Ryan Gill ([info]montieth) wrote,
@ 2008-09-27 23:57:00
Previous Entry  Add to memories!  Tell a Friend!  Next Entry
[info]johnbutler posted this over on his blog. I think he was expecting more discussion. Perhaps we can get some here.

Pretty much the definitive work (so far as I've seen) on how the mortgage market was utterly fouled up.



Between the last post I made and this, I'm a bit more than slightly angry that the 3 page bill for the Mortgage bialout has transformed to a 47 page bill and now, last I've heard, over a 100 page bill. Apparently groups like ACORN are going to get 20% of the funds that are paid BACK to the federal government from the bailout. Those funds need to go back to the budget and need to be used to pay down the debt.

(Post a new comment)


[info]notgruntled
2008-09-28 07:05 am UTC (link)
Well, it was bound to get more complicated than "SecTreas will do what he likes and answer to no one."

(Reply to this) (Thread)

[info]montieth
2008-09-28 07:42 am UTC (link)
Yeah, I was unhappy with section 8 and section 10 of that original text. I'm just utterly dismayed that they're tacking loads of crap onto that bill. I need to call Hank Johnson's office and bitch someone out.

(Reply to this) (Parent)

[info]johnbutler
2008-09-28 01:34 pm UTC (link)
I'm curious to know what really happens if this bill never passes, and no one does anything. Do we all get fired and the electricity shuts off? Should I buy duct tape?

(Reply to this) (Thread)

[info]aquaknot
2008-09-28 01:46 pm UTC (link)
My preferred bill is to give money to individuals and banks smart enough NOT to get stuck in this mess, so we can buy the distressed REAL assets from the people greedy and dumb enough to get involved.

(Reply to this) (Parent)(Thread)

[info]montieth
2008-09-28 06:41 pm UTC (link)
Replace Give with Loan and I'm right there with you.

(Reply to this) (Parent)

[info]montieth
2008-09-28 06:40 pm UTC (link)
The economy slows down because financial institutions have no funds to loan and a lot of people loose heir houses and a number of companies go under. I do think that the market forces which say you should NOT take out loans you cannot afford to pay back OR have defaulted on should be kept in place.

The people who took out the loans for 'free money' need some pain. Lots of it. Just as much as the institutions that handed out the loans AND the congress members who passed and pushed CRA in it's current incarnation.

(Reply to this) (Parent)

[info]aquaknot
2008-09-28 01:44 pm UTC (link)
There's a slight bit of discussion in my LJ, I also posted it yesterday.

(Reply to this)


[info]mattcaron
2008-10-01 10:27 pm UTC (link)
Looks like it got pulled...

(Reply to this)

Create an Account
Forgot your login or password?
Login w/ OpenID
English • Español • Deutsch • Русский…