Home > Thinking Right > Archives > 2008 > April > 02 > Entry
Sit tight. Housing bailout’s coming.
The Atlanta Journal-Constitution
U.S. Senate Majority Leader Harry Reid insists that it wasn’t an April Fool’s joke.
Too bad. It should have been.
The proposed plan of action to bail out lenders and homeowners at risk of foreclosure announced on April Fool’s Day proves two things. One is that when a sufficient number of voters engage in irresponsible behavior — buying homes they can’t afford and agreeing to high-risk adjustable rate mortgages — some government will bail them out. The second thing it proves is that in an election year, incumbent politicians will quickly and gladly spend your money to preserve their incumbency. That’s what the word “bipartisan” often means — as in “casting aside partisan differences, Senate Democratic and Republican leaders…” propose a bailout.
The bailout package will spend $200 million of public money to counsel homeowers at risk of foreclosure.
It will authorize $10 billion in tax-exempt bonds for local housing authorities to refinance subprime loans and $4 billion to local governments to buy foreclosed properties.
It will pick up a version of a proposal by Georgia’s Johnny Isakson, with a $15,000 tax credit for purchasers of foreclosed homes or new homes that have not sold.
Too, committees are working on plans to allow the Federal Housing Administration to insure $300 to $400 billion in additional mortgages.
With the $168 billion economic stimulus package that will send government checks of $600 to $1,200 to 130 million households approved earlier, no voter should have any reason to vote against any incumbent at the federal level. Unless, of course, the voter actually pays taxes.





DEL.ICIO.US
Comments
By GayGreyGeek
April 2, 2008 9:36 AM | Link to this
Well, gee, Jim, of course helping The Little People is quite A Bad Thing - it takes away money that could go toward bailing out Big Bidnesses like, say, Bear Stearns.
Whadda hypocrite…
By jbmlaw
April 2, 2008 9:37 AM | Link to this
Good morning all. There is no problem with mortgages that Congress cannot make worse. Instead of spending $200 million on counseling, send me $100 million and I’ll give the deadbeats the two words of counseling necessary to cure the problem (“Get out.”) Isn’t this all amazingly stupid: we have a problem that arose from improvident lending, so we are now going to finance government efforts to make more loans on the same collateral to the same people, and the only difference now is that they are further behind? FHA does not lack funds to lend, it’s just that their standards were too high; I’ll bet FHA will liberalize standards, to facilitate more sub-prime lending. For benefit of anyone who thinks Congress may have a good idea or two here, here is a useful piece published yesterday: http://online.wsj.com/article/SB120701058752178921.html?mod=opinionmainreviewandoutlooks
By Redneck Convert
April 2, 2008 9:39 AM | Link to this
Well, you can just kick me if I ever check in to a hospitle. Last week I read about the woman that went in for a leg operation and woke up with a new bung-hole. And today I read about a woman that went in to get some wrinkles out of her skin and woke up with a new set of breasts. You just can’t trust these Drs. They are so busy making money hand over fist they just run a assembly line and you can’t hardly know weather they will get you mixed up with somebody else. I would hate to go in for a operation on my piles and wake up as a girl. There ought to be a law.
Anyhow, people that buy too much trailer for their wallet shouldn’t get helped out. And the same goes for the bankers that give them the money to do it. Us Southreners always got the same answer for this kind of thing: Personal Responsibility. If you get into money trouble its because you didn’t take Personal Responsibility. And if you get cancer and lose your home its because you didn’t take Personal Responsibility. So the guvmint ought to just butt out of the housing problem. Don’t go using my tax money to help people that didn’t take Personal Responsibility to keep their home. I guess its OK to throw a few billion in to help a big bank because we need it in the Free Innerprize system.
I’m with jbmlaw and Sister Dusty and all the other godly conservatives on this blog. We live in a kind of jungle here and it ain’t peoples jobs to help out people that didn’t take Personal Responsibility. Its every man or woman for hisself or herself. Far as we’re concerned, we got the money and you don’t so good luck with living on the street. If you need help, well, that’s what churches are for. The guvment ought to perteck our money from getting stole and that’s about it.
And have a good day everybody.
By ray
April 2, 2008 9:42 AM | Link to this
I agree with Mr. Wooten. There is nuthin’ funnier than watching folks get tossed out of their houses. Especially the looks on their kids’ faces when they realize their parents are a couple of dummies.
By BadOleBoys
April 2, 2008 9:48 AM | Link to this
Jim is so far out in right field on this one that they had to extend it to the far side. You are such the comic, Jim.
By RCH
April 2, 2008 9:49 AM | Link to this
Here we go again. Rewarding those who make bad choices and then expect the Government( We the taxpayer) to bail them out. Let them lose their homes and move into something they can really afford. Home ownership has its rewards but also its responsibilities.
I remember pressure being put on the mortgage industry to accept these sub-prime loans, ( 80% of the applications were falsified) and after seeing the potential profit that industry gladly accepted this dirty paper.Now we have to pay. Why?
Most of the apartment dwellers who purchased their first homes did not realize that the mortgage on their new home was only a small fraction of the cost of ownership. Taxes, water,sewer, garbage, etc. are all embedded costs in their rent, it is not included in their mortgage. Most of them found this out to late. So be it.
What’s next? Car payments? I saw a nice little Citation 500 on sale for 4.5 million. Shall I purchase it and when it gets to expensive to maintain turn to you?
By Redneck Convert
April 2, 2008 9:51 AM | Link to this
Oh yeah, one more thing..
If I wanna buy a volvo s80 on my 3.23 an hour salary, so be it. Those libruls ought to pay for it.
That commershal told me it was only $99 a month with nothin down.
I don’t remember signin no contracts and I can’t read anyway.
By GayGreyGeek
April 2, 2008 9:53 AM | Link to this
RCH - soooooo, we can take it that you’re dead-set against the Bear Stearns bailout as well? Or was that one just hunky-dory A-OK because it was a Big Bidness being bailed out, rather than Those People?
By Redneck Convert
April 2, 2008 10:00 AM | Link to this
Don’t even get me started on renters inshurance.
Make the libruls pay for it.
Why should I have to spend $100 a year on inshurance when I could buy a few beers and cigarettes?
Let the libruls pay for it.
