Thank Paulson & Geithner these two clown's, Secretary of Treasury of the United State

Discussion in 'Politics' started by hvactec, Feb 17, 2010.

  1. hvactec
    Offline

    hvactec VIP Member

    Joined:
    Jan 17, 2010
    Messages:
    1,315
    Thanks Received:
    106
    Trophy Points:
    83
    Location:
    New Jersey
    Ratings:
    +132
    Newsweek Web Exclusive
    Feb 17, 2010

    SPONSORED BY:
    ‘The 50-State Katrina’

    Despite $300 billion from Washington, the nation's real estate market remains sickly.
    Before the unemployment rate hit double digits and banking giants such as Lehman Brothers collapsed, the financial crisis arguably began with houses, condominiums, and gated communities in cities such as Stockton, Calif. There, Francisco Fortes worried that he would forever be priced out of a housing market in which prices would continue to soar. So, despite the salesman's self-admitted questionable credit, he took out an interest-only loan in 2006 and purchased a $398,000 three-bedroom house with a two-car garage and a landscaped backyard with bushes and trees in the tidy shape of a half-moon. Fortes put his $80,000 inheritance toward the down payment with the assumption that he would recoup that cash by refinancing in a few years. Only now, his home is worth $180,000. Two of his neighbors recently abandoned their properties after values dropped by more than half. "There are a lot of FOR SALE or FOR RENT signs in my neighborhood," Fortes says. "It makes me wonder why I should pay for this house."

    Roughly two years after the Great Recession began and one year after President Obama signed the $787 billion economic-stimulus bill, the U.S. housing market remains sickly. Foreclosures that initially afflicted subprime borrowers, are now hitting the jobless middle class. It's hard for new home buyers to secure mortgages unless they have excellent credit, a sizeable down payment, and a stable job history. Entire residential neighborhoods in states such as Ohio have been reduced to empty, boarded-up homes that scavengers comb through for electrical wiring, siding, pipes, or stained glass. "We don't think we've found the bottom of the housing market yet," says Julia Gordon, senior policy counsel for the Center for Responsible Lending (CRL). "Most economic recoveries don't become robust until the housing market is involved, and most recoveries are housing led."

    It's not as if the federal government has held the housing market at arms length. Within the last two years, according to the Congressional Budget Office, Washington has injected $300 billion into the housing and mortgage markets from taking over Fannie Mae and Freddie Mac to creating loan-modification programs for distressed homeowners to offering $8,000 tax credits for first-time home buyers. While economists say the housing crisis could have been much worse had the government not intervened, reviews of government-sponsored programs remain mixed and the future of the government's involvement in this sector is unclear. "The federal government is the entire mortgage market right now," says Karl Case, professor of economics at Wellesley College. "Whatever they decide to do will determine who will end up keeping their homes. It's as simple as that. It's going to be a political hot potato."

    For many Americans, the fate of their homes seems up in the air. In Stockton, 33-year-old Fortes can no longer afford to pay his mortgage, which has ballooned to $2,600 per month from $2,100. His fiancée lost her job in September 2009, and Fortes spends his days wondering where his family, including this children, ages 2 and 10, will live. Despite his repeated attempts to apply for a loan modification, he has been told that he does not qualify. "It's just so stressful," he says. "I'm trying to work with my loan people, but I've been talking to them for over a year."

    READ FULL STORY http://www.newsweek.com/id/233715
     
    Last edited: Feb 17, 2010
  2. Mr.Fitnah
    Offline

    Mr.Fitnah Dreamcrusher

    Joined:
    Jul 14, 2009
    Messages:
    14,480
    Thanks Received:
    2,673
    Trophy Points:
    48
    Location:
    Paradise.
    Ratings:
    +2,673
    All you need is a little history

    "If the people ever allow the banks to issue their currency, the banks and corporations which will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered."
    Thomas Jefferson
     
  3. Mr.Fitnah
    Offline

    Mr.Fitnah Dreamcrusher

    Joined:
    Jul 14, 2009
    Messages:
    14,480
    Thanks Received:
    2,673
    Trophy Points:
    48
    Location:
    Paradise.
    Ratings:
    +2,673
    South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.

    As the Palmetto Scoop first reported, Pitts, a Republican, introduced legislation this month banning "the unconstitutional substitution of Federal Reserve Notes for silver and gold coin" in South Carolina.

    In an interview, Pitts told Hotsheet that he believes that "if the federal government continues to spend money at the rate it's spending money, and if it continues to print money at the rate it's printing money, our economic system is going to collapse."

    South Carolina Lawmaker Seeks to Ban Federal Currency - Political Hotsheet - CBS News
     
  4. rightwinger
    Offline

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,262
    Thanks Received:
    19,822
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,337
    Paulson and Geitner saved the world economy.

    In late 2008 and early 2009, the financial markets were in a panic. A wrong move would have thrown the global economy into a depression. Both Paulson and Geitner at opposite ends of the political spectrum, came to the same conclusion......The Federal Government needed to step in and stand behind the financial markets. The Banks could not be allowed to fail.
    TARP, Stimulus and the Automotive bailouts showed the world the the US Goverment would prevent a financial collapse. The infusion of money into a collapsing economy saved the country from a total collapse.
    Within weeks of these initiatives in March 2009, the economy reversed itself and hasn't looked back
     
  5. Claudette
    Offline

    Claudette Gold Member

    Joined:
    Nov 3, 2009
    Messages:
    19,596
    Thanks Received:
    3,019
    Trophy Points:
    280
    Ratings:
    +7,662
    Don't know about Paulson, but Geithner was in the middle of the mess when it started. If he'd been doing his job the meltdown probably wouldn't have happened.

    Now the SOB is running the Treasury??? Go figure.
     
  6. rightwinger
    Offline

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,262
    Thanks Received:
    19,822
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,337
    Sorry...
    You have it backward. Paulson was Bush's Treasury Secretary and proposed the first TARP. The financial market was in a panic and drastic action was needed to prevene a Depression
    Geitner came in in late January 2009 and came to many of the same conclusions as Paulson about the Governments role in preventing economic chaos
     
  7. Oldandtired
    Offline

    Oldandtired BANNED

    Joined:
    Aug 17, 2009
    Messages:
    3,618
    Thanks Received:
    349
    Trophy Points:
    0
    Location:
    Long Island
    Ratings:
    +349
    late 2008 early 2009...

    Hmmm....

    Isnt that when we had some guy shouting everywhere he went that the world is coming to an end and that we better elect him so he can fix it?

    Gee...ya think he had anything to do with the financial markets being in a panic?

    Ya think?

    Been through S and L fisaco....many a recession.....martket drops like black monday....major financial institutions dropping off the map........but always rebounded.

    Wonder what was different this time.
     
  8. rightwinger
    Offline

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,262
    Thanks Received:
    19,822
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,337
    Oh...now I get it!

    Thats why McCain was telling everyone that the economy was fundamentally sound?

    If you don't bring up the fact that the financial markets are collapsing, nobody will notice

    What was worse this time was we had the worst recession in 70 years. It went beyond the normal market cycles and bordered on Depression....where were you?
     
  9. Claudette
    Offline

    Claudette Gold Member

    Joined:
    Nov 3, 2009
    Messages:
    19,596
    Thanks Received:
    3,019
    Trophy Points:
    280
    Ratings:
    +7,662
    In 2003 Geither was President of the Federal Reserve Bank of New York.

    His eye should have been on the ball. Obviously, it wasn't.
     
  10. rightwinger
    Offline

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,262
    Thanks Received:
    19,822
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,337
    2003?
     

Share This Page