$700 Billion Proposal to buy bad mortgages

Discussion in 'Current Events' started by I Missthe North, Sep 20, 2008.

  1. I Missthe North
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    I Missthe North Member

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    Rescue plan seeks $700B to buy bad mortgages - Yahoo! News

    Not really sure what to make of this. What do you all think? $700 billion seems like an outrageous amount of money they we do not have, but it may be necessary. I just worry what kind of control this would give our government over private companies. From what I understand, there was nothing in the proposal that specified what the government would receive in return for the $700 billion.

    Thoughts?
     
  2. user_name_guest
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    user_name_guest Member

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    Bush is showing his compassionate side. How can anyone say he is a conservative (maybe social, but certainly not fiscal). He is an embarrassment. Now we see how these private companies campaign fund-raising can do. In time of need, they will bail you out.
     
  3. AVG-JOE
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    AVG-JOE American Mutt Staff Member Gold Supporting Member

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    The mortgage bail out sounds almost reasonable... after all, we are not just loaning money to corporate failures, we are buying hard assets. Mortgage deeds against real property are extremely valuable. If the treasury collects on the ones that it can, rents some out until sellable and sells at the right time for true market value, We, The People have an opportunity to actually make money.

    Even 'insurance' can be a profitable gig - no one would deny that... We, The People have an opportunity here too.

    The devil is in the details though... Hopefully Georgie won't let his buddies cherry pick through the paper and hand us all the crap while they keep the ones with current value. We should tell all of the investment banks that we'll buy their paper on an all or nothing basis only.

    I am not optimistic.

    If anyone can fuck this up it will be the lobbyists lap-dog congress currently in DC. Maybe we should demand that the details be worked out by the next administration and congress...

    -Joe
     
  4. Toro
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    Toro Diamond Member

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    Had to happen.

    But we're all socialists now.
     
  5. DiveCon
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    DiveCon gone

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    Bush has never been a conservative
    hes always been a moderate
    he was just more conservative than the idiots he ran against
     
  6. Toro
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    Toro Diamond Member

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    As I read more about this plan, the more horrified I am.

    The SEC was egregious in allowing the brokers to take on more debt.

    Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers - September 18, 2008 - The New York Sun

    I agree with this post.

    naked capitalism: Why You Should Hate the Treasury Bailout Proposal

    The proposed plan is an affront to both the markets and to democracy.

    Paul Krugman has a good criticism

    No deal - Paul Krugman - Op-Ed Columnist - New York Times Blog
     
  7. HoleInTheVoid
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    HoleInTheVoid Active Member

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    ON any other day the liberals woud outright tax the working people and just give the money to those who cannot manage a mortgage payment.

    Libs got their wish AND they get to try and put the blame of Bush (even though he tried to reform this mess in 2003).
     
  8. I Missthe North
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    I Missthe North Member

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    What wish is that? What reform do you speak of?
     
  9. Gunny
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    Gunny Gold Member

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    Doesn't anyone see a problem with the Federal government owning all of our personal debts? They going ot turn them over that terrorist organization, the IRS, to collect?
     
  10. metaverse
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    metaverse Member

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    i'm wondering how this will affect my mortgage. will the government own my mortgage?
     

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