening?
Merry Christmas, everyone. Except you liberals, who can all go straight to He11.
By getalife
December 4, 2007 12:18 PM | Link to this
Day 2 of headlining world news and w spews this:
“Bush says nobody told him Iran ended its nuke program years ago :
REPORTER: Are you saying at no point while the rhetoric was escalating, as World War III was making it into conversation — at no point, nobody from your intelligence team or your administration was saying, Maybe you want to back it down a little bit? BUSH: No — I’ve never — nobody ever told me that.”
OMG, how embarrassing is that?
Geez.
By PoBoy
December 4, 2007 12:23 PM | Link to this
Face the consequences? Oh, I thought you were talking about the banks. They’re the “smart money” greedheads who made this sh*t sandwich, and now refuse to take a bite. Less than 20 percent of those who received subprime mortgages were speculators, so the argument for punishing them doesn’t fly. The rest are just people who walked into a squeeze because they bought into the overhyped American myth that home ownership is the greatest thing one can aspire to. Like having a college degree. Both are false premises.
By CJ
December 4, 2007 12:50 PM | Link to this
I pray that Bush doesn’t get our country into any more fiascos before the end of his term. God knows, we have enough clean-up work to do! Billions and billions of dollars wasted overseas on WMD’s that never turned up. Meanwhile, the Gulf Coast is a disaster area years after Katrina hit.
Charity begins at home!!! The Democrats get it. Bush and friends do not!
By jbmlaw
December 4, 2007 1:05 PM | Link to this
Dear Dennis @ 8:59, I credit you with posting something on the subject – seems like most of our leftist brothers avoid the issue. I respectfully note that the heads of Citibank and Merrill Lynch were the first rolling downhill. Those are the two largest losers in the subprime game.
Dear Curious @ 9:01, “If Congress wants to enact legislation that will require lenders to exercise some common sense in extending housing loans, what’s wrong with that?” The problem is that Congress’s “common sense” will not parallel the common sense of those whose loan applications are rejected. In most cases, the rejected applications will not be those of the super-wealthy. Are you certain you wish to condemn our working class to apartment dwellership forever? Rather than create a federal cause of action against lenders who took a chance on a poor guy, why not allow the bankruptcy courts to sort it out? Believe me, the easiest thing on earth is for a lender to say “no.” You will drive conservative lenders out of the market, due to their fear of federal lawsuits for “inappropriate lending.” The resulting contraction in supply will increase costs (and profits) for those remaining.
Dear Irritated @ 9:18, you have nailed the problem more precisely than any other blogger, well done (although I think Dusty @ 9:23 sees the same thing.) The bailout rewards the irresponsible among us, while punishing those who do right.
Dear Ron @ 9:31, a group of four subprime lenders took a trip to Northern Canada, to go moose hunting, traveling via private plane. The pilot dropped them off, but cautioned them that the plane could return with only one moose each. When the pilot returned a week later to pick up the hunters, each had two moose. After much argument and dickering, the subprime lenders bribed the pilot into hauling all, doubling his pay. As the plane climbed, it shuddered, then crashed strewing moose and lenders all over the landscape. One lender dragged himself up next to another lender and asked, “how far did we get?” The second lender said, “about 1,000 feet farther than last time.”
Dear CJ @ 12:50, “Charity begins at home!!! The Democrats get it. Bush and friends do not!” I think you analyze correctly, democrats would divert our precious limited resources to the least responsible among us, and stick the rest of us with the bill. That is why I find it so difficult to support democrats.
By Tiny Tim
December 4, 2007 1:05 PM | Link to this
Hannah Montanna is Mickey Mouse in drag!
By deegee
December 4, 2007 1:14 PM | Link to this
Who didn’t see this coming? Here is a snippet from a news story dated December, 2003 where Bush is taking credit for making home ownership easier for minorities via his American Dream Downpayment Act. What they didn’t tell us then is that minorities were being enticed by lenders of subprime mortgages. The lenders quickly sold the debt that eventually became CDOs. The money men got fat and the rest of us got fleeced. Please don’t insult us with trite comments from hideous political hacks like Tom Price.
