Obama: Financial bailout must help homeowners, too

Just wait, after christmas the foreclosures will start again, retailers manufactures will close in record numbers, credit card limits will be reduced and credit card accounts will be closed by the banks.

Who will buy the 20 million vacant homes in America? As unemployment rises and baby boomers looking for retirement selling assets, who will buy?

Treasury to halt housing slide? Just let the stock & housing markets correct, use free market principles, if not this financial mess will get worse and finally cause the United States to go belly up and the end of America.

Liberals are just going down the list. Whos next to get a tax payer and national debt supported bailout? Is there no point where America stands up and takes responsibility and says no matter how difficult no more, we have to deal with our mistakes. Did none of your parents ever tell you to take responsibility for yourselves?

If we are going to just keep bailing everyone and everything out then lets just pick a wealthy nation we like and ask them to let us go ahead and become part of their country before be are so weak that we are just taken over. Maybe they, if America picks an economically strong country, they will put economic controls on us since we can't seem to do it for ourselves.

yona wrote:

Liberals are just going down the list. Whos next to get a tax payer and national debt supported bailout? Is there no point where America stands up and takes responsibility and says no matter how difficult no more, we have to deal with our mistakes. Did none of your parents ever tell you to take responsibility for yourselves?
If we are going to just keep bailing everyone and everything out then lets just pick a wealthy nation we like and ask them to let us go ahead and become part of their country before be are so weak that we are just taken over. Maybe they, if America picks an economically strong country, they will put economic controls on us since we can't seem to do it for ourselves.

Did you forget Bush and Paulson came up with this crap and as an added bonus, no oversight.

Death and Taxes wrote:

<quoted text>Did you forget Bush and Paulson came up with this crap and as an added bonus, no oversight.

I don't dispute the rogue Bush set this in motion. It is the ongoing expansion championed by the left to which I am refering.

Home owning turned into a shell game and some gambled and lost.
I'm involved in construction, or was.(Looks like we're going belly-up). For two years we worked almost around the clock--grade, layout, and infrastructure. Then the criminal migrants would descend like ants--foundation workers, framers, roofers, plumbers, drywall, finish, painters. 25 year old buyers, right out of school buying to "flip".
It worked at first...the developer borrowed the money, built it, flipped to a real estate group, who had borrowed, arranged loans, banks sold loans to F/F, kid flips, back in the game $25,000 richer, and the game goes on and bigger next round. We were building $300,000 condos and $400,000 houses in sub divisions. Many times people were moving in before we were finished. Money seemed to be the least concern.
Towards the end, when units weren't being sold and stood vacant; we still worked like we did at the peek. We asked a real estate rep once what was going to happen now the market had been glutted and everybody was gambling on being able to "flip"?
"Ain't nothing going to happen. The government ain't going let everybody go broke with the election and all."
Guess he was right!

yona wrote:

<quoted text>
I don't dispute the rogue Bush set this in motion. It is the ongoing expansion championed by the left to which I am refering.

Man you are stupid! The left and right are responsible for this mess, especially the Bush family which added more debt under their watch than all other presidents in U.S. history combined. When Reagan/Bush team took office in 1980 the U.S. debt was $950 billion, today the debt is over $10 trillion. If that ain't expansion I don't know what is....

The right wanted no rules in the mortgage banking business, the "wild west" approach. Wanted dead or alive.

Congress is poised to pop $7 trillion right now with new hands being stuck out from every direction. Obama hasn't even gotten into office yet. He's promised $800 billion and when we get to health care, we're looking at $1.2 trillion minimum.
We could easily double the national debt in less than one year.

so much for free market capitalism. Let's just have Washington wipe every failing business's azz. That is not how it is supposed to work. History shows that, often, failure paved the way for future success because entrepreneurs and inventors learned what they were doing wrong and corrected it.

I saw where a Texas Congressman proposed doing away with all federal withholding from paychecks for a couple of months - income tax, FICA, etc. The total is about the same as the govt's proposed 'stimulus' check. The difference, however, is that people would actually see how much of their money is already confiscated by govt. Of course, govt doesn't want that; control people's money and you can control their behavior.

