The end of the American Dream »
Posted By RedRiverJ 9 months ago in NewsThe end of the American Dream, What is private property in a nation where citizens can be taxed to pay for anything politicians can get passed?
unprecedented government-spending binge, Mortgage bailouts, Fannie Mae, Freddie Mac, Private Property.
Rather than saving the American dream, the Obama team could be bringing it to an end.
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icono19 months ago
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Could be the end of the American dream.
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It is definately the end of the Republic as we have known it.
0Bama and his buds are just 'cashing in' on that death and doing it under the guise of 'caring' and 'change we can believe in'.
Rejoice Comrades....
Long live the Collective and the Nanny State. -
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Klarissa9 months ago
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A frightening quote from the article:
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"Could we have had this housing disaster without Fannie Mae and its brother Freddie Mac? Certainly not.
Why would a mortgage originator sell a mortgage that couldn’t get paid back? Only if it could be re-sold to taxpayer backed Fannie or Freddie.
Both went belly up last year and put under explicit government control. Their five trillion dollars in debt went right onto us taxpayers, doubling the outstanding debt of the US government.
Now President Obama is “solving” our mortgage crisis by adding another $200 billion of taxpayer guarantees behind these two entities and, for the first time, allowing them to guarantee mortgage refinancing for more than 80 percent of the home value.
And those who can’t make their mortgage payments will be subsidized by taxpayers to the tune of $75 billion so they can.
A failure of capitalism? This could never happen in a country where private property was respected and people were not subsidized by government to buy what they can’t afford.
Rather than saving the American dream, the Obama team could be bringing it to an end. "
Perhaps Obama really meant it when he said he was a blank slate. He is giving everyone else (the Senate Democrats) the power of the presidency.-
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wtagg9 months ago
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An incredible over-simplification.
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If the loans were bad to begin with, why did the mortgage writer write the loan to begin with? Because they could without any real regard for the actual likelihood of the loan fulfilling payback. Yes, there is culpability with the FM's, but there is plenty of culpability for the financial sector. They were playing a shell game.
The mortgage bailout has two sides. It rewards failure and that is bad. Both the homeowner and the lender are culpable. It would help protect some of the home values in the area of potential mortgage failures. There are plenty of homes in the $250,000 plus category that are in trouble or have failed. Couple of those in your neighborhood can send home values down considerably. Those mortgage paying homeowners lose equity through association. That alone could put them in mortgage trouble.
You own a home originally appraised at $500,000 and had $100,000 equity and carried a $400,000 mortgage, which you did not have trouble meeting payments. Suddenly 3 homes in your neighborhood experience mortgage failure and are sold at bank foreclosure for $300,000. Your mortgage company suddenly becomes worried about your home. Why? Because they believe that if you fail, they will not cover the loan. They reappraise your home for $325,000 and want you at a 80% level again against appraisal. That means the bank wants the loan at $260,000. You need to find $140,000.
Will this happen in every neighborhood? No. Can it happen? Certainly. When banks reassess because of a market drop like we've experienced, this scenario is very possible.
I won't even get into the whole balloon loan thing that were the favorites of all the flippers.
I laugh at the horror espoused by so many about socialism. Much of our current market is either based upon socialistic models, like the banking industry, or is an almost perfect socialistic model, like the insurance industry.
If you own any insurance at all, you are part of a socialistic organization and market. Can anyone say they do not? Ironically, probably only the very poor. -
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not2needy9 months ago
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Yeah, it's time to get scared Klarissa! A Libbie just might save the country from the disaster that the cons created, but you and RRJ will curse them all the way.
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You all act like you're in the top one percent of the nations wealtiest people, and in reality you're either house wives, retired teachers, living in your parents basements or barely making it by the skin of your teeth. I know tooooooo many cons who are on the verge of being homeless or already homeless and living with family, but defend Bush and his right to make them homeless. Talk about scary and pathetic! When you people defend a man who made off with billions, robbed the citizens through war profittering, denied vets decent benefits and spent us into the toilet, while he, Cheney and Rove thumbed their noses at us, how can we take you all seriously.
You all act like you're mentally ill... Is being a republican a form of mental illness? Seems so! -
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vor9 months ago
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Klarissa, despite your complete lack of credibility you plug on. Your numbers are non-sensical. Obama has doubled the national debt? That is completely insane. In one blank thoughtless statement you ignore the entire responsibility of the the money grubbers who truly created the problem.
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The American Dream wasn't to live mired in debt. Yet that that is not the message many Americans grew up hearing. Debt and deficit were no longer dirty words.
The Reagan years especially reinforced this belief. It was now time to trust the robber barons who were going to make us all rich. Unfortunately that was not the reality of what happened. Once these concepts were re-implemented under Bush it quickly became clear once again there was no trickle down. Real income did not increase against inflation. Yet they still told the public they deserved a new SUV and a 3,000 sq. foot house. That they could afford these luxuries. They would finance that dream. We were all going to get wealthy together. Greed WAS good.
