Lets check in with our congress shall we?

[SD Realtor]

Let’s see what is on the agenda this week…

http://biz.yahoo.com/ap/080224/housing_crisis_congress.html

“A bill likely to be debated on the Senate floor Tuesday includes a proposed revision to the U.S. bankruptcy code that would allow judges to cut interest rates and reduce what’s owed on troubled borrowers’ mortgages.”

“This week we have an opportunity to pass a housing bill that will help the economy recover, help American families stay in their homes and change the law so this never happens again,” said Sen. Richard Durbin of Illinois, the Senate’s second-ranking Democrat and author of the proposal to ease bankruptcy rules.

Way to go Dickie baby!

…”The Mortgage Bankers Association, which is lobbying against the measure, said it would end up hurting many more borrowers in the long run by requiring “higher interest rates and larger down payments to offset the risk” of bankruptcy court intervention on behalf of some homeowners”

You think?

****

“Also included in the Senate legislation is a measure mandating $200 million for foreclosure-prevention counseling services”

Chump change…just put it on my tax bill please.

****

“Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, has proposed the creation of a federal corporation, funded with as much as $20 billion, to buy distressed mortgages and help struggling homeowners refinance into affordable loans.”

Well it wouldn’t be a party without Dodd and his buddy Schumer now would it…

Another 20B… no problem man.. charge it dude!

****

Well that is just dandy…another week, another couple of billion bucks… no sweat man.

Instead of all these threads where we all sit around discussing how low the market will go, maybe we can all start a pool for how much money our government will waste on helping foolhearted buyers, and/or bailing out lenders/banks…

[Deal Hunter]

What they are all missing is the fundamentals of capitalism. Consumption drives the captialisitic economy. So, some sort of debt cancellation HAS to happen. Whether it is a borrower bail out like the one being proposed above or a bank bail out like the one BofA is requesting, money freed up from debt will go back into hands of consumers to be put toward consumption and thereby reanimating the stagnant economy.

As unglam and undesireable a bail out sounds to us all, one cannot ignore the fundamentals of the American economy and that 70% of it is driven by consumption. So, as much as we want to teach foolish buyers and greedy banks a lesson, we can’t properly do it without scrapping capitalism.

It’s horrible, but like war, debt cancellation is great for business.

[Deal Hunter]

What they are all missing is the fundamentals of capitalism. Consumption drives the captialisitic economy. So, some sort of debt cancellation HAS to happen. Whether it is a borrower bail out like the one being proposed above or a bank bail out like the one BofA is requesting, money freed up from debt will go back into hands of consumers to be put toward consumption and thereby reanimating the stagnant economy.

As unglam and undesireable a bail out sounds to us all, one cannot ignore the fundamentals of the American economy and that 70% of it is driven by consumption. So, as much as we want to teach foolish buyers and greedy banks a lesson, we can’t properly do it without scrapping capitalism.

It’s horrible, but like war, debt cancellation is great for business.

[Deal Hunter]

What they are all missing is the fundamentals of capitalism. Consumption drives the captialisitic economy. So, some sort of debt cancellation HAS to happen. Whether it is a borrower bail out like the one being proposed above or a bank bail out like the one BofA is requesting, money freed up from debt will go back into hands of consumers to be put toward consumption and thereby reanimating the stagnant economy.

As unglam and undesireable a bail out sounds to us all, one cannot ignore the fundamentals of the American economy and that 70% of it is driven by consumption. So, as much as we want to teach foolish buyers and greedy banks a lesson, we can’t properly do it without scrapping capitalism.

It’s horrible, but like war, debt cancellation is great for business.

[Deal Hunter]

What they are all missing is the fundamentals of capitalism. Consumption drives the captialisitic economy. So, some sort of debt cancellation HAS to happen. Whether it is a borrower bail out like the one being proposed above or a bank bail out like the one BofA is requesting, money freed up from debt will go back into hands of consumers to be put toward consumption and thereby reanimating the stagnant economy.

