August Surprise (Bribe): Massive Mortgage Bailout
by PubliusFrom James Pethokoukis at Reuters:
Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.
The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie. A few key points:
1) Republican leaders believe this is going to happen since GOPers and Democratic moderates in the Senate are unwilling to spend more taxpayer money on more stimulus. But such a housing plan would allow the White House to sidestep congressional objections and show voters it is doing something tangible about an economy that seems to be weakening.
2) Wall Street banks are alerting their clients privately to this possibility. Here is what some are cautiously saying publicly. This from Goldman Sachs:
GSE policies are one of a dwindling number of policy levers the administration has left to pull, so it is conceivable that changes could be made, though there is no sign that a policy change is imminent. The Treasury’s essentially unlimited ability to provide financial support to the GSEs creates an interesting situation over the next twelve months: the GSEs could potentially be used to provide additional support for the housing market and, to a lesser extent, the broader economy in 2H 2001.
And this from Mizuho Securities:
As policy makers ponder their next move the data suggests that they face not only a stalling recovery but a growing risk of deflation taking root in the economy. As a result, the Administration has turned back to industrial policies by approving the purchase of a sub-prime auto lender by GM as a means for pumping up domestic sales, especially since the latest auto sales data indicates that consumers are still responsive to incentives. This precedent increases the risk that the government will use its control of Fannie and Freddie to increase consumer cash flow and juice the economy again.
Moreover, Morgan Stanley is pushing a mortgage relief plan directly to Congress. On August 3, a top Morgan Stanley economist recommended to the Senate Budget Committee that Fannie and Freddie ease their lending standards to allow millions of Americans to refinance their mortgages.
Continue reading here.
Email this to a friend | Print |
Share on Facebook
| Tweet this
| 
Follow Us on Twitter
Subscribe via RSS
Got a Tip?
210 Comments
And when it fails, they'll blame Bush!
Another criminal bailout of criminal political cronies designed to whitewash the books of Fannie, Freddie and Sally.
The only people that will benefit from this are thug members of congress, thug unions and ACORN thugs.
Follow the money…
The question is, will such an act buy enough votes for the Dems to lessen their electoral losses in November?
Speaking more generally on monetary policy however, for those of you who don't know, money is debt. Debt is money. As debt goes down, so does the amount of currency in circulation. When people default on their debt, it lowers the money supply, which causes deflation. If a large portion of mortgage debt is forgiven, it could significantly affect the money supply, causing deflation, which in turn could cause the Fed to print even more money in an attempt to counter the loss. Think of it spiral, getting ever bigger, going from one side to the other and rapidly growing out of control. Fiat currencies are based on trust; they have no objective backing the way commodity money does. It is impossible to predict when a fiat currency will fall, but once that crisis in trust starts it is impossible to stop. No fiat currency has lasted longer than a few decades throughout history, and I fear the USD might be at the tail end of its lifespan.
There is a new way of financing housing that insulates the investing-public from foreclosure losses, total investment loss and fraud; it's called "Housing Plus" and it is part of Lovellian Economics. You can learn more about it at: http://www.thefixbookstore.com/The_Fix_For_Housin...
Now there is a clear choice. We can continue doing what is bankrupting us or select a new way to go where bankruptcy will never happen again.
If they pull this crap there will be blood.
Do-dah do-dah! What do you expect, we are in the Twilight Zone, Barry’s bizarro universe! Thanks John McCain and the RNC a pant load, he’s a real swell guy, what was it you said in '08, to paraphrase, “I know Barack (Barry) Obama, and there’s nothing to fear he’s a good guy.” Thanks again!
Since I've been foolishly honoring the contract I signed by keeping up with my mortgage payments I will most likely not be eligible for this giveaway from Obama's stash. At least I had the sense to refinance into a fixed-rate mortgage a year before the bubble popped.
Understand that this is smart and needed and will finally allow the economy to move forward. Obama is not doing anything more than recognizing the loss of value that exists. Fannie and Fredie have the exposure on their balance sheets already, all this would do is allow recognition from an accounting standpoint. No new dollars go in it is a recognition of what exists issue not a pay new dollars issue. This is the other shoe waiting to drop. By having Fannie and Freddie do this first, it softens the shock to the system. This will allow people and businesses to move forward into the new world. If you dont benefit directly, c'est la vie, life is not fair; but lets not be colossally stupid to be what you call fair. This is a good thing
I doubt it. The State Media Collective will certainly back the play and most Americans will claim they were ignorant of another mega buyout.