By ron
April 2, 2008 10:06 AM | Link to this
Good morning Jim,Looking at the sheer volume of foreclosures leads me to believe that a lot of lying took place here.On both sides.Perhaps it would be best to sort through each case and decide which side was really at fault.I’m sure that some borrowers lied about their income,but banks should be smart enough to verify income statements.A simple,” you don’t qualify for the loan,” is usually sufficient.On the other side,business practices of some lenders are being investigated.They won’t be exonerated.In the meantime,people are losing their homes and I don’t believe it is the borrowers fault in all cases.
By Dennis
April 2, 2008 10:06 AM | Link to this
Mr. Wooten writes, “With the $168 billion economic stimulus package that will send government checks of $600 to $1,200 to 130 million households approved earlier, no voter should have any reason to vote against any incumbent at the federal level. Unless, of course, the voter actually pays taxes.”
Perhaps I’m wrong, Mr. Wooten, and I am willing to be corrected if I am. But most of what you have said seems to me to be more of a complaint about the homeowners who bought more than they could pay for.
True, you give a brief nod about the responsibility of the mortgage corporations, but are they not the manipulators of this mess as much or more than most of the homeowners? After all, it is the mortgage industry that created these schemes to get homebuyers to act irresponsibly.
And it is the mortgage industry that employes lobbyst to lobby for loophole laws to make these schemes possible.
Come on and admit it, this bailout for the “homeowner” is a cover for the bailout of the mortgage industry.
You further write, “The second thing it proves is that in an election year, incumbent politicians will quickly and gladly spend your money to preserve their incumbency.”
The “incumbents” did the same thing for the same reasons when they voted for the Iraq war.
This country is bankrupt because of this war and the time will come, and it IS coming, when the American dollar will be worthless outside of the US because of the costs of this war and the huge tax breaks to corporations during the earlier Bush years that were supposed to “stimulate the economy” and prevent the current “unstimulus”.
Funny thing about those tax breaks; I can’t recall a single suporter of those tax breaks, including you, to comment on why they FAILED to stimulate the economy.
You don’t have to be a blind conservative not to see it, just an ignorant one to deny it.
By Dusty
April 2, 2008 10:10 AM | Link to this
If I may improvise a bit:
Ol’ Mother Hubbard went to her cupboard
To check on her mortgage fine.
But what she found there was her cupboard bare
And her mortgage zoomed in design.
So she went to the gov’ment with a long loud lament
And the gov’ment said.. OK!
Don’t worry, honey, we’ve got taxpayer money
Go happily on your way.
So Ol’ Mother Hubbard restocked her cupboard
While taxpayers paid the bill.
Which all goes to show, if you can’t get up and go
Let taxpayers cure your “ill”….
By jbmlaw
April 2, 2008 10:13 AM | Link to this
Dear GGG @ 9:53, you evidently know something I don’t. In Bear Stearns, the shareholders were effectively wiped out, the employees lost their jobs, the officers and directors will be sued for their actions – exactly WHO was “bailed out?” I admit that I have some qualms about the Fed using its role as “lender of last recourse” to unwind the various and unwise hedges and derivatives that arose as a direct result of Basel, but isn’t it a fact that the only entities “bailed out” are those “small” customers at Bear Stearns who relied on the honesty of the sellers?
By getalife
April 2, 2008 10:15 AM | Link to this
Jim fails to mention the bail out of Bearns and Sterns with corporate welfare of 200 billion of your money and the CEO walked away with 63 million.
Jim thinks corporate welfare is great but screw the American people.
This mindset is the gop. If you disagree with corporate welfare, outrageous gas prices and corporate government, vote Dem.
You get what you vote for.
By jbmlaw
April 2, 2008 10:20 AM | Link to this
Dear Dennis @ 10:06, you are almost right in your view of the incentives, but you lack the causation perspective. Section 8 of RESPA – from 1975 – set penalties so high that all well-capitalized and honest lenders (banks) had to leave the industry, leaving it to those borderline criminal “mortgage bankers” (people who would not know banking from baseball.) But for Congressional action, the good and decent banks would still have been writing the mortgages, and subprime customers would never have been put into homes. I cannot wait to hear a leftist advocate for a system that will ensure that lenders do not lend to subprime customers. (And it would be dishonest for me to fail to acknowledge what our friend DeeGee has been arguing for a couple of years, that the Fed’s near-criminal easy money policy had effects far beyond the erosion of value of the dollar. Too much liquidity chasing too few investment quality investments.)
By GayGreyGeek
April 2, 2008 10:23 AM | Link to this
jbmlaw - Sooooo…”personal responsibility” applies ONLY to Those People, but in no way applies when the Fed steps in to bail out Big Bidness? Gotcha.
By RCH
April 2, 2008 10:30 AM | Link to this
jbmlaw
Beat me to the punch,but it was a knockout!
By GayGreyGeek
April 2, 2008 10:45 AM | Link to this
Dusty - I’m sorry that you and your fuhrere have decided that Folks Like Me are disallowed form serving our country, but since you’re not restricted in any way, don’t you have a recruiting office to visit? Or do you refuse to serve your country as a batallion cheerleader? WHY DO YOU HATE AMERICA?
By Peter
April 2, 2008 10:54 AM | Link to this
HA HA HA Dusty is soooooo funny today….
Well Dusty looks like the FAILED Bush agenda has lead the government to get MORE involved with all kinds of stuff you WRONGS have been saying they should NOT be involved with.
The Economy is now a train wreck, and the government is going to BAIL OUT the Mortgage industry, and the Financial industry.
So as we see the WRONGS are ONLY for BIG Business, and not the small guy, with exception to when they loose their houses.
I see the WRONGS getting crushed in the coming election, as Americans who LOVE their country…. WILL vote for a change in leadership…..as we have had Zero leadership for the last 8 or so years.
Bush did such a great job…… he bilked the American Treasury, created a huge deficit, got HIS family and friends Rich with high Gas prices, allowed corporate America to cut jobs, while paying themselves unreasonable amounts of money, and created a MADE UP WAR!
Ken Lay was his buddy, is there anything more to say….?????