As unglam and undesireable a bail out sounds to us all, one cannot ignore the fundamentals of the American economy and that 70% of it is driven by consumption. So, as much as we want to teach foolish buyers and greedy banks a lesson, we can’t properly do it without scrapping capitalism.

It’s horrible, but like war, debt cancellation is great for business.

[Deal Hunter]

What they are all missing is the fundamentals of capitalism. Consumption drives the captialisitic economy. So, some sort of debt cancellation HAS to happen. Whether it is a borrower bail out like the one being proposed above or a bank bail out like the one BofA is requesting, money freed up from debt will go back into hands of consumers to be put toward consumption and thereby reanimating the stagnant economy.

As unglam and undesireable a bail out sounds to us all, one cannot ignore the fundamentals of the American economy and that 70% of it is driven by consumption. So, as much as we want to teach foolish buyers and greedy banks a lesson, we can’t properly do it without scrapping capitalism.

It’s horrible, but like war, debt cancellation is great for business.

[patientrenter]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we’ve seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it’s 1968 all over again, before everyone realized fully how much Johnson’s war and Great Society cost, and what that would do. The 1970’s were a lousy time to be responsible.

Patient renter in OC

[patientrenter]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we’ve seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it’s 1968 all over again, before everyone realized fully how much Johnson’s war and Great Society cost, and what that would do. The 1970’s were a lousy time to be responsible.

Patient renter in OC

[patientrenter]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we’ve seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it’s 1968 all over again, before everyone realized fully how much Johnson’s war and Great Society cost, and what that would do. The 1970’s were a lousy time to be responsible.

Patient renter in OC

[patientrenter]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we’ve seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it’s 1968 all over again, before everyone realized fully how much Johnson’s war and Great Society cost, and what that would do. The 1970’s were a lousy time to be responsible.

Patient renter in OC

[patientrenter]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we’ve seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it’s 1968 all over again, before everyone realized fully how much Johnson’s war and Great Society cost, and what that would do. The 1970’s were a lousy time to be responsible.

Patient renter in OC

[Coronita]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we've seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it's 1968 all over again, before everyone realized fully how much Johnson's war and Great Society cost, and what that would do. The 1970's were a lousy time to be responsible.

 

Goddamit…That does it. I'm going to get my $350+ digital camera instead of the cheaper $250 one. There. I'm contributing to the GDP.

You think I can still open up a Heloc to finance this?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

 

[Coronita]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we've seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it's 1968 all over again, before everyone realized fully how much Johnson's war and Great Society cost, and what that would do. The 1970's were a lousy time to be responsible.

 

Goddamit…That does it. I'm going to get my $350+ digital camera instead of the cheaper $250 one. There. I'm contributing to the GDP.

You think I can still open up a Heloc to finance this?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

 

[Coronita]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we've seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it's 1968 all over again, before everyone realized fully how much Johnson's war and Great Society cost, and what that would do. The 1970's were a lousy time to be responsible.

 

Goddamit…That does it. I'm going to get my $350+ digital camera instead of the cheaper $250 one. There. I'm contributing to the GDP.

You think I can still open up a Heloc to finance this?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

 

[Coronita]

SDR, I think that the amount of wealth transfer to existing homeowners (through forgiven debt) will be close to that $1 trillion amount we've seen bandied about, but the pain will be split between taxpayers (=govt) and bond investors. Bond investors will be made to pay their part with some defaults, but mostly higher future inflation. Non-homeowning taxpayers who save are going to get…. a really bad deal.

I feel like it's 1968 all over again, before everyone realized fully how much Johnson's war and Great Society cost, and what that would do. The 1970's were a lousy time to be responsible.

 

Goddamit…That does it. I'm going to get my $350+ digital camera instead of the cheaper $250 one. There. I'm contributing to the GDP.

You think I can still open up a Heloc to finance this?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

 

[Author]

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