I have a warning for consumers who plan to take advantage of this, beware the Fed Gov't plans on
stripping your home mortgage deduction. The CBO looks at these deductions as LOSSES to the over-
all 'take' of the US Gov't and they have been talking about phasing out this deduction on the interest
you pay on your home loan for a while now. For most who have a large home loan this interest ded-
uction is usually the largest write-off you have on your 1040 Fed tax return, unless you have 15 kids.
Speaking of kids, the Feds are also discussing substantial reduction of the child tax credit.
I kid you not.
.
LET THE BUYER BEWARE ! ! !
.
Bungee Spot RightChange.
http://vimeo.com/13864881
Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity.
Martin Luther King, Jr.
The people spoke in Missouri on Tuesday, voting overwhelmingly to reject Obama's mandate that forces people to buy health insurance. It's going to be fun to watch the White House explain this one.
For the love of God! Will this ever end?
Another unAmerican anti Constitutional end run around the rule of law by the alien in the White House. How long until the first shot is fired?
I'm sharpening the pitchfork in anticipation. If this crap keeps up, sooner or later the people who work for a living and pay for their own stuff are going to revolt.
Redistribution, repartations, regulations, judicial activisism, rule of law out the window, unemployment up, and confidence down….
And that's just today….
This is CRIMINAL BS! Bailing out people that do not have the fiscal disipline to own house, shouldn't own houses! I'm having a hard enough time paying for my own without having to pay for someone else's, too!
Stop pretending this is anything other than what it really is: an attempt by a foundering administration to put lipstick on a pig shortly before a pivotal election. It's not to hard to see that a move which lowers the value of each dollar is just one more sellout to constituents who have few, if not negative dollars, and panders to those who expected to have their mortgages paid for by government.
Does that come with a nice set of silver painted malleable tableware and a thank you card?
Free Homes for irresponsable Black people, he should just come out and say it.
Drifter…
Not to mention, the Wookie, is in Spain with 60 or so "friends", all flown in on AirForce2, staying in a 5 Star resort, all on the taxpayers dime, $2500 per room…… Just one more outrage, pretty much unreported in the MBM…
Hey, we'll just "eat cake"…
Where's my bailout! Impeach and remove for extreme malfeasance all those involved. They've received enough mercy from the American people. Time for the criminals in Washington to be patriotic and throw themselves in prison. Thats one expenditure Americans would gladly pay for. And whats this crap about Elena Kagan being the lawyer arguing against numerous Obama elgibility cases? Unbelievable.
Tell me how this is both unAmerican and unconstitutional.
Also, I really like your threat. That's REAL american!
The authors of Cloward-Piven may have had American blacks in racist minds, but I'm sure they and their ilk, including the POtuS, will take all irresponsible comers; black, white, puce, or what have you.
Hi ronfromflorida,
Does this program state that it's designed for black people only? Or are you just a racist POS?
Will the NON-SOCIALIST side of the Congress please Come out!!!! We're expecting some push back from you!
Will the NON-SOCIALIST side of the Congress please Come out!!!! We're expecting some push back from you!
Where are you? Where are your legal actions against these Dictators, Pelosi/Obama/Reid! We're waiting!
This is designed for people whose homes are worth less than they were when they signed that contract. Not for people who refuse to pay their mortgages. Try reading it instead of jumping to conclusions based on propaganda.
Let's see here, we have this POTUS seriously considering through executive order legalizing millions of illegal aliens, so they can vote democrat. Now we have him paying off a large voting block with more bail-out money. Sure looks like business as usual for demon-crat's.
Why would anyone blame bush for destroying our economy and causing the problems that Obama is trying to get us out of? That would take a whole lot of common sense to draw that conclusion.
And who will end up paying for this? Taxpayers!!! This is NOT a good thing. Fannie and Freddie caused this mess by backing bad loans in the first place. Now they are saying to a large group of people that never should have bought a home in the first place that they are going to be rewarded. This is total BS and just a means to improve the dems chances in November.