Yes two more things…… He never went after Bin Laden, family interests there……..and they also closed the doors on America while the VP Dick Dark Vader met with the energy executives ( including Ken Lay ) to “Create Energy Policy” for all the American people….. then refused to let the American People actually know what happened in those meetings!
We know today, it was all part of the current Gas price gouge we have today !
Funny Bush was Booed at the Washington Nationals Home opener…..Makes you realize that MOST Americans have had it with the Wrongs this administration has created !
By getalife
April 2, 2008 10:56 AM | Link to this
Personal responsibility?
w chose to waste a trillion in Iraq for Iraqi welfare, the fed chose to bail out Wall Street, dick chose high energy prices, w chose to govern for the elite, w chose to give away your jobs, etc…
And you give them a free pass with no accountability.
That argument is bs and you know it.
STFU with your personal responsibility.
Morons.
By Matt
April 2, 2008 10:57 AM | Link to this
Just a couple of questions, Does anyone know at which rate capital gains are taxed? Rate at which Corporations are taxed?
Next question, how does this compare to Europe?
By ron
April 2, 2008 11:06 AM | Link to this
Bear Stearns directors are selling their shares of stock at a loss.Yesterday one sold 125,000 shares at $10.67.Hardly a punishment.Bear Stearns is trading at $10.92.As I understand it,we the people now own all of Bear Stearns bad paper.
By Yeah
April 2, 2008 11:07 AM | Link to this
It is suspicious how all the right wingers here are quiet about the Bear Stearns bailout.
By John
April 2, 2008 11:12 AM | Link to this
My wife and I, like most responsible homeowners, elected a fixed rate mortgage at a higher interest rate that we could afford. With these bailouts, Congress is rewarding the shortsighted borrowers who took out adjustable rate mortgages thatthey had to know they couldnt afford when those payments went out.
Every borrower and every lender in the ARM situations and refinancings knew what they were getting into at the time they made the deal. Let them live with the consequences.
By GayGreyGeek
April 2, 2008 11:14 AM | Link to this
getalife - You forget, in a WootenWorld made up of jbmlawLand and DustBusterSquare and populated by Paleocons, it was Duh-bya’s “Personal Responsiblity” to make sure that they received all the money. Also, that Those People not only got nothing, but that they get nothing, and be told that it’s Those People’s “Personal Responsibility” that created this whole mess to begin with.
If you hadn’t noticed, in WootenWorld circular “logic” always brings us full circle.
By Dusty
April 2, 2008 11:26 AM | Link to this
GGG@10:45
Ohh..I have good news for you. I know how much you want to serve in the military. The UK welcomes you to their military. The French welcome you. YOU can be a Legionaire and fight for the free world. Go for it, buddy!! You’ll be the greatest soldier since RinTinTin!!!
Peter@10:54
Why don’t you go with GGG and find a happier place. I know that this Democratic led Congress has put you on edge. I mean…all those promises about fixing things and nothing done.
I’m sorry you are so down and out and neglected. Maybe the GOVERNMENT can help you.
And, goodness, do keep a poll on how many ‘boos’ Bush got at a ball game. I mean there must have been 4 or 5 rude libs there, sure sign that everything Bush did to protect and keep freedom was ALL wrong.
Yes, sir, Peter, you surely do see the whole picture.
By My Stupid America
April 2, 2008 11:28 AM | Link to this
The average homeowner will stick the entire value of his ‘economic stimulus check’ into his gas tank by the end of June this year.
Chuckie Cheese has a better manager than the United States of America.
By GayGreyGeek
April 2, 2008 11:30 AM | Link to this
DustBuster - but I need to fight for MY country. Which you can do, immediately, today. Why aren’t you enlisting instead of blogging, DustBuster? WHY DO YOU HATE AMERICA, DUSTY?
By Dusty
April 2, 2008 11:43 AM | Link to this
GGG@11:30
Oh my… EXCUSES! EXCUSES! EXCUSES!
I thought you wanted to be a soldier but you only wanted to COMPLAIN! I’d have never guessed it. You don’t really WANT to serve in the military….This is a sad day…..
By Jim Jones
April 2, 2008 11:44 AM | Link to this
Mr. Wooten, once again you just don’t get it or just can’t see it. While it is true that some people will get to stay in houses that they probably should never have been in to start with. What is happening here is not a bailout for them. It is corporate welfare of the highest order. Their benefits from these policies are merely an unintended consequence of the process needed to sell this to the American tax payer. It is election year tactics, but it’s intent isn’t to get votes. It’s to get money, donations, moohlah, the mother’s milk of politics. If these people don’t even pay taxes as you infer; they probably don’t vote. I can assure you however, that all the banks, mortgage lenders, investment houses, builders, real estate brokers and Wall Streeters that will benefit the most from these policies all make contributions to political campaigns on the national level. We have the best government that money can buy and we deserve it!
By jbmlaw
April 2, 2008 11:49 AM | Link to this
I am encouraged to see that none of our leftists are willing to support any of the specific proposals of Congress. (Except our friend GGG, who wants some compassionate bailout for the poor people who did not understand that “adjustable rate mortgage” meant the rate could go up as well as go down.) And nobody disagreed with Jim Wooten’s assertion of the economic worthlessness of the $600/$1200 tax rebate. Perhaps economic literacy is climbing on this blog. Next we’ll work on the likely economic effects of imposing the world’s largest tax increase on a slowing economy; tough one for our leftist friends to grasp, but, like Obama, I believe in hope.
By jbmlaw
April 2, 2008 11:51 AM | Link to this
Dear Jim @ 11:44, you hit the nail on the head. If anyone bothered to look at who receives all of the political donations from mortgage bankers and attorneys, they would understand the Congressional interest in bailing out that industry of snakes.
By Yeah
April 2, 2008 11:52 AM | Link to this
I am still waiting on a right winger to defend the Bear Stearns bailout.
By GayGreyGeek
April 2, 2008 11:54 AM | Link to this
DustBuster - I’m sorry you’re incapable of reading American English. I’d love to serve my country, but you and your fuhrer have decided I’m not allowed to do so. However, you can start today. Why aren’t you enlisting, DustBuster? WHY DO YOU HATE AMERICA, DUSTY?
