Strider Posted February 11, 2009 Share Posted February 11, 2009 What would I do with $7,000? Go to Vegas and turn that $7,000 to $7,000,000 hahaha. Link to comment Share on other sites More sharing options...
TypeO Posted February 11, 2009 Author Share Posted February 11, 2009 It's being reported that the White House is removing tax cuts that were added in the Senate in order to pass. WHAT.THE.FUCK. Add something to get an agreement, then remove it after they sign off on it? Bait and switch, anyone? Link to comment Share on other sites More sharing options...
Dzldoc Posted February 12, 2009 Share Posted February 12, 2009 This is a repost but thought it was worth the reminder since we have a short memory. How the housing market went into the shitter. So when we hear about "Hope and Change" and Unicorns and Rainbows and Sprinkles of Fairy Dust in our hair, Remember who is in charge "Now" SHOT IN THE FANNIE MAE The History of a Financial Disaster 1997 Fannie Mae is a GSE (Govt. Sponsored Entity) regulated by Congress. Fannie Mae buys mortgages from other companies. It is backed by the taxpayers for all losses, but keeps all profits. President Clinton loosens Home Loan Requirements. 1998 Banks begin making thousands of bad loans,0 down, no documentation, for 120%! (1998 – 2008). Executives at Fannie receive huge bonuses if loan targets are met. Franklin Raines and Jamie Garelick from the Clinton Administration are appointed to run Fannie Mae. 2003 President Bush proposes a new oversight committee to clean up Fannie Mae, but Democrats derail the effort. Rep. Melvyn Watt, (D-NC) Committee on Financial Institutions & Consumer Credit. stated, "I don't see much other than weakening the bargaining power poorer families to get affordable housing." 1999 - 2004 Raines earns $100 million in bonuses. Garelick earns $75 million in bonuses. In 2004, Enron collapses, congress investigates, Executives Skilling & Lay go to jail, for fraudulent bookkeeping. Congress responds with the Sorbanes- Oxley Act, more heavy regulation of corporations. 2004 An OMB investigation finds massive fraudulent bookkeeping at Fannie Mae. False numbers triggered executive bonuses every year. Congress holds no hearings, no one goes to jail, or is punished. WHY NOT? 1999 -2005 Fannie Mae gives millions to Democratic causes, examples: Jesse Jackson & ACORN. Fannie Mae pays millions to 354 congressmen and senators, from both parties. Who got the most money? Top 4 Recipients #1 Sen. Christopher Dodd, (D-CT) Chairman of the Banking, Housing, & Urban Affairs Committee #2 Sen. Barack Obama, (D-IL) Federal Financial Management Committee #3 Sen. Chuck Schumer, (D-NY) Chairman of the Finance Committee #4 Rep. Barney Frank, (D-MA) Chairman of the House Financial Services Committe 2005 Franklin Raines & top execs are forced to resign from Fannie Mae. They do not go to jail. There is no media "perp. walk." They keeps all of their bonuses They finally pay $31.4 million in civil fines. 2005 The Federal Housing Enterprise Regulatory Reform Act is sponsored by: #325 Sen. John McCain, (R-AZ) Armed Services, & Commerce, Science, & Transportation "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole." 2005 None of the top 4 recipients support the legislation. The reform act is blocked by Democrats, never even making it out of committee. None of the politicians return any of the money, tainted by fraud. 2008 Fannie Mae & Freddie Mac go bankrupt and the govt. takes them over completely. Lehman Brothers, goes bankrupt from investing in bad mortgages. AIG get $85 million in loan guarantees, after insuring bad loans & projects. Taxpayers will ultimately pay BILLIONS. 2008 Franklin Raines is now an advisor to the Obama Campaign which wants the govt. to take over more of the economy. Did government involvement in the mortgage market work out? How will even MORE government involvement make it better? Do you want to be Sweden? McCain favors revising regulations & loan standards, selling off Fannie & Freddie. SOURCES Congressional Record, 5/25/06 "Hannity & Colmes," Fox News, 9/16- 9/17/08 Herald Tribune, 4/18/08 New York Times, 9/13/03 www. govtrack.com, 9/17/08 Prof. Dennis Jantz, 2008 Link to comment Share on other sites More sharing options...
bigstickbonzo Posted February 12, 2009 Share Posted February 12, 2009 Yay dumb, rich people. Link to comment Share on other sites More sharing options...
JethroTull Posted February 12, 2009 Share Posted February 12, 2009 My advice for what it's worth..... 1. Keep dollar cost averaging into your 401K/403B or whatever plan your employer offers. One day the stock market will turn around and it will skyrocket. 2. NEVER put a dollar into a timeshare. NEVER! Link to comment Share on other sites More sharing options...
electricmage Posted February 12, 2009 Share Posted February 12, 2009 ok, but I'm saying that gopvernment authored-subprime lending in one of the biggest reasons we're in this housing crisis. You said they don't force subprime lending. I disagree, the legislation in place makes it hard for banks to turn someone away based on plain risk. I found this on Wikipedia. http://en.wikipedia.org/wiki/Subprime_mortgage_crisis Link to comment Share on other sites More sharing options...
wanna be drummer Posted February 12, 2009 Share Posted February 12, 2009 I found this on Wikipedia. http://en.wikipedia.org/wiki/Subprime_mortgage_crisis And...? Would you like a cookie? Link to comment Share on other sites More sharing options...