November,we can make anything happen. So, keep working for that goal.
http://remembernovember.com/
Fellow BG bloggers, have you noticed our new friends who seem to pop up to interpret the 'meaning'
of the news for us lately. These Page 0-1 bloggers fall from the sky to EXPLAIN gov't actions to us
the unwashed………how convenient. Thanks BB, but I'll wait for Cavuto, Kudlow, Kramer, et al, if I
feel the need for any further explanation.
Boston Banker reminds me of the Page 1 bloggers that conveniently felt the compunction to post
for the very first time in their life on the Avastin article last week.
So Banker what cha gettin' paid to show up here at Big Gov't to influence the unwashed?:-D
.
As American as apple pie.
Fiat currency seems to work OK when the private sector is strong and vibrient, as it is nothing more than having faith in each others productivity.
As the private sector degenerates, so does productivity, followed by confidence, by stagflation, and eventually soup lines and riots.and…that "Liberty Tree" is looking mighty parched.
Why are these chuckle heads meddling in things they have no idea of what they are doing with? They are trying to buy good favor with all those who made the bad decision to accept a mortgage that was well beyond their means. When are people going to wake up to the fact that the chuckle heads are only in this to save their jobs and they do not give a rip about the people.
Why does it not surprise me that they are now buying votes?
Noting these socialist bastards do surprises me anymore.
If only Obama was actually trying to get us out of the situation, as opposed to putting us into a deeper hole. Besides, it became Obamas responsibility since he passed his stimulus bill back in Jan 09.
Observe the uneducated Troll or Obama shill that presents itself here named "breitbartsucks". It demonstrates most clearly how the Left shouts and distorts with no facts to back itself up. It's very name indicates that there is no interest in civil discourse ( Thus I simply apply insult at its own level for entertainment value).
Don't be a Lefty, a mind is a terrible thing to waste.
First Barney Frank and Chris Dodd threaten bank CEOs and order banks and lenders to enter into high-risk loans. Then they throw our fiat money at the failed economy their demands created. Then they take control of the financial industry but exclude Fannie and Freddie. Now they want to throw our fiat money at the high-risk people that created this mess by taking out zero principle or negative principle loans they knew they could never pay back. None of the words I have for this are fit to print. Let's just leave it at: "You can't fix stupid."
Gee, sounds like a case of financial discrimination to me. It only benefits one group…not all. I guess they lost sight of community justice.
Republicans could take this opportunity to do a negative sell. Sell the fear. And there's plenty of that in this mess!
So we are still stuck with propping up people who paid more than they should for something. You know, right now my car is worth less than what I paid for it – can you send me a check for the difference?
Consider this, "Banker:" If your institution burned through cash like Komrade Klueless and the Congressional Kleptocrats do, it wouldn't be able to pay your salary for very long, would it?
This hare-brained scheme represents another 6-plus percent added onto the $13-trillion national debt. Who's going to pay it back? You — or your great-great-grandchildren? At some point, socializing all losses does become reckless disregard for the nation's future economic health. Therein lies today's great debate. Lots of us believe we've already passed that particular rubicon.
Well to agree with your "life is not fair" theme, I guess it sucks to have a house worth less than what you owe. Tuff.
It's unconstitutional because it takes my property (money) and gives it to someone else because they are stupid. It's unamerican for the same reason.
Sure, it's a "good thing"; how many responsible Americans will be resentful of the fact that IRRESPONSIBLE borrowers get another bailout, while they stupidly waited to purchase a small, affordable home until they had some money saved for a down payment, and took out a reasonable loan that they budgeted for?
There is no reward any more for RESPONSIBILITY. Profligate spending and immediate gratification are persistently rewarded by the government. Punish success, reward failure. A recipie for DISASTER.
BTW, love your new handle, NYCarchitect. Very imaginitive. (NOT)
For some, it's a free sammich and a bus ride. For some, it's a can of fortified wine. For some, it's instant equity in a house they can't afford.
It really doesn't matter, when it's not your money being spent.
BostonBanker was recently known to us as NYCarchitect.
It should not be designed at all – if you can't afford it – don't buy it. If you buy something that is overpriced, guess you got suckered. Hey – where's my check for the hit my 401K took?
He is spending money we don't have by fiat. If he could get this through congress…he would. An BTW I made no threat but I did ask a question that has always been a valid response when an elite majority rule against the will and without the consent of the people.
America would not have endured this long, if it was founded on the principle of helping the stupid, at the expense of the productive.
QED.