By D
April 2, 2008 11:59 AM | Link to this
As a renter that has been trying to do the right and responsible thing, I find this very troubling. I have been reducing my debt and building up a down payment so I would be in a proper financial state to own a home. So many of ny friends were like, “whatever the market is hot jump in now” and I am patiently waiting unti I can afford what I want. Therefore, I have a real problem with the federal government using my tax money to bail out a person that acted irresponsibly. What kind of justice is that?
By D
April 2, 2008 12:02 PM | Link to this
As a renter that has been trying to do the right and responsible thing, I find this very troubling. I have been reducing my debt and building up a down payment so I would be in a proper financial state to own a home. So many of ny friends were like, “whatever the market is hot jump in now” and I am patiently waiting unti I can afford what I want. Therefore, I have a real problem with the federal government using my tax money to bail out a person that acted irresponsibly. What kind of justice is that?
By Butcher
April 2, 2008 12:03 PM | Link to this
Most Americans cant read the legalese in a mortgage contract. Look at the 19th century contracts that slave owners signed when they bought their slaves. Slaves were as conversant in those contracts as John Doe is today in mortgage contracts. The precedent guiding all contract law in the USA, including federal oversight, is grounded in laws of servitude and the binding auctions which rung ‘em up, and brung ‘em in.
Jbmlaw can shove Section 8, of RESPA where the sun dont shine. I defy any of you Clarence Darrow uber-shysters to blog a brief about the implied socialism inherent in the hybrid exception of subsidized remedies for violations of contract law, (upon which our government relied when they bailed out Bear Stearns), employed by the entrenched oversight institutions being wagged so voraciously by Wallstreet.
If you can get through that last sentence, you’re good.
By Dennis
April 2, 2008 12:05 PM | Link to this
By jbmlaw April 2, 2008 10:20 AM “Dear Dennis @ 10:06, you are almost right in your view of the incentives, but you lack the causation perspective. Section 8 of RESPA – from 1975 – set penalties so high that all well-capitalized and honest lenders (banks) had to leave the industry, leaving it to those borderline criminal “mortgage bankers” (people who would not know banking from baseball.)”
Not knowing any better, I will accept your perspective on this.
I also agree with By RCH April 2, 2008 9:49 AM “I remember pressure being put on the mortgage industry to accept these sub-prime loans….”
If I recall correctly, this was to encourage minority homeownership, which needed to be encouraged and did need government financial aide.
It is my experience that many minorities with reasonably paying jobs did very well, and in fact not a few of them own a better home than I do.
I recall a government program where a low income person could buy a house for $500.00 down and the government would subsidize the monthly payments. (Unfortunately, I made too much money).
What I experienced with a lot of these folks was that they didn’t even realize they owned their housem and now, most of those places are slums. As RCH said, “Most of the apartment dwellers who purchased their first homes did not realize that the mortgage on their new home was only a small fraction of the cost of ownership. Taxes, water,sewer, garbage, etc. are all embedded costs in their rent, it is not included in their mortgage. Most of them found this out to late. So be it.”
I have a “daughter” who is a social worker for a school district. She is required to visit some of these slum/dysfunctional homes. When she began the job she was as sensitive and supportive of minorities as one could get. But now, seeing how some of them are ripping off the system, she’s becoming a litttle hard hearted.
There are still others, though, who are honest, hardworking, two job people who are deserving of support. These are the ones I continue to support who, at the end of their working days, deserve a livable piece of the American pie via social security and medical benefits.
They contributed their part to the “welfare” of this country.
You don’t have to be a blind conservative not to see it, just an ignorant one to deny it.
By GayGreyGeek
April 2, 2008 12:05 PM | Link to this
jbmlaw - Nope, all I’m wanting is the same sauce for the gander that was sauce for the Bear Stearns Goose.
If the gubmint is going to bail out Big Bidness it ought to bail out those who depended on Big Bidness. If the gubmint is going to insist that The Little People can fend for themselves, then the gubmint should also let the Bear Stearns’s of the world fend for themselves.
One standard, for all. Not, as you and your fellow paleocons have pushed for the past 8 years, one standard for Rich Folks and another one for Those People.
By Dusty
April 2, 2008 12:11 PM | Link to this
GGG@11:54
Now, now, relax. We know you REALLY REALLY want to fight for this country.
My father, husband and son all say it is no “walk in the park” getting shot at and blown up but they were born free and wanted to keep it that way. So they served. (Now don’t forget. The free world wants YOU!)
The recruitment officer said they could not take ME because all the slots for Generals were filled. What a disappointment! We all suffer, don’t we??
By Jackie
April 2, 2008 12:11 PM | Link to this
The neocons spout about personal responsbility and free-markets, yet, when Bear Sterns, Chase and others get to a point of insolvency, they jump up and say spend tax money on private business; provide further fiscal stimulus to move the free-market economy; propose rules that will allow the Federal Reserve - a quasi-government consortium of bank lobbyist that control our money supply and is effectively given 1% of all money printed - more control.
Do the neocons have moral outrage for these risk factor coverages of private industries by the people’s? government(money)
By GayGreyGeek
April 2, 2008 12:15 PM | Link to this
DustBuster - so it’s actually YOU who are too cowardly to fight for your country? Gotcha! You’ll send Those People to fight, but you’ll refuse to do it yourself?
WHY DO YOU HATE AMERICA, DUSTY?
By Dusty
April 2, 2008 12:16 PM | Link to this
Butcher@12:03
There hasn’t been a slave contract in over 150 years. Aren’t you a bit behind? Public education has been in effect almost as long. You skip over everything but long sentences, show off!!
By Jackie
April 2, 2008 12:21 PM | Link to this
@GGG,
Dusty offered a her view of the Civil War and made glorious assertions of how all able-bodied men of the South fought for states rights and personal freedom.
Here is a link that supports the the highly stylized points made about the “noble Southern cause” was nowhere near what has been potrayed.
http://www.fpri.org/footnotes/1213.200706.grimsley.socialdimensionscivilwar.html
By Peter
April 2, 2008 12:31 PM | Link to this
Thank you Dusty……”Yes, sir, Peter, you surely do see the whole picture.”
I do see the whole picture…….!!!
“SO do MOST Americans today !
And if AMERICA under Bush is doing SO GREAT…. Why would Jim Whooten use the title on today’s Blog ?
“Sit tight. Housing bailout’s coming.”