Dzldoc Posted February 12, 2009 Share Posted February 12, 2009 Wikpedia Link to comment Share on other sites More sharing options...
wanna be drummer Posted February 12, 2009 Share Posted February 12, 2009 Wikpedia Not gonna lie, I do love the website Link to comment Share on other sites More sharing options...
zepyep Posted February 13, 2009 Share Posted February 13, 2009 Hi all,hi wbd, No, Kevin you're not listening. I'm not saying the customer was forced to take the loan, I'm saying that the government forced banks to give out sub-prime loans. Banks will not give out high-risk, low-reward lending as they have been doing, unless the government told them they do...which it did under Clinton. What? So what did the banks do?March down the street,knock on doors and say,what? So who signed on the bottom line?And who did not read/nor understand that? Fannie maybe and Fred?Those are not banks,boyo. One point to be made,if one forced them to do so,why did they?E-f***ing gad! ]Once again, the banks were forced to give out sub-prime loans. That's the problem I have. I'm not talking about the customers, I'm talking about the BANKS The customers,who could not repay the loan is the main problem.Now who is paying for it?You are,..... You ever get a letter for a credit card?Read the fine print.Can't afford it?Right in the trash. Yes,I'll agree,those geniuses in DC,knew what they were doing,......fail. KB Link to comment Share on other sites More sharing options...
THE FIRST LEDZEP Posted February 13, 2009 Share Posted February 13, 2009 How much pork can you find in the following? Tax credits of $500 per worker and $1,000 per couple over the next two years $20 billion tax cut for small business $400 million for global warming research $50 million for the National Endowment of Arts $335 million for sexually transmitted disease prevention $650 million for digital conversion coupons $81 billion for Medicaid $20 billion for food stamps $30 billion for Cobra insurance extensions $4.1 billion for neighborhood activist groups like ACORN $83 billion for the earned income credit to give tax refunds to people who don’t pay income tax $6 billion to subsidize university building projects $7 billion to modernize federal buildings $2 billion for child-care subsidies $2.4 billion for carbon-capture demonstration projects $600 million for new government cars $150 million for the Smithsonian $54 billion for Economic Development Office and Small Business Administration programs $25 million for new ATV trails $30 billion for infrastructure $40 billion for broadband and electric grid development, airports, and clean water projects $8 billion for renewable energy $36 billion for expanded unemployment benefits $1.1 billion for Amtrak $8.4 billion for public transit $5.5 billion for surface transportation $87 million for a single icebreaker ship to be used in the Arctic $150 million for honey bee insurance $20 million for fish barriers Link to comment Share on other sites More sharing options...
The Rover Posted February 13, 2009 Share Posted February 13, 2009 It's reported that some are suggesting a good stimulus would be to to forgive all Stdent Loan Debt for those making under 150,000. I, instead would prefer all credit card debt forgiven. That would be one great stimulus..... And becuse we know the nature of human nature.... Many would soon have those cards charge right back up ! A Huge Win-Win for the Banks!! Link to comment Share on other sites More sharing options...
silvermedalist Posted September 28, 2010 Share Posted September 28, 2010 I bought a townhouse in November and closed on the last day, in a panic. Then the annoucement was out and on CNN money that the tax credit would be extended. We finally got ours and have it put away for in case we need a furnace or roof. Both will be necessary at some point down the road. It is not easy in this day and age to find money to just go traveling with. My wife has a friend, who just got whacked on a purchase offer, outbid, but she manages to go all over the world on the dime of a rich relative. All the breaks for some. Link to comment Share on other sites More sharing options...
Virginia Posted September 28, 2010 Share Posted September 28, 2010 Put it away for college tuition next year. Link to comment Share on other sites More sharing options...
silvermedalist Posted September 28, 2010 Share Posted September 28, 2010 Put it away for college tuition next year. Well, I have a degree and am never going back. My oldest graduated from Syracuse. My youngest is out and at a community college and her job pays part of it. There are still Pell and TAP awards. Not what they once were but enough to pay for a two year college. I only know the situation in NY Link to comment Share on other sites More sharing options...
Virginia Posted September 28, 2010 Share Posted September 28, 2010 Well, I have a degree and am never going back. My oldest graduated from Syracuse. My youngest is out and at a community college and her job pays part of it. There are still Pell and TAP awards. Not what they once were but enough to pay for a two year college. I only know the situation in NY My oldest graduates from HS this year and is looking at in-state public schools. I have another in HS (9th) and a 4th grader. Getting ready to start on the FAFSA paperwork, I've been procrastinating as long as possible... Eventually I would like to return for a Master's degree. Link to comment Share on other sites More sharing options...
redrum Posted September 28, 2010 Share Posted September 28, 2010 What socialism hath wrought. (gets boring after a couple minutes) Obama, Al Sharpton and Jesse Jackson will keep the people trapped here as long as they placate them with welfare and 'stimulus' checks. [http://www.youtube.com/watch?v=e7s3EP26Cnk Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.