Bush to Bail Out Sub-Prime Lenders

by **Cid_Yama** » Fri 31 Aug 2007, 07:30:41

<b>Bush to Bail Out Sub-Prime Lenders</b>

While claiming to bail-out low-income borrowers, Bush's plan to extend Government Guaranteed Loans to borrowers who cannot pay their mortgage is, in actuality, a bail-out of the lenders, who will receive payment for their bad loans while enslaving ... er, indebting mortgage borrowers to the federal government. And where does the money for this bail-out of the Ponzi scamming bastards come from? Right out of the taxpayers pocket.

http://cid-yama.livejournal.com/31436.html

by **firestarter** » Fri 31 Aug 2007, 08:05:15

Like pissing on a forest fire.

This will help the stock market...temporarily. However, when it's all said and done the market will see it for what it is: symbolism over substance. At any rate, these measures, impotent as they are, really are designed to help the lending institutions and not J6P.

Question: How does this make housing more affordable?
Answer: It doesn't!

by **Prince** » Fri 31 Aug 2007, 09:04:58

I saw this too and can't believe this is even being considered. The poor will benefit, as will the flipper and speculator assholes that perpetuated this mess in the first place. The common man and middle class will get screwed...hard. I wonder how this will pan out, though. There is no way to bail out this industry for this much money without having some repercussions months or years down the road. As firestarter said, this might keep the market from crashing temporarily, but then what happens.

Of course this is another form of welfare--corporate welfare, something Bush knows very well. And to think there are those out there that still think think this idiot isn't "liberal" enough. Ha!

by **TommyJefferson** » Fri 31 Aug 2007, 09:37:43

National Socialism sucks.

Is anyone surprised that a system of organized redistribution of wealth by force results in unfairness?

Yet, every day on this forum I see hundreds of calls for more of it.

Amazing.

by **NEOPO** » Fri 31 Aug 2007, 09:53:37

Proposals aimed at helping those with risky mortgages keep their homes

$this->bbcode_second_pass_quote('', 'W')ASHINGTON - Offering federal help for strapped mortgage holders, President Bush is proposing to aid hundreds of thousands of borrowers hard hit by the housing slump.

The president on Friday was to talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, a senior administration official said Thursday. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.

by **NEOPO** » Fri 31 Aug 2007, 09:59:31

$this->bbcode_second_pass_quote('TommyJefferson', 'N')ational Socialism sucks.

Is anyone surprised that a system of organized redistribution of wealth by force results in unfairness?

Yet, every day on this forum I see hundreds of calls for more of it.

Amazing.

by **Cid_Yama** » Fri 31 Aug 2007, 10:07:54

Nice try Mr. NEOCon,

Not the same post, and from an incredibly different spin. - No Thank You for a Merge. Unless you want this one to replace yours.

by **FireJack** » Fri 31 Aug 2007, 10:14:57

So their not going to get the money they need to pay for the homes, just not get kicked out? Will people be forced to claim bankruptcy but still able to keep the house? Detail details.

by **Cid_Yama** » Fri 31 Aug 2007, 10:15:06

<b>Bush to Bail Out Sub-Prime Lenders</b>

While claiming to bail-out low-income borrowers, Bush's plan to extend Government Guaranteed Loans to borrowers who cannot pay their mortgage is, in actuality, a bail-out of the lenders, who will receive payment for their bad loans while enslaving ... er, indebting mortgage borrowers to the federal government. And where does the money for this bail-out of the Ponzi scamming bastards come from? Right out of the taxpayers pocket.

http://cid-yama.livejournal.com/31436.html

by **NEOPO** » Fri 31 Aug 2007, 10:15:45

I am the farthest thing from a neocon yet you are young here and thus I will not cut off your head and stick it on a pike... this time.

Same story different spin.
Shameless self promotion does not float that well around here yet that is another thing you will learn shortly.