What else will the government be bailing out? And where will that money come from ?
Gotta clue Dusty ????? I don’t think so……lemmings are not leaders or visionaries !
By Dusty
April 2, 2008 12:33 PM | Link to this
Sorry, GGG, thee protest too loudly about NOT serving and calling the Commander-in-Chief a fuhrer(11:54).
My father, husband and son all volunteered to serve in the military. They are special just like the military who serve and protect us now. They don’t go around making a big deal out of it either. Duty, my friend, duty!!!
By getalife
April 2, 2008 12:35 PM | Link to this
Do some research on cons and you will see they wanted to side with the British against the revolution.
It goes downhill from there. They have been dead wrong and on the wrong side of every major issue in this country.
Never for the people, always with the establishment.
By I feel your payne
April 2, 2008 12:36 PM | Link to this
“Do the neocons have moral outrage for these risk factor coverages of private industries by the people’s? government(money)”—Jackie
I can’t speak for others, but I sure do. I also have outrage for liberal democrats who coerced and lobbied finance companies to lower credit standards and down payment qualifications just so their beloved less fortunate can have a shot at home ownership. Then of course, there is the outrage at the losers (probably Democrat constituents) who lied on their loan applications, purchased more home than they could afford based primarily upon initial low ARM rates, and other various shenanigans.
But we also have to keep in mind we have fourteen months of said Democrats who have done nothing to curtail oil prices as promised in 2006.
In any event, if anyone can afford it, now is the time to buy a home in foreclosure. Take advantage of someone else’s sorry decision and make money off it long term! Cry me tears, bedwetters.
On another topic, the Democrat-led Congress is hammering big oil again. Why? Their profit margin is lower than ANY bank in the US, lower than Wal Mart, and lower than your local Quick Trip store. Why not have some time wasting, taxpayer dollar wasting investigation of those institutions? WHY didn’t those same clowns investigate why new home prices skyrocketed in the 1990s up to a few years ago? Of course. Most people are too stupid and uneducated to worry or even comprehend about those things - oil is much simpler to understand and get hysterical over because everyone is involved with it directly or indirectly.
By GayGreyGeek
April 2, 2008 12:42 PM | Link to this
DustBuster - then why aren’t YOU doing your Duty and serving? Why are you being a coward and refusing to enlist?
WHY DO YOU HATE AMERICA, DUSTY?
By Dusty
April 2, 2008 12:51 PM | Link to this
Well, now, Jackie has given us a five minute link on the Civil War, a propaganda piece which (as usual) wants to tell us the slanted “northern viewpoint” on the South where all the fighting and destruction took place. Of course it includes how rotten and wrong were all Southerners.
Jackie can’t even get the Iraqi war facts straight much less a war that happened 150 years ago. C’est la vie!! There are never two “sides” for a brainwashed liberal.
And now, getalife, who served in the Revolutionary War, wants to give us the low down about it all. Libs!! They love playing Blind Man’s Bluff…
By munchkin
April 2, 2008 12:54 PM | Link to this
Dusty…Do you sport a moustache? You sound oh sooo Manly man. By the way John McCain did not graduate from West Point as you stated a few days ago. Let me give you a clue…He was in the Navy!
By getalife
April 2, 2008 1:03 PM | Link to this
crusty,
You lost all those wars you mentioned. You were on the losing side in all three because cons are losers.
Admit it troll.
By jeffrey
April 2, 2008 1:08 PM | Link to this
Use your brains, you dummies!
If the Fed Govt sells $10 billion in bonds to refinance subprime loans, then who is getting bailed out? Here’s a clue - REFINANCE means the original crappy mortgage gets paid off. So who gets the bailout? The Borrowers? Or the Lenders?
If the Fed Govt ponies up $4 billion to local governments to buy foreclosed properties, who’s getting bailed out? Hint: The properties are FORECLOSED, meaning the Lenders own them. So, again, who’s getting bailed out?
Y’all get bamboozled everyday, and you dont even know it.
By George Washington
April 2, 2008 1:09 PM | Link to this
Oh good, my house is paid off and has been for many years, but if there is going to be a bailout, I am going out to get a home equity loan…I want half of my loan forgiven just like the dead beats out there…
By PudHead
April 2, 2008 1:10 PM | Link to this
I am still waiting for the Technology bail out, where was it when I was looking for work?
By Dusty
April 2, 2008 1:16 PM | Link to this
I hate America because I am a short fat ugly woman, OK OK OK!
By Dusty
April 2, 2008 1:20 PM | Link to this
OHHH, PHOOEY. ID THIEF at 1:16 Waaaaaaaaaaaaaaah!
By Dusty
April 2, 2008 1:27 PM | Link to this
DOUBLE DUTCH DOO DOO. ANOTHER ID THIEF at 1:30. Not Dusty. Use you own IDs you libs. And support our troops.
By getalife
April 2, 2008 1:32 PM | Link to this
Yet, Americans will still vote gop and for corporate welfare. Then they spew about personal responsiblity but always give their party a free pass for everything.
Since the start of this country, cons have always chose the establishment over the people.
Their history is amazing.
There is something in their minds that disconnect right from wrong.
They should be forever in the minority or ban the gop.
By Dusty's mama
April 2, 2008 1:33 PM | Link to this
Dadburn it to heck. All you frog-knockin’ meanies needs to quit a-pickin’ on my poor l’il ol’ gal, or I’ll … wait a minute … Hey mister! You got girlfriend in town? Me wants to party.
By oneladybugmom
April 2, 2008 1:38 PM | Link to this
Here is my question: I PAY MY BILLS AND VERY WELL AHEAD OF SCHEDULE! WHERE THE HELL IS MY REWARD FOR DOING RIGHT! FOR ALL OF YOU IN TROUBLE, I HOPE YOU LOSE IT ALL, YOU ASKED FOR IT AND YOU DESERVE IT! NOW WHINE ABOUT THAT AND I WILL SEND YOU TO WISCONSIN TO GET SOME CHEESE!