Another thing – THEY SIGNED A CONTRACT!!!!! They should honor the contract, even if now it does not favor them. Do the banks get a cut of the sales price if the house INCREASES in value? I think not.
How will that help the good folks who already lost their home, credit rating, etc? Will they be able to get their homes back and make payments on current market value which in many cases is 1/2 of what it was worth in 2008? Or is it just another plan to entice dim votes in Nov? I buy off on the plan to buy votes.
I don't trust our current administration or the congress to do what is best for the citizenry. BTW, who pays? Taxpayer of course. The taxpayer eventually pays for everything.
Call me skeptical.
Great idea! Lets keep giving more money to folks who can't afford their homes and likely shouldn't have purchased them in the first place! Because, you know that they are suddenly going to be able to turn things around and pay that mortage just as soon as the economy turns around!
waiting…
waiting…
still waiting for the economy to turn around…
No, this won't affect responsible people like myself at all. I just have to make my mortgage payments and worry about paying more taxes to support theirs.
Great idea! Lets keep giving more money to folks who can't afford their homes and likely shouldn't have purchased them in the first place! Because, you know that they are suddenly going to be able to turn things around and pay that mortage just as soon as the economy turns around!
waiting…
waiting…
still waiting for the economy to turn around…
No, this won't affect responsible people like myself at all! I just have to make my mortgage payments and worry about paying even more taxes to support someone else! Sounds like a GREAT idea!!! …
What a f**king fail boat this is.
Reparations has taken on a whole new context – ironically, much of the benefciary of this farce will be Obama's base that were given free reign to borrow beyond their means by Barney Frank & CO beginning under Clinton.
Yea, that "elite majority rule against the will and without the consent of the people" is bs. The President was elected by an overwhelming majority. He won the electoral college by over 200 votes, and the popular by over 8 million. That is how we consent. We vote.
Amen to your points! This is completely out of control.
Yes, all those taking the money are whores, the only difference is how much they cost.
And what if you don't have a a Fannie Mae or Freddie Mac mortgage and you're underwater?
You're still screwed.
The only banks, people or businesses to benefit from the Obama administration and the rule of the Democrats are those that have acted in a gross irresponsible, incompetent and greedy ways! The rest of us get to pay the bill!
SOOOOO…..
SINCE MY HOUSE IS WORTH ABOUT $100K LESS THAN THE PRICE I PAID FOR IT, AND I'VE NEVER BEEN LATE WITH A MORTGAGE PAYMENT……DO I QUALIFY?
hush up, I'm work here…..my mamma didn't raise no fool.
"…that Fannie and Freddie ease their lending standards to allow millions of Americans to refinance their mortgages." That's how this mess was created in the first place. The sheer incompetence of the people making decisions is hard to comprehend.
So you are for giving tax cuts to the rich, but not money to people whose homes have gone down in value so much that they will be forced to just leave it and foreclose. That makes sense. This is basically a middle class tax cut. But your fbuddy breitbart won't frame it like that and therefor you're against it.
It will fail; forgiving a portion of the balance doesn't do anything if the payment isn't also reduced, and I don't see that part anywhere in this piece (or any other piece on this that's out there) ! Reducing your balance does NOT reduce your payment on a first mortgage!
Oh really Tread, I evidently missed that episode, darn.
The sooner that black holed Fat Fannie, and Bloated Freddie are broken up, and divested into the private sector, the better. Constitutionally, our government must get out of the business, of being a business! Why? Because it's called Socialism/Marxism. http://i40.tinypic.com/2dcbpeb.jpg
ACORN MUCH? We NOW know how the election was stolen……..NOT WON !
.
I'm your average BigGovernment.com reader and commenter.
No, you're not. You are way way way below average. Since you predicate your rant with a falsehood, everything thereafter may be dismissed without further refutation.
I learned as an Adult you and only YOU are responsible for everything that YOU sign on the dotted line on. This means Mortgages. It’s 50 pages of paperwork, TOO BAD read it or have your advisor go over it with you.
When my wife and I bought our house in 2004, we structured so that the mortgage can be paid on one income. In 2006 my wife quit her job to raise our kids. In 2006 and 2008 I lost my job for 4 and then 6 months. We paid the mortgage, we had savings – thanks to my wife’s planning and we had the unemployment checks and we made it, not one delayed payment.
Now, looking back I should have just stopped paying it and the house would be given to us courtesy of our dear leader.
