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Posted by: quackpot 1 year, 8 months ago
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quackpot1 year, 8 months ago
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The current proposals to help Wall Street tycoons become even more wealthy make the laws to which AnteUp refers seem mild.
Currently, in response to the irresponsible actions of the financial community that have placed us in this mess, the Fed and Mr. Paulson (Secretary of the Treasury) are pumping about $200 billion in newly printed money directly into the pockets of not only the Banks, but also large Wall Street firms such as J.P. Morgan (technically a loan in exchange for worthless Wall Street paper; the Fed usually exchanges newly printed money for Treasury Notes, and only deals with banks).
Mr. Paulson then goes on to propose the creation of a new financial system that will REDUCE oversight and give the Wall Street tycoons even more freedom to fleece the unsuspecting.
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flyonthewallzz1 year, 8 months ago
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It is hard for me to figure this stuff out, and I could be wrong.
But just for yucks: it looks like if you took the $200 billion and let 2 million folks refinance $100 thousand of their mortgage from %5 to %2.5, Their payments would drop by $141.70 a month. This would amount to a $3.4 billion per year economic stimulus package for 30 years.
Can this be right?
$200 billion / $100 thousand = 2 million
30yr Mortgage monthly payments @ %5 = $536.82 @ %2.5 = $395.12 difference $141.70
$141.70 X 2 million =$283 million per month
$283 million X 12 months = $3.4 billion (x 30 years = $102 billion)
Regular folks pay more than 80 percent of the government receipts and contribute about the same to the GDP.
I think the stimulus package cost us about $150 billion and we get about $100 a month out of it.
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flyonthewallzz1 year, 8 months ago
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Call me a Socialist, and give it to some punk in a cubicle to buy Euros with.
He will make about $30 billion in a year.
http://realestate.yahoo.com/calculators/payment...
http://finance.yahoo.com/currency/convert?from=...
Please check my numbers.
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flyonthewallzz1 year, 8 months ago
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I know, Amazed it is a total moonbat concept that ignores the administrative costs.
But I think the $200 billion is going to securities traders at that rate, not banks.
I also think that many of the Sub-Prime borrowers are paying 25 percent on there paper.
That means that after they are tickled and amortized there monthly payments can hit $2 thousand on a $100 thousand dollar loan.
Pretty easy to see why traders gobbled them up and why folks are having a hard time paying them.
Sure the blame can be spread across the board, but I used to get a lot of fax's at my office to refinance and they where very deceptive.
I was just trying to get some perspective.
(Propeller does inconsistant stuff with %)
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