By Butcher
April 2, 2008 1:39 PM | Link to this
CNN just reported that Hillary Clinton gave a speech today to a rotary club in Philadelphia where she insisted again that she is the best person to answer the red phone at 3AM by recounting her 1996 visit to an elementary school in Philadelphia that had third graders, “We walked quickly down the halls of that school, third graders were everywhere and at one point I was practically surrounded by them as they came out of their classrooms for recess. I kept my head down, and made my own way through them to the principle’s office where no other incidents occurred. I didn’t panic, and handled the situation with skill.”
By GayGreyGeek
April 2, 2008 1:42 PM | Link to this
getalife - Remember, the Big Con Duh-Bya claimed that the voices in his head were “God speaking to him” and that’s why Duh-Bya “knew” things like Iraq had WMDs, Brownie did a heckuva job, that we reached “Mission Accomplished” several years ago, etc., etc., etc.
Then we have the talk-only Paelocons like the DustBuster who’s too cowardly to enlist and actually support her country, and the Esquire who never met a corporate bail-out that he didn’t like, all drinking the WootenKoolAid just like if the Varsity declared “Free F.O. Day”.
By jbmlaw
April 2, 2008 1:46 PM | Link to this
Dear Leftist friends, you err if you assert that conservatives favor big government helping big securities brokers. Most of us believe the Fed violated federal law by assisting the P&A of Bear Stearns. All I will allow is that I understand their utilitarian calculation – that it was cheaper for the economy for the Fed to facilitate unwinding the derivatives than it would have been to allow the markets to fail. In the latter case far more small entities would have been damaged. I have been trying to find a link on a recent article about the last market collapse that JP Morgan rescued – it was in 1907 and it was the real JP Morgan who used his own money, in those pre-Fed days, to save the economy in a transaction markedly similar to the Bear Stearns transaction.
Dear PoFo @ 12:03, no need for “a brief about the implied socialism inherent in the hybrid exception of subsidized remedies for violations of contract law” – that is a simple tautology.
By Devastator
April 2, 2008 1:47 PM | Link to this
WILKES-BARRE, Pa. - Sen. Barack Obama is talking about the elephant in the room — Republican rival John McCain — and all but ignoring the Democrat who stands between him and his party’s presidential nomination.
Even though Sen. Hillary Rodham Clinton was campaigning miles down the Northeast Extension in Philadelphia, Obama criticized the likely Republican nominee’s policies on the U.S. troop presence in Iraq, trade and tax cuts. In his town-hall session Tuesday, and in other campaign appearances in recent days, Obama has sought to frame the race as a general election matchup between him and McCain.
Of course, there’s the little matter of a Pennsylvania primary on April 22, and Clinton’s double-digit lead in recent state polls.
The extended presidential nomination contest has resulted in an odd political triangle, with each candidate taking alternate turns criticizing one or both of their competitors.
“He’s on a biography tour right now,” Obama said of McCain. “Most of us know his biography, and it’s worthy of our admiration. My argument with John McCain is not with his biography, it’s with his policies.”
Obama argued that McCain would merely be another four years of President Bush on economic and military policies. McCain has criticized Obama as being inexperienced on national security, and the Illinois senator answered back.
“Meanwhile Senator McCain has been saying I don’t understand national security, but he’s the one who wants to keep tens of thousands of United States troops in Iraq for as long as 100 years,” Obama said.
The McCain and Obama camps have been feuding for days over remarks McCain recently made when he said the U.S. could end up having a long-term military presence in Iraq, similar to the more than 50-year presence of U.S. soldiers in Germany and South Korea.
“One hundred years in a country that had nothing to do with 9/11 may make sense to George Bush and John McCain but it is the wrong thing to do. It is not right for our national security. It is not right for our economy,” Obama said to applause at a town hall.
McCain spokesman Tucker Bounds said that given the long history of peacetime U.S. bases overseas, Obama’s remarks show his “complete lack of preparedness to be commander in chief.”
“His attempt to paint McCain’s position as something else is nothing but the disingenuous, old-style politics that he claims to reject,” Bounds said.
Though the primary contest has heightened tensions among Democrats fearful it will hurt their chances of winning the general election in November, Obama told the crowd not to worry.
“I don’t buy this whole thing that people are super-divided,” he said in response to a question. “We are going to come together and focus on the fact that John McCain wants to continue the war in Iraq, I want to end it, John McCain wants to continue George Bush’s economic policies.”
Later in the day, he traveled to Scranton, where he brought another town hall crowd to its feet in asserting he had the best judgment to guide foreign policy, referencing Clinton’s television ad about an emergency early morning phone call.
“When you ask yourself who you want answering that 3 o’clock phone call … ask yourself: Of the three remaining candidates, who has the judgment to understand what will be a bad decision? Who has the judgment to ask the tough questions? Who’s going to keep America on the right track? That’s the person you want on that phone call at three in the morning,” he said, to rousing applause.
In an interview with Pittsburgh radio station KDKA-AM, Obama was questioned about Clinton’s claims that she faced sniper fire on a visit to Bosnia as first lady. She later said she made a mistake.
“I think we all get tired and we all sometimes make mistakes on the campaign trail. I think that the larger issue has been, you know, Senator Clinton’s suggestion that she has this vast foreign policy experience that somehow makes her more qualified to be commander in chief than me,” he said. “I think that I’ve had better judgment over the last five years and better equipped to actually deal with the problems that we’re actually going to face in the years to come.”
For all his complaints about McCain, Obama also talked tough on international trade issues — a sensitive subject in a state with plenty of blue-collar Democratic votes to be won.
An Iraq war veteran at the town hall asked the senator’s opinion of a recent decision by the Pentagon to award a a $35 billion Air Force tanker contract to a consortium led by Airbus, located in Europe, over a bid led by U.S.-based Boeing.
Obama said he had concerns about the deal but an investigation was warranted to find out more.
“I don’t mind the Pentagon procuring from other countries but when you’ve got such an enormous contract for such a vital piece of our U.S. military arsenal, it strikes me that we should have identified a U.S. company that could do it,” he said, though he added that he might conclude the decision was justified if it turns out Airbus’ bid was 10-15 percent better than Boeing’s.
McCain has faced questions about the contract because some of his current advisers lobbied last year for the European Aeronautic Defence and Space Co., the parent company of plane maker Airbus. EADS and its U.S. partner Northrop Grumman Corp. beat Boeing Co. for the lucrative aerial refueling contract.