What a scam. Communists, Democrats and Progressives have no idea what hard work is and what “Earn This” really means. Instead they would rather have Government become our God and we become their helpless sheep.
Sorry, I worship one God and one God only.
So, you went to the Marx's brothers school of banking.
It will buy some votes, it will repel others. I don't think they've totally thought this puppy through.
It's obviously Bush's fault. Olbermann said so, at least I think… can't exactly confirm since MSNBC lacks viewers.
Maj. Gen.Jerry R Curry (Ret.) Speaks Out On The Obama Eligibility Issue
http://www.youtube.com/watch?v=fO8n4Pij158
Republicans need to introduce a plan or face the results of not having a constructive alternative. Republicans need to use capitalism to defeat socialism.
Saul Alinsky's "Rules For Radicals"
#12. The price of a successful attack is a constructive alternative.
Alternative to taxing all energy and jobs: ..deep tax cuts for all forms of alternative energy sales and purchase. Zero taxes for all alternative energy retrofits, total project infrastructure and equipment. Immediate tax write downs for all the above.
Alternative to Obamacare: Zero taxes on the health care industry; insurance companies, hospitals, medical equipment, prescription drugs, doctors and nurses ect..anything health care.
This is nothing but an immediate huge surcharge tax on Americans through another debasement of the US dollar.
$100,000 in USD in a bank account in 2008 is now only worth about $73,000. Obama has already imposed about a 27% surcharge on people with savings accounts. He has redistributed it to his friends.
Now, he wants to do it again.
This is exactly how fiat currency works —- they don't have to raise taxes a single dime to confiscate the stored value of your money. They just print more of it to give to their friends and the stored value of your money just shrinks by the amount they printed.
Poof — you've been "snookered". Gird your loins.
.
.
"breitbart won't FRAME it like that", so WE NEED the news to be FRAMED, as Brokaw,
Donaldson,et al did FOR US for so many years. Isn't that the entire issue the Left has
with the new media, you and yours NO longer have the ability to FRAME the issues?
Frame this O!O
Ok… So I pay my mortgage on time every month because I work hard and manage my money within my means. I pay a percentage of my health care benefits from my paycheck. Today I have now heard about a bail out to the teacher's union so they don't have to have their members pay a percentage of their benefits, or have a pay freeze. And now we are going to forgive the debt to millions of persons who may or may not have selected a home within their means.
Nice…
Hey all you socialist wealth redistribution communists in Washington. Why don't we cut out the middleman? I'll just leave my front door unlocked, the keys for my car in the ignition, and you can just come and play Robin Hood without all these political games.
I kept this famous quote for some of the ignoramuses around here who troll the board with their illusions of grandeur:
“It is at a certain point potentially counterproductive if we’re spending more money than we’re having to borrow.” – President Obama
(Notice his comment doesn't even make sense – let along that he doesn't follow his own advice. What a fraud!!!)
Whose blood would that be tough guy?
Yes, actually, you would be eligible for it.
Hmm… Let me take some Bush quotes in or out of context and let's see who sounds like more of an idiot.
what if I my mortgage isn't held by Freddie, Fannie, or Sallie? Guess I'm out of luck, probably.
"…………An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion……….."
For every action there is an equal and opposite reaction.
Does the fact that there is 800 billion negative equity mean that,……….
somewhere on the other side there is 800 billion positive gain,…….?????
If so ,….shouldn't the two parties involved resolve this 800 billion issue
"Tax cuts to the rich"… "Tax cuts to the rich"… "Tax cuts to the rich"…
another liberal parrot…
Why don't you ask Chris Dodd and Barney Frank how we really got into this housing nightmare?
I would be all for giving money to assist the common person who is struggling in these current economic times. But the government doesn't have any MONEY. We are spending our country into servitude to China. Pretty soon the US Mint will have to add "Made in China" to every coin and dollar that we print or stamp.
pssst Bush isn't President anymore.
And that quote isn't taken out of context, either.
Eventually libunatics may have to face the reality that Obama is not as smart as they want him to be. And maybe some day they'll do something positive instead of just being the "anti-Bush" party.
(By positive, I mean something not in line with their communist agenda to destroy the country)
Keep race out of this discussion. I know plenty of persons of other races that are living way beyond their means carrying credit card debt that is out of control.
