Bush Drops Opposition to Housing Bill

[drunkle]

this doesn’t seem like it’s going to save the housing market. more likely, it’s to save the agency bond market. and the cush jobs of the connected gse execs.

underwriting standards have gone up so the gse’s still can’t buy crap mortgages. the 625 cap sounds impressive, but with strong underwriting, who can afford that? buying and backing mortgages up to 15% above median will help the banks who wrote and cannot sell mbs, but 15% won’t cover the some 30% loss already taken. and selling the stuff will cause write downs that were previously avoided.

the hit to taxpayers to save the bond market, the money markets, the ib’s and cb’s should make certain folks happy. forcing the middle and lower income people share in the burden of bailing out the upper echelons.

personally, this bailout has made my decision for president for me; obama. at least his tax plan puts the burden of the bailouts back on the shoulders of where it belongs.

[Anonymous]

I am a fool.

In 2006, I was certain that the housing market would crash, spectacularly. So, I did what I thought was the prudent thing: I sold my house (I had taken a lower paying job), pocketed my gains, and decided that I would buy a house again in a few years when their prices fell to sane levels, as I was sure they would.

I invested my money in a money market account. Which is now earning a measly 2.75 percent interest — thanks to the Fed’s interest rate cuts (all done to save Wall Street, not Main Street).

And now the U.S. government is bailing out the speculative lenders and borrowers who created this mess — all in an attempt to shore up the “housing market,” as if bolstering a bubble was the responsibility of taxpayers. As if keeping people in houses they cannot afford is my responsibility as a taxpayer.

So, while I predicted this spectacular crash, I was the greater fool than those who bought ARMs and speculated that housing prices would keep rising and rising forever. I was the greater fool because I failed to realize that politicians would, OF COURSE, intervene — too late and in the worst way — in an attempt to mitigate the spectacular implosion of the bubble. I don’t know what effect that the government’s intervention will do for housing prices, but I’m sure of one thing: taxpayers like myself are now financing the speculators who fed this bubble. And I’m outraged.

[Anonymous]

I am a fool.

In 2006, I was certain that the housing market would crash, spectacularly. So, I did what I thought was the prudent thing: I sold my house (I had taken a lower paying job), pocketed my gains, and decided that I would buy a house again in a few years when their prices fell to sane levels, as I was sure they would.

I invested my money in a money market account. Which is now earning a measly 2.75 percent interest — thanks to the Fed’s interest rate cuts (all done to save Wall Street, not Main Street).

And now the U.S. government is bailing out the speculative lenders and borrowers who created this mess — all in an attempt to shore up the “housing market,” as if bolstering a bubble was the responsibility of taxpayers. As if keeping people in houses they cannot afford is my responsibility as a taxpayer.

So, while I predicted this spectacular crash, I was the greater fool than those who bought ARMs and speculated that housing prices would keep rising and rising forever. I was the greater fool because I failed to realize that politicians would, OF COURSE, intervene — too late and in the worst way — in an attempt to mitigate the spectacular implosion of the bubble. I don’t know what effect that the government’s intervention will do for housing prices, but I’m sure of one thing: taxpayers like myself are now financing the speculators who fed this bubble. And I’m outraged.

[Anonymous]

I am a fool.

In 2006, I was certain that the housing market would crash, spectacularly. So, I did what I thought was the prudent thing: I sold my house (I had taken a lower paying job), pocketed my gains, and decided that I would buy a house again in a few years when their prices fell to sane levels, as I was sure they would.

I invested my money in a money market account. Which is now earning a measly 2.75 percent interest — thanks to the Fed’s interest rate cuts (all done to save Wall Street, not Main Street).

And now the U.S. government is bailing out the speculative lenders and borrowers who created this mess — all in an attempt to shore up the “housing market,” as if bolstering a bubble was the responsibility of taxpayers. As if keeping people in houses they cannot afford is my responsibility as a taxpayer.

So, while I predicted this spectacular crash, I was the greater fool than those who bought ARMs and speculated that housing prices would keep rising and rising forever. I was the greater fool because I failed to realize that politicians would, OF COURSE, intervene — too late and in the worst way — in an attempt to mitigate the spectacular implosion of the bubble. I don’t know what effect that the government’s intervention will do for housing prices, but I’m sure of one thing: taxpayers like myself are now financing the speculators who fed this bubble. And I’m outraged.

[Anonymous]

I am a fool.

In 2006, I was certain that the housing market would crash, spectacularly. So, I did what I thought was the prudent thing: I sold my house (I had taken a lower paying job), pocketed my gains, and decided that I would buy a house again in a few years when their prices fell to sane levels, as I was sure they would.