Additionally a merge and which post trumps which is completely up to the Mod's.

by **NEOPO** » Fri 31 Aug 2007, 10:17:55

At least you are able to accept advice

Yeah, its ugly and yeah it is just another way to move the money away from the people and into the pockets of the lenders eh hm the elite.

by **NEOPO** » Fri 31 Aug 2007, 10:20:50

I hear 50-100 year refinancing in the wind.

I am sure we will get the details soon enough yet once the sheeple understand exactly what they are it will be so far up their tail's they won't be able to pull them out! :-D

by **Cid_Yama** » Fri 31 Aug 2007, 10:25:01

Thank you for the suggestion to post it in the Americas Section. Sorry I called you a NeoCon. Not shameless self-promotion, on OilDrum, Leanan prefers we post an exerpt and a link, which is what I did here. Can't help it if I was the one that wrote the editorial.

by **jasonraymondson** » Fri 31 Aug 2007, 10:25:56

This will end up helping raise Bush in the polls. (The average american dumb dumb will think this is a good thing) Just in time for another false flag attack

by **Cynus** » Fri 31 Aug 2007, 10:31:44

Anger, anger, anger... OK, Cynus, keep it together, finish the post. Sure you sat on the sidelines saving up for your 20% deposit, sure you wouldn't take out an interest only ARM knowing what a timebomb they were, sure you remained debt free, and, OK, now the government is going to use your tax dollars to bail out the flippers, and the Wall Street scumbags who made all the money on a mountain of fraud, but just finish the post and then push all that rage into a little white hot star in your heart and save it for special occasions.

by **vision-master** » Fri 31 Aug 2007, 10:41:40

Yahoo! Time to refi for that new SUV. The good times are back!

by **mattduke** » Fri 31 Aug 2007, 10:50:04

$this->bbcode_second_pass_quote('Cynus', 'A')nger, anger, anger... OK, Cynus, keep it together, finish the post. Sure you sat on the sidelines saving up for your 20% deposit, sure you wouldn't take out an interest only ARM knowing what a timebomb they were, sure you remained debt free, and, OK, now the government is going to use your tax dollars to bail out the flippers, and the Wall Street scumbags who made all the money on a mountain of fraud, but just finish the post and then push all that rage into a little white hot star in your heart and save it for special occasions.

by **mmasters** » Fri 31 Aug 2007, 11:02:40

Many of us suspected this. See if the bank has a 500,000 dollar bad loan they have to write off they have to dig into their cash reserves to cover the cost, it's a big loss. However if the government authorizes bail out loans, then these bad loans can keep getting serviced and stay on the books. And that's part of the big game, make a huge loan that can never be repaid and then loan more money so the original loan can keep being serviced, and so on... This is how the IMF operates. It's a pure slavery scheme. And most people don't understand it because they think the loan money is coming from the pockets of the bank (whereas the money costs nothing to the bank and is actually being created for the purpose of the loan -- reference the thread I made about a month or so ago diagramming the money creation process through loans). So the IMF loans countries into complete submission to the point in some cases where most the countries GDP has to go towards servicing the original IMF loans. Of course there's no way the loans could ever get paid off. The country basically becomes OWNED by this process.

{3 threads merged into one - Bas }

by **TommyJefferson** » Fri 31 Aug 2007, 11:29:35

$this->bbcode_second_pass_quote('NEOPO', 'i')f the wealth was redistributed into the hands of the middle and poor class perhaps it would work yet that is most definately NOT what has occurred in the past nor what is occurring now.

by **vision-master** » Fri 31 Aug 2007, 11:40:45

No, it goes to military................

$this->bbcode_second_pass_quote('', 'T')he figures are federal funds, which do not include trust funds — such as Social Security — that are raised and spent separately from income taxes. What you pay (or don’t pay) by April 17, 2007, goes to the federal funds portion of the budget. The government practice of combining trust and federal funds began during the Vietnam War, thus making the human needs portion of the budget seem larger and the military portion smaller.