“n the afternoon, the president went to the Department of Housing and Urban Development to celebrate his signing, earlier in the day at the White House, of the American Dream Downpayment Act. It is aimed at helping families that can afford monthly mortgage payments but not the initial costs associated with buying a house.
Three-fourths of non-minority Americans own their own homes, but less than half of blacks, Hispanics and other minorities do. Through grants to state and local governments, low-income families would receive an average of about $5,000 to be help cover downpayment and closing costs on a first home.”
By Captain Freedom
December 4, 2007 1:19 PM | Link to this
THE Captain has composed Himself in his grief and is prepared to comment on today’s topic.
From the standpoint of someone like the Godly Grover Norquist, the subprime financial crisis is in fact a Holy Blessing, an answer to prayers offered humbly and with zealous fervor.
It transpires that a great portion of the securities held in this collapsing Ponzi scheme is held by governmental agencies, including those tasked with paying the salaries of the notorious leeches who teach our children, collect our trash, and staff our libraries. What better way to shrink government so that we might “drown it in the bathtub”, as per Mr Norquist?
This is in fact a perfect plan, and proves once again that the wealthy in this country are smarter, better looking, and more blessed by God than the rest of you losers. Here’s how this simple 6-part plan goes: i)Attract a large number of people with too-good-to-be-true offers riddled with hidden fees. ii)Take a cut. iii)Sell the worthless paper to the dupes managing the municipal funds. iv)Take another cut. v)Watch the muni funds go bankrupt holding worthless paper, no longer able to pay the leeches on the public payroll.vi)lather, rinse, repeat.
Voila! (excuse my French) Wealth is transferred in bulk from the lower and middle classes to our Uberklasse betters through the mortgage swindles, and then (even better), more wealth — this time comprised of taxpayer funds and pension contributions from the public payroll pikers — is transferred out of government hands into the pockets of (yet again) our Uberlorden superior citizens.
Further, the losers in this process will help to replenish our dwindling homeless population. THE Captain does not know about the rest of you, but nothing makes Him feel better about Himself than having an opportunity to deny an importuning street beggar even a spare dime. In fact, THE Captain enjoys jingling the ample change in His pocket as He degrades the wretched curs with his dismissal. And when noone is watching (and assuming the savage is weak from hunger) THE Captain (like Sister Dusty and Brother Van) enjoys giving the bum a swift kick with His stiff-toed shoe. But, THE Captain digresses.
The beauty of this process is nearly enough to relieve THE Captain of his sadness at the loss of Hope for a Bombing Campaign against the Godless Allah-worshippers of Iran.
It feels like Christmas again!!!
By Captain Freedom
December 4, 2007 1:32 PM | Link to this
Yes, the more He thinks about it, THE Captain has not been this giidy since the GOP bailed out THE Captain and his pals in the S&L “crisis” of the 80s. Boy, THE Captain made out big that time, and expects to do the same this time round.
Merry Christmas!!
By Dennis
December 4, 2007 2:03 PM | Link to this
By jbmlaw December 4, 2007 1:05 PM “Dear Dennis @ 8:59, I credit you with posting something on the subject – seems like most of our leftist brothers avoid the issue. I respectfully note that the heads of Citibank and Merrill Lynch were the first rolling downhill. Those are the two largest losers in the subprime game.”
Before its all over with, you and I will be the ones to pay via the usual government bailout. Who loses then?
And I must say, too, that my significant other and I saw this coming - there is an (was?) overpriced subdivision a few miles down the road and when we saw the clientel/owners, we knew it was just a matter of time before they would be in way over their heads.
But! the unregulated “free market” rolled on and now you see where its got us.
That’s what happens when our elected “representatives” are in the pockets of (to quote the late Molly Ivins) “big biddness”.
You don’t have to be a blind conservative not to see it, just an ignorant one to deny it.