Who took the money? Friends of Bush, the Bush administration, the Paulsons, the Joshua Boltons, Paulson's Undersecretary, all Goldman Sachs executives. Then there are the 18,000 hiding wealth from the IRS in Phil Gramm's Swiss Bank, more in the National Bank of Lischtenstein, the Cayman Islands, Bermuda, the same places Romney hid his profits while raiding corporations and destroying jobs.

Congress passed the bailout and passes the federal budget every year. Basic accounting is not hard to understand. The ignorant sloths (aka congress) keep sticking it to us while the sheeple keep voting them in, good job sheeple.

Bailout mania wrote:

<quoted text>
Man you are stupid! The left and right are responsible for this mess, especially the Bush family which added more debt under their watch than all other presidents in U.S. history combined. When Reagan/Bush team took office in 1980 the U.S. debt was $950 billion, today the debt is over $10 trillion. If that ain't expansion I don't know what is....
The right wanted no rules in the mortgage banking business, the "wild west" approach. Wanted dead or alive.

FYI the mortgage crisis started in 1992 when under Clinton the Democrat Congress passed legislation ordering Fannie and Freddie to take on increasing numbers of high risk mortgages to artificially boost the housing market and the economy. Worked till 2006 but the fault was Clintons.

Another example of Clinton economics was the internet and tech boom in the late 90s. His people milked it through lax lending and removing yet more regulations from Wall street. It crashed in 2001 but was still thanks to Clinton.

Its only you and the ignorant that blindly follow the Democrat order that refuse to acknowledge that Clinton played fast and loose to prop up his legecy. Now Obama is bringing all those hucksters back and what do you think will happen. Lies and artificial fixes that last just so long as no one breaths wrong.

Anyone want to buy some Dutch tulips?

A friend of mine with Maximondo Modification Consultant Corp.of chicago, Illinois 7735888776(exponent of do it yourself loan modification application at $169.00) told me that lender are very tough and no compassion dealing with the homeowner. Why the government will pay the mortgage servicer at $1,000 per file? You already bailout the big baks. How about the third part small modification company. Most mortgage and real estate broker,agent,owners lost their business because of no business and somehow they suffered financial hardships also?.These people had families also to support. Who helped them? nobody.

You should also pay the third party private modification company and encourage the lenders to intensify and cooperate. Mostly they do not and they give too much problem to the homeowner..Credit rating and foreclosue must be suspened for a while. The government should intensify the loan modifciatin and have the third party modification company be paid by the lenders.

Jennifer wrote:

A friend of mine with Maximondo Modification Consultant Corp.of chicago, Illinois (exponent of do it yourself loan modification application at $169.00) told me that lender are very tough and no compassion dealing with the homeowner. Why the government will pay the mortgage servicer at $1,000 per file? You already bailout the big baks. How about the third part small modification company. Most mortgage and real estate broker,agent,owners lost their business because of no business and somehow they suffered financial hardships also?.These people had families also to support. Who helped them? nobody.
You should also pay the third party private modification company and encourage the lenders to intensify and cooperate. Mostly they do not and they give too much problem to the homeowner..Credit rating and foreclosue must be suspened for a while. The government should intensify the loan modifciatin and have the third party modification company be paid by the lenders.

You realize if the government puts even as little as a 3 month moritorium on forclosures that the result will be more banks and mortgage companies needing bailouts for the lost revenue they needed to pay their overhead.
Your suggestion, for all it was worth, should have been that the government go into unlimited debt and allow the dollar to lose all its value. They could pay off all home loans of any size nationwide and protect all homeowners. In essense that is the logical projection of your government interference in private commerce.
If a person for whatever reason can not pay their mortgage that is sad. I've been there, have you? The bank has every right to protect what, lets face it, is their property. Until a mortgage is paid in full technically the bank owns the property, why do you people seem to keep forgetting that? The homeowner can try to sell and move into either an apartment or smaller home. I understand mobile homes are very nice. If they can't pay or sell then to quit the home is the only option and bite the bullit on the credit issue. Move on and find somewhere else to live.
Contrary to popular belief jobs are plentiful. I called a dozen different fast food joints and all were hiring staff and managers. Sitel is hiring as always, due to stress and turn over. If you really need a job you will not quit and will be thankful till you find something better. Area middle of the road restaurants from American to German to Mexican are all hiring for several possitions. Work is out there if a person is willing to do it. The ACT really should have gotten off their azzes and done a real story on the job market rather than phoning in a bleak outlook and giving the whiners a furhter excuse to fail.