McCain has said his inquiries into the contract were designed to ensure evenhanded bidding and denied they were motivated by lobbyists who are close advisers to his presidential campaign.
By Devastator
April 2, 2008 1:51 PM | Link to this
10 MYTHS Keeping Hillary in the Race
Top 10 Myths Keeping Hillary in the Race Posted March 31, 2008 | 08:49 AM (EST) ——————————————————-I have noted a number of myths amongst the comments here as to why Hillary should stay in the race. Here are ten enduring, kudzu-like myths, with the debunking they sorely need. Myth: This race is tied.
No, actually, it’s not. Obama has the lead in number of states won, in pledged delegates and in overall delegates. Nothing will happen in the remaining primaries to substantially change that. As to the one thing Hillary does lead in, superdelegates, her quickly shrinking margin is among DNC personnel only. When you look at the elected superdelegates, Congressman, Senators and Governors (i.e. people who actually work with both Obama and Clinton) Obama leads there, too.
Myth: Okay, the popular vote is tied.
There are people who claim that because of the 3% separation, that Obama’s lead in the popular vote is a “statistical tie.” This is a myth because, when you can actually count things, there’s no need of statistics and no such thing as a margin of error. The popular vote is not an estimate based on a sampling, like a poll. Like the general election, there are winners and losers and, so far, Obama is the winner.
Myth: Fine, but what if we count electoral votes? NOW Hillary is ahead!
Not so much. The proportions of electoral votes to population versus delegates to population are pretty comparable. So if you allocated electors proportionally in the same manner that you allocate delegates, Obama is still ahead. If you allocate them on a winner-take-all basis, then that would be the same as allocating the delegates on a winner-take-all basis, so why bring electors into it?
Myth: But if we did do it like the Electoral College, that proves Hillary is more electable than Obama, because of states like California.
This is perhaps the saddest little myth of all. It’s ridiculous to suggest that Obama will lose New York and California to McCain because Clinton won them in the primaries. No, come November, those states will join with Obama’s Illinois to provide 40% of the electors necessary for him to win.
Myth: Very well, then, Mr. Smarty-Math. But if we counted Michigan and Florida, THEN Hillary would be winning!
Nooo, she wouldn’t. The margin would depend on how you allocate the delegates, but Obama would still be ahead. And he’d still be about 100,000 ahead in the popular vote, too, despite not even being on the ballot in Michigan. However, it would enhance Hillary’s chances of catching up in the remaining races.
Myth: Ah HA! So Dean is keeping them out just to help Obama! And Obama is keeping them out.
That’s two myths, but I’ll treat it like one. The only people who can come up with a solution to this problem are the states themselves, to be presented to the Rules and Regulations Committee of the DNC for ratification. It was Rules and Regs, not Howard Dean, who ruled that Florida and Michigan were breaking the rules when they presented their original primary plans. If the two states cannot come up with a plan to reselect delegates, they can try to seat whatever delegates were chosen in the discounted primaries by appealing to the Democratic Convention’s Credentialing Committee, which includes many members from Rules and Bylaws.
Myth: If they don’t get seated until the convention but a nominee is selected before these poor people get counted then these states are disenfranchised.
There are two ways to debunk this myth: semantically and practically. The first is based on the word “disenfranchised:” these people have not been deprived of their right to vote. Through the actions of their states, their votes don’t impact the outcome. Now, you may say that that is specious semantics (Myth: I do say that!) but practically speaking, this is the usual effect of the nominating process, anyway. All of the Republican primaries since McCain clinched the nomination have been meaningless, but those voters are not disenfranchised.
Florida and Michigan tried to become more relevant in the process by breaking the rules. They risked becoming irrelevant instead.
Myth: Well, I say they are disenfranchised, and Hillary Clinton is their champion.
Only when it suits her. Last fall, when the decision was first made to flush 100% of Michigan and Florida delegates, Clinton firmly ratified it. That was because the typical punishment of only 50% representation also kept the candidates from raising money in those states. Figuring that she would wrap up the nomination handily anyway, the clear front-runner agreed with all the other candidates - including Obama - to completely “disenfranchise” those two states.
Myth: Well, never mind 2007. She’s doing more now to bring them in.
Not really. Recent stories in the St. Petersburg Times political blog said that 1) the Obama camp has reached out to the Florida Democratic party about a compromise and that 2) the Clinton camp will discuss nothing else but re-votes, which are legally, practically and politically dead.
Myth: Whatever! Hillary can still win! I know she can! She and her 37% positive rating will sweep through the remaining primaries and Michigan and Florida, winning 70% of everything and superdelegates will flock to her banner and Barack Obama will personally nominate her at the Convention and John McCain will give up and George Bush will even quit early so she can take over and… and… and… can I have a glass of water?
Yes, and you should lie down, too.
http://www.huffingtonpost.com/chip-collis/top-10-myths-keeping-hillb94207.html
By MomCat
April 2, 2008 1:53 PM | Link to this
If you’re satisfied with the present state of affairs, PLEASE VOTE REPUBLICAN! If you’re satisfied with present gasoline prices, inflation (lower interest rates and inflation goes up), the job market gone to Hades in a hand basket and war for the next 100 years, PLEASE VOTE REPUBLICAN! There “Ain’t gonna be no middle class people!” You can place that in your little pipe and smoke it.
PudHead (forgive me PudHead if it wasn’t you) scolded me one day last week because I had made a comment that only crazies ran as an Independent. Supposedly, I am one who would not appreciate change. WRONG! A sane person would get my vote immediately. I’m definitely a Clinton supporter. She’s the only one who has what it takes to straighten this mess out. If she chose to run as an I (assuming she doesn’t get the D nomination), I’d vote for her in a skinny minute. Other sane people who come to mind are Harold Ford and Sam Nunn. No neocons please! Eisenhower and Teddy Roosevelt would turn over in their graves if they knew what these crazies have done. So please, if you’re satisfied with status quo, including a probably upcoming war with Iran, please cast your vote for the R.
By Devastator
April 2, 2008 1:54 PM | Link to this
Obama picks up two more delegates in Mississippi by kos Tue Apr 01, 2008 at 07:44:27 AM PDT Good news for Obama, now that the Mississippi secretary of state has certified the results of their primary.