By Complaints R Us
December 4, 2007 2:03 PM | Link to this
The Captain is whining about the poor and downtrodden and “bums”. Someone get the flaming lib a hankie.
An on-topic passage from Thessalonians 3:6-15:
“In the name of the Lord Jesus Christ, we command you, brothers, to keep away from every brother who is idle and does not live according to the teaching you received from us. For you yourselves know how you ought to follow our example. We were not idle when we were with you, nor did we eat anyone’s food without paying for it. On the contrary, we worked night and day, laboring and toiling so that we would not be a burden to any of you. We did this, not because we do not have the right to such help, but in order to make ourselves a model for you to follow. For even when we were with you, we gave you this rule: ‘If a man will not work, he shall not eat.’ *We hear that some among you are idle. They are not busy; they are busybodies. Such people we command and urge in the Lord Jesus Christ to settle down and earn the bread they eat. And as for you, brothers, never tire of doing what is right. If anyone does not obey our instruction in this letter, take special note of him. Do not associate with him, in order that he may feel ashamed. Yet do not regard him as an enemy, but warn him as a brother.”*
By Phil o sopher
December 4, 2007 2:08 PM | Link to this
Show no mercy. Burn the slobs at the stake. If you were crazy enough to borrow beyond your means, then you deserve whatever you get. No bailouts!
Wait a minute. Let me Think about this.
Bailouts are just rewarding who? Whereas, leaving things alone for the market to sort out rewards/punishes who? Well, where are the dependencies and interdependencies? Do you even know what your money is invested in?
Local governments - counties, BOEs, cities, etc. - parked taxpayer dollars in funds that were presumed to be safe, liquid, and provided a slightly better return than the bank. Guess what! The banks created these SIVs, skimmed off what they thought was the creme of the crop for themselves and sold off the rest to these presumably safe funds. And this is just the tip of the iceburg.
Money market funds have money invested in these presumably safe securities. Pension funds, mutual funds, insurance companies……
You might be able to find some homeless people who aren’t potentially affected but only if the CEOs of non-construction related businesses are feeling generous this year. Please Mr. Schwartzman sir may I have some more porridge?
By jm
December 4, 2007 2:10 PM | Link to this
jbmlaw@1:05 - and what were the buyouts for the heads of Merrill Lynch and Citibank? In addition, I notice that bonuses for previous years performance were untouched. In both cases, shareholders got hosed, while the perpetrators got made off with the loot.
By AmVet
December 4, 2007 2:10 PM | Link to this
I, for one, am sick of all this bad intel. It is way past time to try AMD.
By Captain Freedom
December 4, 2007 2:12 PM | Link to this
THE Captain complains only about the shortage of these human failures that allow THE Captain and His Right Thinking brethren to feel good about our position in the Order of True Belief. For when everyone is cared for — clothed, shod, fed, and sheltered — how can we measure ourselves? That is nothing but Communism, and THE Captain is against it. We require a mass underclass of wretched curs to balance the Godly order of things.
As Good White American Christians, We are satsified with what We have, because We got ours. And since the Bible tells us that the poor will always be among us, there is no reason to waste time worrying about the walking garbage.
As Whining is Us so aptly demonstrates with his scripture for today, the Bible applauds those of us who succeed, and has scant regard for the meek and hungry. Pathetic losers. (oh, sure, there are some stray, offhanded remarks in the Gospels, but that is do-gooder nonsense inserted by the Nicene papists well after Our Saviour bestrode the earth bringing bloody warfare to the non-believers. pay no notice.)
Oh yes….Merry Christmas!!!!
By fiasco part I
December 4, 2007 2:13 PM | Link to this
Some moonbat just talked about fiascos? How about the upcoming Senate bill on global warming? Will that be a prelude to signing us on to that anti-capitalist farce known as Kyoto that the moonbat left want? Ask Ireland what they think of Kyoto if they don’t meet the standards and how much it will cost them. Only God knows how much the EU nations will have to pay. India=0; China=0. And you thought libs were for fairness. cough
By fiasco part II
December 4, 2007 2:21 PM | Link to this
It’s always interesting to hear how the wacky left likes to quote the Bible and ask what Jesus would do, yet when they see a scripture that they don’t agree with, the Christian bashing begins - it’s hilarious!