I invested my money in a money market account. Which is now earning a measly 2.75 percent interest — thanks to the Fed’s interest rate cuts (all done to save Wall Street, not Main Street).

And now the U.S. government is bailing out the speculative lenders and borrowers who created this mess — all in an attempt to shore up the “housing market,” as if bolstering a bubble was the responsibility of taxpayers. As if keeping people in houses they cannot afford is my responsibility as a taxpayer.

So, while I predicted this spectacular crash, I was the greater fool than those who bought ARMs and speculated that housing prices would keep rising and rising forever. I was the greater fool because I failed to realize that politicians would, OF COURSE, intervene — too late and in the worst way — in an attempt to mitigate the spectacular implosion of the bubble. I don’t know what effect that the government’s intervention will do for housing prices, but I’m sure of one thing: taxpayers like myself are now financing the speculators who fed this bubble. And I’m outraged.

[Anonymous]

I am a fool.

In 2006, I was certain that the housing market would crash, spectacularly. So, I did what I thought was the prudent thing: I sold my house (I had taken a lower paying job), pocketed my gains, and decided that I would buy a house again in a few years when their prices fell to sane levels, as I was sure they would.

I invested my money in a money market account. Which is now earning a measly 2.75 percent interest — thanks to the Fed’s interest rate cuts (all done to save Wall Street, not Main Street).

And now the U.S. government is bailing out the speculative lenders and borrowers who created this mess — all in an attempt to shore up the “housing market,” as if bolstering a bubble was the responsibility of taxpayers. As if keeping people in houses they cannot afford is my responsibility as a taxpayer.

So, while I predicted this spectacular crash, I was the greater fool than those who bought ARMs and speculated that housing prices would keep rising and rising forever. I was the greater fool because I failed to realize that politicians would, OF COURSE, intervene — too late and in the worst way — in an attempt to mitigate the spectacular implosion of the bubble. I don’t know what effect that the government’s intervention will do for housing prices, but I’m sure of one thing: taxpayers like myself are now financing the speculators who fed this bubble. And I’m outraged.

[PadreBrian]

[img_assist|nid=8358|title=who pays|desc=|link=node|align=left|width=100|height=69]

[PadreBrian]

[img_assist|nid=8358|title=who pays|desc=|link=node|align=left|width=100|height=69]

[PadreBrian]

[img_assist|nid=8358|title=who pays|desc=|link=node|align=left|width=100|height=69]

[PadreBrian]

[img_assist|nid=8358|title=who pays|desc=|link=node|align=left|width=100|height=69]

[PadreBrian]

[img_assist|nid=8358|title=who pays|desc=|link=node|align=left|width=100|height=69]

[cr]

[quote=PadreBrian]LOL! Don’t be so naive. Those congressmen aren’t paid by you, they are paid by lobbyists! They also don’t care where your money goes, whether it be Iraq…or fraudulent home loans, whatever. They are paid by wall-street to look the other way.

Bush is caving for the very same reasons. [/quote]

Right. So what, we should all look the other way too?

If not, then short of posting comics what do you suggest? And actually the taxes from your paycheck pay their salaries.

[cr]

[quote=PadreBrian]LOL! Don’t be so naive. Those congressmen aren’t paid by you, they are paid by lobbyists! They also don’t care where your money goes, whether it be Iraq…or fraudulent home loans, whatever. They are paid by wall-street to look the other way.

Bush is caving for the very same reasons. [/quote]

Right. So what, we should all look the other way too?

If not, then short of posting comics what do you suggest? And actually the taxes from your paycheck pay their salaries.

[cr]

[quote=PadreBrian]LOL! Don’t be so naive. Those congressmen aren’t paid by you, they are paid by lobbyists! They also don’t care where your money goes, whether it be Iraq…or fraudulent home loans, whatever. They are paid by wall-street to look the other way.

Bush is caving for the very same reasons. [/quote]

Right. So what, we should all look the other way too?

If not, then short of posting comics what do you suggest? And actually the taxes from your paycheck pay their salaries.

[cr]

[quote=PadreBrian]LOL! Don’t be so naive. Those congressmen aren’t paid by you, they are paid by lobbyists! They also don’t care where your money goes, whether it be Iraq…or fraudulent home loans, whatever. They are paid by wall-street to look the other way.

Bush is caving for the very same reasons. [/quote]

Right. So what, we should all look the other way too?

If not, then short of posting comics what do you suggest? And actually the taxes from your paycheck pay their salaries.

[Author]

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