New Govt. Financial Dictator
In the Bloomberg News Historian John Steele Gordon, talking about Henry Paulson’s plan to ask Congress for free-reigning powers to buy $700 billion in bad mortgage investments from U.S. financial companies said: “It sounds like Paulson is asking to be a financial dictator, for a limited period of time.”
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Dummies should have made sure they could afford houses before buying them. Lenders should have been more analytical is choosing borrowers who really had the capacity to repay loans at whatever the maximum interest rate could be after any teaser rate ended. Fools–all of the players in this drama are fools.
San Diego Realtor
The perfect storm of a complete financial collapse is a couple months away. Be ready for a wild ride!
San Diego Attorney at Law
Thanks for this information. There have been a number of published studies or reports that there are expected to be more foreclosures in 2009 because of the high number of “exploding type” loans set to go off next year. So predicting exactly when this phase will slow down or come to an end is, therefore, very difficult. We have had a number of students advise they have loans which will “explode” in 2009 and 2010 (it hurts to see this, as most of these folks could have avoided these types of financing deals had they only bothered to learn something about real estate before diving into it without the knowledge they’d most likely have picked up in any good Real Estate Principles course.
Eye Surgeon
Congress this week is scheduled to discuss an unprecedented $700 billion plan, submitted by the Bush administration, to use taxpayer money to buy up a mountain of bad debt. No one knows whether this will be enough and most Americans doubt that Washington leaders will be able to solve the crisis, according to a Zogby poll taken after the plan was announced. The survey, of likely voters in November’s elections, said 83% wanted those responsible for the practices that led to the crisis to be held criminally responsible. That’s not part of the plan. San Diego Real Estate Investment Group
If this Paulson plan goes through, in its current state, expect hyperinflationary times around the corner not to mention stratospheric taxes or perhaps just plain old default of the US government.
San Diego Clinical Trials Doctor
While you were sleeping the cockroaches were busy about their work, rummaging through the US Constitution, and putting the finishing touches on a scheme to assert absolute power over the nation’s financial markets and the country’s economic future. Houston Legal Services
Section 8 of the Paulson Bailout Plan: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. San Diego Plastic Surgeon
I have heard the Bush Administration tell us how “robust†our economy was and how strong the “fundamentals†were. That was until a few days ago. Now, we are being told that if Congress does not act immediately and approve the $700 billion Wall Street bailout proposal these “free marketers†have just written up, there will be an unprecedented economic meltdown in the United States and an unraveling of the global economy. San Diego Downtown Real Estate Specialist
It is interesting to watch how Paulsen’s rhetoric changed from this quote: July 12th, 2007 “This is far and away the strongest global economy I’ve seen in my business lifetime.” CNN. San Diego Family Dentists
In an article on FinancialSense.com on September 9, Daniel Amerman maintains that the government’s takeover of Fannie Mae and Freddie Mac was not actually a bailout of the mortgage giants. It was a bailout of the financial derivatives industry, which was faced with a $1.4 trillion “event of default†that could have bankrupted Wall Street and much of the rest of the financial world. To explain the enormous risk involved, Amerman posits a scenario in which the mortgage giants are not bailed out by the government. Ft Lauderdale Bail Bondsman