Back to fiascos …
So now we have congress increasing the CAFE to 35mpg. Don’t you people feel better about yourselves already? That news, hot on the heels of the latest news from auto manufacturers.
Yes, like a nice moonbat, I feel better already. cough
By Bush's 41's
December 4, 2007 2:29 PM | Link to this
Philosophers and Philistines, lend me your ears.
If the J man said to kick some hungry non-capitalist a*******es as cited in the epistle to Alvin, Simon and Thessolonius, so be it.
And if he said to waterboard them sandies, I say amen.
Pray for rain. Santa’s watching…
By Dirtty
December 4, 2007 2:30 PM | Link to this
What ever Captain Freedom loves, I say nuke it from the face of the earth.
By Peter
December 4, 2007 2:31 PM | Link to this
Poor captain Freedom calling himself a White Christian and saying these types of things.
“As Good White American Christians, We are satsified with what We have, because We got ours. And since the Bible tells us that the poor will always be among us, there is no reason to waste time worrying about the walking garbage.”
It is actually amazing what “Christians say”…….. ha ha ha
As if he is ACTUALLY CHRISTIAN.
Is this guy a Right Winger ?
What ever he is,,,,,,,, he is ” DEFINITELY NO CHRISTIAN “
By SICKANDTIREDOFGOP
December 4, 2007 2:57 PM | Link to this
Subprime Loans, isn’t that what we were blogging about? Instead its White v. Black (or whoever isn’t white), Religion or whatever the author’s hot button is. Funny, these, overwhelmingly, are members of the GOP. Get over it already. Working in this industry (commercial property), this whole mess started with greed. That has nothing to do with political affiliations, religion, or what college you graduated from (next we’re going to here that Gailey was the culprit who started this mess!!). This is our problem here, we do not accept responsibility. Honestly, if I made $45K a year and then thought that I could afford a house for $450K in North Fulton, I WOULD BE CRAZY. The numbers don’t add up. Funny thing about numbers, it is monochrome and does not give a damn about race. I say that to say that all colors have been exposed to “predatory lending.” It’s more pronounced in the African American community mainly due to the DISPARITY in PAY/COMPENSATION and credit worthiness. But before you GOP do-gooders burn and attack me at the stake, do realize that you got took too. As a result of the greed of the banks (and most major banks own the subprime lenders that provided the funds for this, why do you think they have the write-downs?) your stock in those banks and other market related investments are getting nailed. Royally nailed. The market has just begun to see the correction for the ills done over the last few years have caught up with you. All at the hands of those who crafted these ridiulous loan programs. So, go ahead and blame everyone else. This wasn’t a result of the Dems or the Republicans. This was out and out greed. Oh, funny thing about greed, it knows no party affiliation, gender, race, or pedigree.
By catlady
December 4, 2007 3:09 PM | Link to this
Greedy lenders and their minions should have to pay (from their outrageous profits) the REAL victims of the subprime loan mess—those neighbors whose houses have collapsed in value because of the greed and stupidity of others! No bailouts for others. And no tax money spent on this.
Each pot rests on its own bottom. All are culpable, and all should have to pay those innocent parties in this mess.
By AmVet
December 4, 2007 3:36 PM | Link to this
I’m very ambivalent about this War on Christmas.
I love wars! But I love Christmas too!
It’s all very confusing…
By jm
December 4, 2007 3:40 PM | Link to this
Back to the topic of the day, here is an interesting little article: Foreclosure-proof Homes Though I am sure Mr. Wooten will call this “legislating from the bench”.
By Southern Democrat
December 4, 2007 3:50 PM | Link to this
A happy holiday season to all and an especially Merry Christmas to my fellow Christians! I have returned from a month-long sojourn for work and hope that I have not missed too much.