You are blaming the people for buying into this myth. And you act as if it only low income buyers who are failing. To be correct it was not just a myth sold by Republicans. To even suggest it was a purely political problem is laughable. There was no loan many of these lenders wouldn't write. Because there was no amount of compensation that was enough anymore. Yet it was all a mirage. The free market destroying itself. Capitalism failing miserably. Now you blame Obama?
Red blooded Americans killed the American Dream, not Barak Obama. Time to slither back into your hole. Like all of your neocon chums your difficulty accepting responsibility for anything is absolutely repulsive.
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nostalgia9 months ago
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I think we are in for one of the most dramatic changes we have seen in years
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The aim of the govt is to free up credit
I don't think we are ever going back to the days of easy credit again
Most of the public now realizes what easy credit did to them - overwhelming debt. They are now saving money for the first time in decades
It is that debt on the part of citizens and govt which got us to where we are
The govt knows that the largest part of our GDP is totally dependent upon debt and want the lending to start up again
We lost too much manufacturing so we can't depend upon exports to get us out of this hole
This is going to be a life changing event for this country
It is going to take at least a decade to recover since the govt is making all of the wrong moves
The standard of living is going to plummet for our children and grandchildren
Moody's is already warning that govt overspending threatens U.S. debt rating
The warning over the future of the triple-A rating -- granted to US government debt since it was first assessed in 1917 -- reflects growing concerns over the country's ability to retain its financial and economic supremacy.
It is going to hit the fan and it is really going to be ugly-
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willottica9 months ago
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I don't have much to argue with in your comment, the only statement I really question is this:
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It is going to take at least a decade to recover since the govt is making all of the wrong moves
What are the right moves? How would they speed up recovery? Would they be acceptable to the population at large?
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Wolfie20079 months ago
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Gransater9 months ago
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Are you saying that the last 8 years never happened. Previous administration never saw what was going on. Is that what you are saying?
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Are maybe saying that the previous administration was helpless to set things right?
If not, Wolfie, please explain to all of us with inquiring minds, why the previous administration, in 8 years, didn't do anything to prevent the mess we currently find ourselves in.
Also, if they are so bad, as you imply, how come these "rascals", were voted in to office by the majority of the american voters? What conclusions can you draw from that fact Mr W?
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DenCuddy9 months ago
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not2needy9 months ago
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DenCuddy, it's the end of the American Dream!! Read the headlines of the story. There's a black man in the "White House". American dream destroyed!
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They don't care what Bush did, he was a con, and that makes it all ok! There's a black man in the white house, so the American dream is over!
What a bunch of nincompoops! -
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nostalgia9 months ago
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WAKE UP DenCuddy
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Your party is in charge and Republicans can't get in the way
You don't need Republican participation in the disastrous course your party is taking
Afraid to accept all of the blame if this goes up in flames?
Looking for cover by trying to get some Republicans to go along? -
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sprite_som9 months ago
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Uhm...I believe Carter is whom got us started in this mess. And Clinton, when he deregulated Freddie Mac, Fannie Mae, and AIG. Just a thought...I have them alot. Obama could have gotten us out of this, if he would have done NOTHING!!!
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Wolfie20079 months ago
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DenDummy
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The next four years of Obama will make the George W. Bush era seem even more like a cake walk. Did you happen to notice that the stock market dropped to an eleven year low this week.
You guys who keep this stupid blather going about the last 8 years need to shut up and wise up and hang on because you aint' seen nothin yet. LSHIPMP!! -
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DoseASpinoza9 months ago
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I don't think it's responsible, but I also would have snubbed the GOP once they made it clear that they would not vote for any Obama plan..
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As for pork, well that is relative. I would have gutted the tax cuts in this plan and put the money to infrastructure. Why?
Because my town and hundreds of others have had our levees decertified in the last year. That means lenders now require that all mortgage holders and business owners here carry flood insurance (in the AZ high desert). That adds $500-$3,000 a year to the cost of home or business ownership (depending on the home/business and amount of insurance).
Tell me how a $400 tax credit for two years is better than a $7 million levee that would save home and business owners much more than that every year in perpetuity, create jobs with taxable wages, and reduce barriers to home purchases?
The levee benefits everyone the same regardless of party or income level. The tax cuts will barely make a dent.
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nostalgia9 months ago
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"$700 billion to the big banks that rewarded themselves for their ineptitude, that was Paulson and bush's plan. you fools have anything better??"
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My, my Twisting the truth again??
$700 billion passed by a Democratic majority Congress
Geitner and Paulson planned the bailout TOGETHER in Prince Timothy's NY office
Only $350 billion was spent while Bush was in office
Geitner has the other $350 billion right now. But that isn't enough for Prince Timothy -
Bloomberg.com:
Obama Budget Proposes Up to $750B More Bank-Rescue
President Barack Obama’s first budget request would provide as much as $750 billion in new aid to the financial industry
So in effect, Prince Timothy will have over $1 trillion at his disposal. He's going to make King Henry look like a miser
But guess what DenCuddy - that is not enough for Prince Timothy
He can't let his buddyies at the big banks fail
Geitner told the G-7 he will be spending $2 trillion to "rescue" the failing financial institutions
Just lovin it aren't you DenCuddy
The Democrats are not just spending $350 billion to bailout banks. They will save these corrupt institutions regardless of the cost! -
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DenCuddy9 months ago
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Cherry picking blog entries like bush, Rumsfeld and Cheney cherry picked intel on WMD's. You all know we've seen this crap before. Wait until someone who actually cares to pick this BS apart get onto this thread. As it is I'm off to bed. Enjoy the circle jerk.
