Comments for Obama to commit up to $100 billion of the $350 b TARP financial bailout fund to help Struggling Homeowners »
Posted By altnrg 10 months, 3 weeks ago in NewsIncoming President Barack Obama will allocate up to $100 billion of the $350 billion Troubled Asset Relief Program financial bailout fund for foreclosure prevention.
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ekklesiawarriorComment removed: Hard Banned24 Replies
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bks1mcs210 months, 3 weeks ago
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Many of these homeowners who are struggling are people who purchased homes they could not afford with the hope that the prices of homes would continue to rise and they would have equity that they could cash out.
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Well guess what. The housing bubble burst and those people are now in trouble. I am sorry about that but there was no one to bail me out of all of my troubles. I have made some business decisions that have cost me hundreds of thousands of dollars (way more money than I have now) and I had to pay the price.
We cannot depend on the government to bail us out of every stupid decision that we make. We must be held accountable for our own actions. Not just home owners but banks, corporations, Wall Street, etc.-
sonofreasonComment removed: Hard Banned
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Mr_Dixon10 months, 3 weeks ago
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(("Many of these homeowners who are struggling are people who purchased homes they could not afford with the hope that the prices of homes would continue to rise and they would have equity that they could cash out.
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Well guess what. The housing bubble burst and those people are now in trouble. "))
Well ... guess what. Thank to the Obamination of America you are going to pay for someone else to prosper where you failed. Only you had a legitimate chance to succeed but they never should have even had the chance as it was taken.-
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wtagg10 months, 3 weeks ago
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"Thank to the Obamination of America you are going to pay for someone else to prosper where you failed. "
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Wow, he has done a lot in the last two days.
The Obamination of America was occurring long before he was even considered a possible candidate for the presidency. Will he add to the woes of this country? Possibly. Has he yet? No. -
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william-sire10 months, 3 weeks ago
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If you haven't been under a rock for the las 16 years you would know that "Our Boy Bush" and his buddies were fighting against that housing debacle. It was "your boy Clinton" and his buddies that produced that. And his buddies in the house and senate that kept it going after "your boy" Clinton left office.
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Tangent00110 months, 3 weeks ago
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Children, please! There is plenty of blame to go around, and I don't see any real heroes either. Most people had their heads stuck in the sand. The trashing of the Glass-Steagal Act happened slowly over the course of many administrations and nobody really seemed to care. Oh, a few warning flags were raised, but the stock market was flying too high for anyone to really take them seriously.
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bks1mcs210 months, 3 weeks ago
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Why are we bailing out anyone? Many of these homeowners are people who purchased homes that they never could have purchased to begine with. The lax lending laws created by the Democratic congress enabled people to purchase homes that were beyond their means.
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These people purchased these homes hoping that housing prices would continue to rise and they would have lots of equity in their homes or that they would be able to cash out and make money.
Guess what.... the housing bubble burst (just like everyone was predicting, but no one was listening). Now these people are in trouble. I am very sorry for them. My husband and I lost $250K on our houses and no one bailed us out. I did not ask them to and I did not expect them to. We were responsible for our own decisions and actions.
Let's stop expecting the government to finance our foolish decisions and we really can get this country back on track.
There should be no bailouts for anyone, not homeowners, not corporations, not banks, not Wall Street.-
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willottica10 months, 3 weeks ago
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There's a big difference though. You lost money on your houses. Some of these people are losing their homes.
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Do they deserve to be homeless now? Because they lost their sources of income? Because they believed in the American Dream of hard work leading to greater prosperity? I doubt they were relying so much on rising house prices as they were on getting better-paying jobs.
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most_reasonable10 months, 3 weeks ago
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Notice the price of oil going higher, even with the lessening of the tensions in the middleast?
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I just found out that the banks are buying oil futures in a big way. The futures permit a large leverage, about 8-1. Therefore for a $1 you can commit to owning $8 with of oil futures.
With 100 billion in Tarp money available, the banks can play the same game that brought us into this disaster. If they bet wrong, just ask for some more money.
And of course the higher oil prices will undercut any effort to restart the economy.
Call your reps and demand that the use of Tarp money be restricted.-
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nostalgia10 months, 3 weeks ago
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Where is congressional oversight??
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There was a provision in the first bailout bill for a committee formed by congress to oversee the bailout money
They couldn't be bothered to appoint anyone to the committee before they escaped DC for their fall break
What's their excuse now?
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beavith110 months, 3 weeks ago
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you said twice what you could've said once.
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the good news, you're right both times. : -)
there isn't enough money available to bail everyone out. the GDP is $13T. CDO and CDS liability is between $40-60T. by any measure, the system is broke. what the heck is $1T (or $2T) going to do? we're throwing it away by trying to save the unsaveable.
if this is plan A, we need a plan B.
anyone see the WSJ today? Barney Frank gets exposed for 'putting in a good word for one of his local banks.'
i'm shocked i tell you. shocked! (eyes rolling) -
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FredSmilek10 months, 3 weeks ago
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All of these bailouts will = a weaker dollar and hyper inflation.
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Fred Smilek
Fred Smilek is the acting president of the Society to Save Endangered Species
Website- http://Sites.google.com/site/Fredjsmilek/-
stalemateComment removed: Retracted by user
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lancero3Comment removed: Spam
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BB6410 months, 3 weeks ago
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This isn't the Soviet Union or one of the failing members of the EU you're talking about. We are the United States. Our banking shouldn't have any connections to the taxpayers. The FDIC was originally set up as a self sufficient funded program similar in concept to the mutual aid programs. Banks paid into this and helped when other banks ran into problems. We need to follow proper banking standards. Business like GM or many home owners shouldn't have government bail outs.
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BB6410 months, 3 weeks ago
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This is as stupid as bailing out the big 3. We shouldn't be rewarding people for either lying on the loan applications or being stupid. I could see insisting several big banks that took bailouts to start using that money for loans but this is a bad idea.
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wtagg10 months, 3 weeks ago
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Ironically, we rewarded those that offered the loans in a hope for a quick return and market share. So, maybe you should have included the word crooks in your comment to refer to the banks that provided the loans in the first place.
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aceofspades110 months, 3 weeks ago
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way before any legislation that allowed easier to get financing , the FHA insured mortgages for those who would have had problems getting financing & mortgage insurance. When defaulting seemed imminent, the agency would try to set up deferred payment plans. you know what? most of those marginal borrowers ended up in foreclosure anyway. Bailing out homeowners in trouble with public funds is an exercise in futility.
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Many of those losing their homes might need public assistance in the short haul, but eventually they will survive.
Bailing them out is only forestalling the inevitable. -
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Rick78xComment removed: Spam
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csaw210 months, 3 weeks ago
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He would bail homeowners out. He raked in a six-digit figure by supporting the Fannie Mae/Freddie Mac bunch who were pulling their crooked maneuvers to suck those in who couldn't afford a house payment if it was less than $200.00 a month. How much will he get from this "bailout"? Maybe if I just quit paying my bills, I can get a Democratic handout.
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We're about to be living in hell land led there by Osama bin Obama. Mark my words.
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