I could not let Complaints R Us @ 2:03 get by with his perversion of Christ’s message.
I would direct him/her (and anyone else interested) to Deuteronomy 15:7 and, from Christ Himself, Matthew 5:42.
I would humbly offer that looking to Scripture for justification of a selfish/judgmental perspective towards the poor and downtrodden will provide the reader with the wonderful gift of reading the Bible from Genesis to Revelation.
By jbmlaw
December 4, 2007 3:54 PM | Link to this
Dear jm @ 2:10, I totally agree with your disgust. People fired for incompetence, at whatever level, should be shown the door without benefit of nice parting gifts. As to your 3:40, this is not legislating from the bench: the ruling sounds odd, but only because the ownership evidence is pretty easy to produce - something fishy there. I doubt DB is doing anything criminal, but there may be some world-class negligence there.
Dear catlady @ 3:09, you are correct, there is an action for nuisance. Ancient, rarely heard today, but you may have a winner there.
One of the great jokes about the sub-prime lending is almost everyone is happy with it. Good-for-nothings live for about six months in a palace they could never afford otherwise, paying nothing. The seller gets a real estate commission. The lender gets a nice loan origination fee. Even the foreclosing attorney makes a couple of bucks in the deal. Only the stupid investor suffers.
By Redneck Convert
December 4, 2007 4:04 PM | Link to this
Well, I can see right now it won’t be long till The Captain will be moving in with TFTT for treatment. I never seen such raving since TFTT started off on the illegals and Those People.
Me, I like what the godly conservatives are saying here. This world is a jungle and when you’ve got yours you need to kick everybody that ain’t got theirs in the teeth and keep them down. If people get bamboozled into signing for bum loans it just goes to show how smart the people with money is and how dumb they are. Anyway, this is America, not some commie country that uses guvmint to help people out. If people want to be helped out, well, that’s what churches are for.
By jm
December 4, 2007 4:09 PM | Link to this
jbmlasw@3:54 - CDO’s (collateralized debt obligations) can also be a little fishy. I wonder if this is another example of the law being a few years behind in how things are done in the world.
By Peter
December 4, 2007 4:09 PM | Link to this
I agree with you Mr. Redneck Convert…….looks like allot of them are coming un-glued !
Heck Dusty could not even come up with a definition of Freedom today !
But she did say she was supporting “the Dawn of Freedom in Iraq”.
I guess that has something to do with the AM as compared to all the killing in the PM ?
By Captain Freedom
December 4, 2007 4:26 PM | Link to this
Redneck, you cretinous yahoo…
While the substance of your post (if by post you mean the rantings of an asylum resident scawled in semen on the padded walls) appears to be in line with THE Captains own unassailable logic, the tawdry, tacky, low class means with which you express yourself is sadly typical of you and your meth-addicted extended family, in cousins are siblings, mothers are sisters, and, sons are brothers.
While We of Right Thinking welcome the support of your shiftless and ill-kempt ilk at the polls and in your never-ending support of Higher Capitalism through the purchase of ‘Fergit Hell’ bumper stickers, please do not make the mistake of believing that you are actually one of Us.
It is crucial that you remember your place in the drainpipe of society, and that you forego taking on the airs of equality that you express here. For while you may have bought the package that We of True Belief have sold you, you and the rest of your sordid collection are really nothing more to Us than mindless consumers and cannon fodder.
So, keep your tongue, or I shall send Sister Dusty over to straighten you out.
Remember, underling Redneck, the nail that sticks up must be hammered down.
By getalife
December 4, 2007 4:50 PM | Link to this
“Joe Biden, on the President’s line that he wasn’t briefed on the new Iran NIE until last week:
“Are you telling me a president who is briefed every single morning, who is fixated on Iran, is not told back in August that the tentative conclusion of 16 intelligence agencies in the United States government said they had abandoned their effort for a nuclear weapon in ’03?” Biden said in a conference call with reporters. “That’s not believable,” Biden added. “I refuse to believe that. If that’s true, he has the most incompetent staff in … modern American history and he’s one of the most incompetent presidents in modern American history.”
w disrespects the wingnuts and punks them.