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mesodude9 months ago
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Why weren't cons so outspoken in their hatred for their government and America when Bush and the GOP were running the country? That's the bigger question here. Why didn't cons care about responsible spending when Bush was telling Americans they should spend until they drop (and they actually listened--since he was already doing that)? And why did cons re-elect Bush and continue voting for Republicans AFTER they broke spending records AND created the largest government in US history? Is that change anyone can believe in? Why didn't cons see anything wrong with Bush cutting taxes for the extremely wealthy while we were fighting two wars? Is that a testament to good economic judgement? Anyone now think that showed intelligent leadership? I could be wrong but I don't think that was a good idea. ;-P
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DoseASpinoza9 months ago
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The only thing worse than a tax-and-spend president is a Don't-tax-and-spend president. Need we remind you that Clinton left a budget surplus?
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Bush 43 burned through the bank accounts and the credit cards, then left the scene for someone else to clean up his mess. I don't know why anyone thought he would be any different as president than he was as a student (straight Cs); the head of Arbusto Oil (bankrupt, fleeced daddy's friends, sold the bankrupt shell to the Bin Laden family); the Texas Rangers (fleeced taxpayers for a new, publicly funded stadium with an enduring tax bill for residents).
It's almost amusing how the cons complain that Obama has no experience, but thought repeated failure in every business venture in his life was great experience for the ninny they elected. Twice. -
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BB649 months ago
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First, I'm about as conservative as they come. I never liked Bush. But compared to Al Gore, John Kerry, Harry or Nancy, he won my support by default. I think government is way to big. I think its time we cut way back on a lot of things. First, I don't think we should support any of the arts with the federal budget. If you're an artist, take a few marketing courses. If you decide to have baby after baby, you might want to make sure you have a job, because you have a life time limit of 2 years on a program like AFDC. After that, your destiny is up to you. Also, if you're an illegal alien, you child born here, illegally is not automatically a citizen either. No free schools, no low income housing, no free health care. We might provide bus fare to your native land but that will come out of your home country's foreign aid package. And during your deportation trial, we'll have you working on the border walls with Mexico to cover some of your room and board.
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I'd reduce college grants. Either scholarships or like many, you work your way through school. Also, I'd get rid of the racial components for the schools. Why should one race be favored over another. I'd rather have the best qualified.
On taxes, reduce them. If you chose to live in a city on an ocean that is 2 stories below sea level, why should I have to pay for your levies or stupidity? I think you should pay your own way.
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Albmore9 months ago
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Well I am not Dem or Con and I say both sides are corrupt and liars. Pork, Pork Pork 9000 programs to be exact. The biggest spending bill in the history of OUR nation a bill that has put OUR next generations will have to pay and it was not even read in full before signing. This is responsible government, my a}}.
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Any side Con or Dem who says this is responsible is just as guilty for their blind following of their party as betrayers of OUR nation in my eyes.-
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BB649 months ago
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The GOP was snubbed before we had a chance to comment. When the GOP was in power, we permitted the DNC to comment. Today, Nancy removed that option and openly comments that the GOP doesn't matter, she holds all of the power. So the huge debt your grand children's children will be paying for is on their heads.
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If you want real solid growth, let business do it. Right now, with your taxes, fees, restrictions, unions and the rest, I can build a dozen plants outside of the United States. If you make it difficult for business, our investors pull out. No profits, no investors. So if you think a great career move is working a counter at Starbucks they keep up the attitude. If however you want a living wage, support business.
As for your comments on the levies, why should I have to pay for your stupidity. If you live in a flood plain, it's not my problem. As a community, why wouldn't you build and maintain your own levies. You have enough illegal aliens doing your gardening, you could hire a few to fix a wall or two. On your last comment, yours is a local thing. It doesn't matter to me at all. A tax cut gets me a tank of gas or two.
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Albmore9 months ago
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Both Dem and Rep sit here playing the same old games pointing the same old fingers and in reality 40% from these programs are from republicans. So you IDIOTS on both sides, wake up. BOTH sides are robbing us and all you can do is sit here and try to defend your party. How about standing up and defending OUR country OUR kids future. When will YOU ever learn.A nation of sheep headed to slaughter.
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beavis6179 months ago
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Whoever voted for President Obama will be happy when the government takes over health care and then we will have a similar
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problem that they have in Canada. There if you need to see a specialist you will have to wait a minimum of 17 weeks to see one
only after you have been approved by the government....Oh and if you're STILL alive of course.Nice going America.Hail the socialist
movement.
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