Unfortunately. Just like with "Wellfare" and other programs that reward bad behavior… soon people like me will give up and say what the heck… why should I conform to the rules and pay my debt when those who don't are getting rewarded?
SOOOOO…..
SINCE MY HOUSE IS WORTH ABOUT $100K LESS THAN THE PRICE I PAID FOR IT, AND I'VE NEVER BEEN LATE WITH A MORTGAGE PAYMENT……DO I QUALIFY?
hush up, I'm work here…..my mamma didn't raise no fool.
==============================================
Yes, actually, you would be eligible for it.
==============================================
Hummm…..
Get REWARDED for bein responsible
Buyin a house I could afford
Get RELIEF for losin value in my house
Because other idiots defaulted and tanked the market?
==============================================
BWA-HAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHA
HAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHA
HAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHA
…………………………………….THANK YOUUUUUU, OBAMA!!! ……………………………………….
BWA-HAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHA
HAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHA
HAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHA
LIKE I SAID….MY MAMA DIDN'T RAISE NO FOOL!
YOU THINK I WON'T JUMP THE HELL ON THAT ONE,
YOU DON'T UNDERSTAND CAPITALISM AT ALL!
I WILL BE ALL OVER THAT ONE! IN A NY MINUTE!
AND I STILL WON'T VOTE FOR A DEM!
NOT IN A MILLION BILLION YEARS!
SEE YOU IN NOVEMBER, PIMPS!
$100 THOUSAND DOLLARS RICHER!
DAM I LOVE IT WHEN AN UNINTENDED CONSEQUENCE COMES TOGETHER!
I can figure out what things mean for myself. I don't need "framing" or "context revistiation" or any other buzzy catchphrases that you intellectually stunted herd animals love so much.
Oh really. I was under the impression that you're the average turd burglar without an intelligent thought. After reading your comment I feel rather confident in this assumption.
Heard Senator Grasley (R) say that he can reason with Senator Leahy (D),……
because he is an "fair and honest man"
Unfortunately for them, it's not going to "buy" votes. All this will do is enrage responsible people, and make the backlash against DC and the Obama administration more severe.
On a somewhat related note, the Post office, (another mandated gov't service) is posting (ha!) 3.5 billion in losses. Thanks perhaps to a bloated pay scale ($800K/yr for the Postmaster General) or to the mystery concerning why demand for service decreases as postal rates climb, the government demonstrates again why it cannot compete with private industry for efficient service at reduced, competitive costs.
See my comment on page two, suckboy.
(Ohh…this is page two….hehehee)
Liberalism is based on the idea that society should
punish hard work and success
and
reward sloth and failure.
and we will…89 days
Finally someone who knows the truth,…….
but you leave us hanging there suckhead with only a half truth,……………
is your insight complete enough to also tell us WHAT Obama IS……?????
or, since we're talking about birthdays, where he's from
Same here. My spouse and I saved and saved to put 40% cash down on our house in 2007. Now, we have no equity based on the decline in value, have never been late on a single payment, and now my neighbor that did not put any money down is going to get the difference in what they owe written off by the govt? This is crazy, insane, and illegal.
Contract law out the window.
mine's with GMAC and I just called them. They participated when Bush did it and they said they're gonna participate if Obama does it. I'll bet not one nationwide mortgage company refuses to cause folks just aren't gonna hang on for decades just to get where they started in mortgage value. Who in there right mind would? Especially people whose STUPID BUYING HABITS DIDN'T CAUSE THE PROBLEM!
THIS IS A WIN WIN. NOBODY IN CONGRESS WILL VOTE AGAINST THIS BEFORE AN ELECTION. THEY'D BE INSANE. WHY SHOULD I HAVE TO PAY FOR SOMEONE ELSE'S STUPIDITY OR SELF INFLATED SENSE OF ENTITLEMENT? MY HOUSE LOST VALUE JUST LIKE THEIRS DID….ONLY I DIDN'T DO ANYTHING STUPID TO CAUSE IT.
Sorebird, if I understand your former posts, you are in favor of MY electricity provider and by exten-
sion the possibility of Gov't having the ability to control MY thermostat, inside MY house, is that correct?
"I like to say liberals are socialists even though I don't really know what that means."
Noun: SOCIALISM
1. A political theory advocating state ownership of industry.
2. An economic system based on state ownership of capital.
Now you know!
You must be logged in to post a comment.