Yona is right, minimum wage, part-time employment is out there, "if a person is willing to do it"! The "good" jobs have been eliminated by Repugs, shipped overseas for more corporate profits and to get out from under paying taxes. They don't even want to pay taxes that they should/have to pay, follow the Romney policy of establishing "secret" accounts, offices in the Cayman Islands or Bermuda, where their only office is a Post Office Box. One of Romney's was "PO Box 908GT, Grand Cayman", slick corporate raider, that Mitt Romney! Yona, where are the good paying jobs in Asheville? The jobs that pay more than minimum or waiter/waitress wages, the jobs with benefits and retirement programs? The average Shift Manager at McDonald's makes less than $20,000 per year. How many of those jobs are available in Asheville? Very few. How does one pay a mortgage, buy a car, send kids to college, pay medical bills, etc. on $20 Grand per year? Thanks Repugs for destroying the Middle Class in America, you are getting your "Elite Society" of the Rich and the Poor that will do the menial jobs for you in your Gated communities. "Jobs are plentiful", according to Yona!

Ghost Dog wrote:

Yona is right, minimum wage, part-time employment is out there, "if a person is willing to do it"! The "good" jobs have been eliminated by Repugs, shipped overseas for more corporate profits and to get out from under paying taxes. They don't even want to pay taxes that they should/have to pay, follow the Romney policy of establishing "secret" accounts, offices in the Cayman Islands or Bermuda, where their only office is a Post Office Box. One of Romney's was "PO Box 908GT, Grand Cayman", slick corporate raider, that Mitt Romney! Yona, where are the good paying jobs in Asheville? The jobs that pay more than minimum or waiter/waitress wages, the jobs with benefits and retirement programs? The average Shift Manager at McDonald's makes less than $20,000 per year. How many of those jobs are available in Asheville? Very few. How does one pay a mortgage, buy a car, send kids to college, pay medical bills, etc. on $20 Grand per year? Thanks Repugs for destroying the Middle Class in America, you are getting your "Elite Society" of the Rich and the Poor that will do the menial jobs for you in your Gated communities. "Jobs are plentiful", according to Yona!

Thanks for validating my point. Jobs are out there and though they may not be your or my dream job. If you have bills and are not one of those entitlement whiners, then go out and take the work that is there.

Clinton passed and signed NAFTA which allowed our jobs to move overseas penalty free. Clinton gave China permanent most favored nation status which along with excessive taxes on American made goods allow China to under cut us.

Finally the Democrat controlled city and county government that refuse to court industry other than tourism in the area. No tax incentives or building waivers to entice manufactoring little as it is back to the area. I have to ask if Greenville and Chattanoga could get major foreign automobile manufactorers then why can't Asheville. Answer the far left liberal local government that is all about taxing, supporting the leaches, and fuzzy green projects. Want to blame the loss of jobs on someone, there they are.

Oh and before some butt sniffer like GD makes some ignorant comment back at me. According to my friend that I am currently working for. Business in his industry is so bad he wants us all to take the rest of the year off and there may not be anything to come back to. Come January smug jerks like ignorant GD may find me flipping his burger because I would rather work honestly a minimum wage than sit on my azz and expect the government to take care of me.

Recent studies showed that if the middle class is shrinking, it is because the mobility is upward. The lower class has remained static. Also keep in mind that dog lives off a gov. pension, has run two or three businesses, invested in the stock market and was bragging summer before last about buying "hotrod(s) from his investment profits. So he must be in the upper class, according to him. Also keep in mind that until the housing market glutted out, the US was in an unprecedented boom time with the highest sustained growth and stock market return in our history.
Over speculation, risk, and intransigence have caused this collapse plus replacing the lower paying jobs with government subsidized criminal labor. Menial jobs remain low paying because criminal migrants, 30 million of them, keep the wages low.