Monday, September 29, 2008

Stock market plunges 777 points. Sign of the purity of God? Record one day loss! Quick Summary.

94% of people who have a mortgage in the USA have not defaulted. And yet taxpayers are being asked to bail bad house loan debts that were created by bad management practices. Why aren't CEO's of these companies held criminally accountable? Remember Savings and loan crisis fiasco? What ever happened to that $136,000,000 tax payer bailout? Oh, how often history repeats itself.

Please give your quick summation and solution.

Check out Stryper. They used the number 7 symbolically for God a few times.

11 comments:

Greg said...

It seems to soon to sum this up. It's not done happening yet. Hopefully, it's mostly politics, but we won't know the effect of anything 'til it "trickles down" to us.

Anonymous said...

its not just the CEO's. its the people who couldent afford to buy but did anyway, its your local lenders and mogage brokers, its clinton in 1999 pressing banks to increase minority homeownership therby lowering loan requirments to sub prime, its bush's administration for lack of oversight, its congress, but most of all its the ignoragance of the voeting public for sending these clowns back to office over and over and over. Just look at our state. We all are polorized and mostley single issue voters, weather it the environment, abortion, union,business or whatever.In this satae we pass billion dollar bonds year in and year out beecause we the fover are to stupid to understand what we are doing.Look who the hell was the head of the state budget comittee a couple years ago, a career polititian who has never held a real job in his life, none other than our own wess chesborough. We are not doing any better with Berg and wiggout either,n all big spenders who just spend spend spend. Just in case you thing i am picking on dems, look at bush, one of the biggest spenders in history, but in california, you cant escape the fact that the dems have the state sewed up and are in charge, and will continue until we redistrict. then bottom line is, vote however you feel you must on social issues, but for christ sake, demand
fiscal conservatism. there is so much bloat in both the federal and state government that it's sickening.It amy be time for a revolution or we risk becoming a second rate country even sooner than the 50 to a hundred years i was thinking just a short while back

Anonymous said...

its not just the CEO's. its the people who couldent afford to buy but did anyway, its your local lenders and mogage brokers, its clinton in 1999 pressing banks to increase minority homeownership therby lowering loan requirments to sub prime, its bush's administration for lack of oversight, its congress, but most of all its the ignoragance of the voeting public for sending these clowns back to office over and over and over. Just look at our state. We all are polorized and mostley single issue voters, weather it the environment, abortion, union,business or whatever.In this satae we pass billion dollar bonds year in and year out beecause we the fover are to stupid to understand what we are doing.Look who the hell was the head of the state budget comittee a couple years ago, a career polititian who has never held a real job in his life, none other than our own wess chesborough. We are not doing any better with Berg and wiggout either,n all big spenders who just spend spend spend. Just in case you thing i am picking on dems, look at bush, one of the biggest spenders in history, but in california, you cant escape the fact that the dems have the state sewed up and are in charge, and will continue until we redistrict. then bottom line is, vote however you feel you must on social issues, but for christ sake, demand
fiscal conservatism. there is so much bloat in both the federal and state government that it's sickening.It amy be time for a revolution or we risk becoming a second rate country even sooner than the 50 to a hundred years i was thinking just a short while back

Rose said...

Sign of the purity of God?

ARE YOU JOKING?

Try a sign of the impurity of man. Or, more especially, the impurity of Congress and PARTISAN ANIMALS.

Worthless culls.

No purity involved here. It is a cesspool.

Rose said...

If they don't fix it fast, greg - without EARMARKS - it'll trickle down to you real fast - what's your house worth if no one can get a mortgage? A hundred grand? A precipitous plummet.

This is insane, with the people who caused the problem in charge of the solution, and precious Pelosi unable to wait til she had an agreement to go out and gloat and spout her partisan Boxer-like BS, with her teeth glittering.

Ignorant worthless snakes. Purity of God? Unreal.

Anonymous said...

Bail out the homeowners. Then take over (nationalize) any vital financial institution or other business that can't survive on its own. Non-vital businesses should sink or swim.

Anonymous said...

How about laying some blame on the borrowers that signed up for those loans? The economist from HSU might have been right when he said that real estate values might drop as much as 40%. And we all know that the stock market has been overvalued for years. Time to pay the piper.

Carson Park Ranger said...

Not surprising that Rose finds no fault with Republicans in the current crisis.

Anonymous said...

Rose Welsh wants to marry Henry Paulson, so that she can get her greedy little paws on his massive fortune, thanks to Goldman Sachs and now the American taxpayers.

Anonymous said...

"its clinton in 1999 pressing banks to increase minority homeownership therby lowering loan requirments to sub prime"

Racist Republican talking point.

Not A Native said...

First of all, the money isn't "lost", it is very definitely in someone's hands. What has been lost is the value of the "mortgage paper", which is in other people's hands.

Fundamentally, house sellers got excess money above and beyond the fair value of their homes and now the buyers aren't now able/willing to pay the excess money.

So in my mind, the most honest thing would be for the people who got the loan money to give the excess back to the people who now have the "mortgage paper". And the mortgage amounts will then be reduced and the interest rate adjusted as if it was just issued.

The current homeowners will have to pay back only the fair value of their house and would have a much better chance to avoid forclosure due to high payments. Of course getting the right amount of money back from each individual house seller isn't practical so another method will be needed to effectively does the same thing.

What has also happened in this country is that the inequality of wealth has increased tremendously at the exact same time these mortgages were made. I believe there's a connection. Much of the mortgage money has ended up in the hands of a few people who thereby increased their wealth relative to the rest.

So, what I conclude is that the people who are now much more relatively wealthy have benefitted from the incorrect lending and should now be taxed on their newly gotten wealth in order to pay back some of that "mortgage paper".

Now the Government bailout plan does half of that, it pays back some of the mortgage paper, but it doesn't get any money back from the people who got it.

So, I propose a "windfall wealth" tax for individuals and their heirs and corporations whose wealth accelerated relative to the median during the last 7 years or so, when the housing bubble started.

Add that tax to the bailout bill that Paulson proposed and the financial markets would be stablized, ill gotten gains would be justly returned, and trust in the fairness of the financial system would be established.

Of course it can't be completely fair since these loans weren't the source of all new wealth. So I think some public money should be used too so most everyone has to contribute to unwinding the bad loans that the entire nation was at least partly responsible for.