Geez.
By AmVet
December 4, 2007 5:07 PM | Link to this
So am I now led to believe that we are NOT going to invade and occupy Iran?
DAMN. I guess we’re going to have to fight them over here…
By H.R.
December 4, 2007 5:14 PM | Link to this
About the Congress, Mr. Wooten wrote, “It’s an unserious body, frivolous even, more determined to make points than policy.”
Clearly Jim Wooten intends to mislead his readers with this statement since he’s well aware that Republicans have now blocked the priorities of Americans by preventing 56 Senate Bills from coming to the floor for a vote via filibusters — fast approaching the all-time record of 61 — a record that took a full two-year session to reach.
Let me repeat — Republicans have already nearly reached the all-time two-year obstruction record in less than one year. That would be like a ballplayer hitting 73 home runs by the all-star break. This isn’t normal obstruction. This is obstruction on steroids.
By Not Neville
December 4, 2007 5:19 PM | Link to this
The liberati love to cite the National Intelligence Estimate when it supports their views. But if true, the NIE substantiates that a third rogue nation (Libya, N. Korea, Iran) has abandoned or suspended its nuclear weapons program.
These same leftists believe it is by pure accident that this has occurred. President Bush named North Korea, Iraq, and Iran as members of the “axis of evil” and our superb military toppled Saddam’s regime in a matter of days. That point was apparently not lost on the Iranians, but it is lost on the liberati.
You don’t have to be an Islamo-Fascist sympathizer not to believe it, just a repetitive, entitlement-loving Marxist pacifist to deny it.
By Jake
December 4, 2007 5:34 PM | Link to this
“Not Neville” @5:19 reminds me of the scene at the end of the “Monty Python’s Life of Brian” where the characters were singing “Always Look on the Bright Side of Life” while hanging from their crosses.
Despite getting caught in a another lie intending to expand the war and no matter how many times he screws the pooch, per “Not Neville”, Bush is a genius. Incredible.
By ray
December 4, 2007 5:35 PM | Link to this
great comedy today watching the wealthy rightwing round up its ignorant/fear ridden base. ha. yes, spin the NIE, line up your sheep, but know that anything with an IQ over 70 sees you for the waste of life that you are. ha.
By Tiny Tim
December 4, 2007 5:40 PM | Link to this
Bush: “If Iran gets nookyoolar weapons, then they’re a threat.”
Me: “If Litchenstein gets nuclear weapons, then they’re a threat.”
Bush: “Iran could start up their nuclear weapons program again.”
Me: “And monkeys could come flying out of my butt.”
By Cole
December 4, 2007 5:42 PM | Link to this
Hey Not Neville — Maybe we should invade Japan to solve our North Korea problem once and for all.
You gotta give these Bush apologists some credit for chutzpah, if nothing else.
By Dusty
December 4, 2007 5:44 PM | Link to this
Goodnss gracious,
I have just come in and the two bad boys of beaucoup baggage, RedNeck and Captain, are playing spitball.
My goodness, you would think two bigtime undercover liberals could do better than that! They remind me of Bill and Hill, still together for the ride but not real fond of each other.
Oh well, it is subprime mortgage evening. May your home be yours forever as you prime the money pump. Jim is going to give us Christmas cheer for Santa’s list and political pleasure on the morrow. Maybe…..
By AmVet
December 4, 2007 5:48 PM | Link to this
{A Sacramento atheist will take his arguments to remove God from the Pledge of Allegiance and U.S. currency to a federal appeals court Tuesday.}
This is all old news, I know.ˆ
{Congress first authorized a reference to God on a two-cent piece in 1864. In 1955, the year after lawmakers added the words “under God” to the Pledge of Allegiance, Congress passed a law requiring all U.S. currency to carry the motto “In God We Trust.”}
But now I find out that all this God this and God that is just some sort of elaborate attempt to change the grand old game.
Man, I hate the DH!