The final tally is:
Obama - 265,502 Clinton - 159,221
That gives Obama a heads-up 62.512% victory, which WILL switch another state-wide at-large delegate to him (there are 4 statewide pledged PLEO’s in Mississippi, so 62.5% is the tipping point for them to break 3-1 instead of 2-2).
Net net? Now Mississippi broke 20-13.
On another note, Obama’s margin of victory in Mississippi no longer “almost eclipsed” Hillary’s primary margin in Texas - it completely surpassed it. To all you popular vote total affecianadoes, the hill just got a little steeper.
By getalife
April 2, 2008 1:55 PM | Link to this
Tri-G,
I’m going to re-carve the face of Stoned Mountain.
Then I’m going to join the Navy.
By Butcher
April 2, 2008 1:56 PM | Link to this
No injuries were reported today when Hillary Clinton visited an elementary school in Philadelphia today that had third graders in it. Reports of scattered spitwad fire was not confirmed.
By Devastator
April 2, 2008 2:00 PM | Link to this
Obama’s Statement in Support of Autism Awareness Day
April 2nd is World Autism Awareness Day, and the month of April has been designated as Autism Awareness Month.
In recognition, Senator Obama released the following statement this morning:
I am proud to add my voice in support of World Autism Awareness Day and Autism Awareness Month. Autism Spectrum Disorders have quietly become some of the most serious public health issues in the United States and the world today. Autism not only jeopardizes the future of our children, but also has a devastating impact on our families, communities, and on all levels of government here at home and around the world.
Today’s celebration of World Autism Awareness Day is a call to action, and the United States must once and for all act quickly and effectively. As president, I will work closely with the families affected by ASD to ensure our government lives up to its responsibility to individuals with ASD. Together, we can ensure that everyone with ASD has a meaningful opportunity to get the education and resources they need to live independently as full citizens in their communities.
You can read more about Barack’s comprehensive agenda to empower individuals with disabilities and equalize opportunities for all Americans, and you can download his plan for supporting Americans with Autism Spectrum Disorders.
By Butcher
April 2, 2008 2:06 PM | Link to this
Hillary Clinton visited a third grade elementary class in Philadelphia today, and CNN is reporting that scattered spitwad fire was incoming during her arrival. No injuries were reported.
By RNC
April 2, 2008 2:09 PM | Link to this
Devastator- perhaps you ought post on another site, bud. ‘Autism’ ain’t nothing but a fancy word for lazy.
By Butcher
April 2, 2008 2:14 PM | Link to this
CNN is reporting no injuries today in Philadelphia when Hillary Clinton arrived at an elementary school that had third graders in it. Reports of scattered spitwad fire have not been confirmed.
By tr ewing
April 2, 2008 2:22 PM | Link to this
i am all for refinancing all those sub-prime mortgages at a new lower rate to keep people in those houses they can not aford.lets just let everyone refinance at a few points off whatever loan they got now. that way i to can benifit with a couple dollars off my mobile home payment. (i would have bought a house,could have bought a nice house,but i bought what i could aford,guess i was just stupid!) anyway,its just numbers.(the fed isn’t going to rally print any real money) and the paper that does get printed ,we are just going to pay all those morgage people more money to print it(instead of un-employment benifits). and if that guy at the top of bear stearns whats to trade with me after his financial meltdown, well i guess i could help him out,i might like living up there near all those smart people(although i just don’t think i could bring myself to pay 100 dollars for lunch ,for something i could catch down at the river for free!)
By Dusty
April 2, 2008 2:24 PM | Link to this
Many thanks to those of you who posted FOR ME @ 1:16, 1:20 and 1:27. What would I do without you who use my ID? Well, lunch was good anyway.
Munchkin @12:54
You are correct. Of course McCain finished at Annapolis. With admirals in the family, he could do no less. My mistake.
Devastator@1:47
You don’t need to post great lengths to tell us about Obama. We know he is ignoring Hillary with smuggest sweet talk while trying to discredit McCain.
Obama can talk all he wants. He remains an anti-war, high tax gopher and inexperienced economist. Maybe he should talk about his probable choice of vice-pres; Cynthia McKinney or someone else who “talks the talk” and “walks the walk” like good Jeremiah.
By Devastator
April 2, 2008 2:26 PM | Link to this
RNC,
In other words, you don’t have any experience dealing with children with this syndrome.
A child who can’t talk or comprehend parental intructions at the age of 3 and lacks the ability of basic motor skills aint lazy old dude. You’re giving away your age. Autism is a relatively new condition that older folks may not be familiar with.
Two to three year olds aren’t lazy devil!
Try doing some research and talk to some parents with kids suffering from this before you make comments.
By GayGreyGeek
April 2, 2008 2:31 PM | Link to this
Dusty - Shouldn’t you be down at your enlistment office, joining up to be a batallion cheerleader? Or are you too much of a coward to serve your country?
WHY DO YOU HATE AMERICA, DUSTY?
By Devastator
April 2, 2008 2:32 PM | Link to this
Dusty,
Maybe he should be a has-been of the past and be an exact replica of Bush.
Would that make you happy old woman?
By RNC
April 2, 2008 2:40 PM | Link to this
Devastator- typical lib, looking for a hand-out. Every dollar wasted on this ‘autism’ nonsense is a dollar that could have gone toward fighting terror.
By Devastator
April 2, 2008 2:44 PM | Link to this
RNC,
You need a heart sir.
By GayGreyGeek
April 2, 2008 2:46 PM | Link to this
Devastator - For DustBuster, only if he was Old. And White. Can’t forget White. For DustBuster, he can’t be one of Those People…
By RCH
April 2, 2008 2:51 PM | Link to this
*Devestator8
I have dealt with children with this disease.Many with mild cases and many more with severe autism. Either RNC is ignorant of this disease or just plain stupid. Children that cannot talk are not lazy. maybe RNC can get off his lazy a.. and work with these children and find the truth. I hope he has a lot of patients!
By getalife
April 2, 2008 2:54 PM | Link to this
So, the Army is talking about a draft.
Elect Mcwar and you will get it.
Gets your kids ready warmongers.
Its time to pay up for your bs.
By Devastator
April 2, 2008 2:57 PM | Link to this
RCH,
It’d be just the world’s luck that out of touch people like RNC never have the oppor