There's nothing that this man can say for some Americans to accept him as President. This is where my vote will be going and God help us if he fails.
Pissed On Politics has a great post on how some of this came to be and he links it to Predatory Lenders
The Bush administration did nothing to protect consumers from, Predatory lending, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.
"state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets."
"In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.
Now we are faced with a $700 billion bailout of mortgage lenders. Financial Institutions that will find a way around the Mortgage Back Security with our very own Government furnishing said security, with no ideal about how. In other words they will be hiring the same people that got us in this mess to govern these mortgage and securities.
This is what they call a tentative clearance for the Main Street? Please. This will only make matters worse for Main Street. With 535 members of both House and Senate, I am sure they could have come up with something better than this.
Good bye $350 billion dollars from the start with Secretary of the Treasury Henry Paulson, former companies getting a great share of this money from the start.
I have a great House for sale before it loses any value:
"state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets."
"In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.
Now we are faced with a $700 billion bailout of mortgage lenders. Financial Institutions that will find a way around the Mortgage Back Security with our very own Government furnishing said security, with no ideal about how. In other words they will be hiring the same people that got us in this mess to govern these mortgage and securities.
This is what they call a tentative clearance for the Main Street? Please. This will only make matters worse for Main Street. With 535 members of both House and Senate, I am sure they could have come up with something better than this.
Good bye $350 billion dollars from the start with Secretary of the Treasury Henry Paulson, former companies getting a great share of this money from the start.
I have a great House for sale before it loses any value:
For Sale seven bedroom, four bathroom, theater room, game room, three car garage, and fully finished basement. I've got to get out of this mess, because that's what coming.
Where is America, what say you?
Where is America, what say you?
21 comments:
Seven bedroom?
You never told us you were circus folk.
Got gas? I was in Conyers yesterday and only saw one station that had gasoline - and they had to call the police because of trouble.
Of course our Republican Governor has hightailed it to Europe to hide during this crisis,
No circus 1138, but I am sure thinking about moving into a smaller house that I rent out and really save for what seems to be a mess blowing our way.
I was just talking about where I might be able to find gas 1138, it has really gotten badly here.
I was at the VA the other day and could not find a drop.
What is going on?
Gov Purdue is just a wreck waiting to happen. I have rental property that hits me hard on property tax and this jerk is talking about taxing twice this year.
Hey, that's cool. Thanks.
I actually saw the Kentucky idiot-sandwich video yesterday. Now, I'm surrounded by people who think like me; it's natural. So it's a reality hit when I see these people who can, and will vote. Unless...
Unless we somehow contact Howie Mandel... What if he had a Deal or No Deal marathon all day on Election Day? Republicans won't leave the house to vote as long as that show is on!
No, Thank you OM, for letting me use the photo.
Let's hope there is a Howie Mandel marathon all day on November 4th.
Beautiful house.
Is that you on the left side of the picture?
The bailout of Wall Street criminals is beyond belief. Paulson seems to have snatched the $700 billion dollar from thin air -- he's yet to explain how he arrived at it and no one in Congress has asked either.
The national debt ceiling now stands at $11.3 trillion. This staggering sum will never be paid back and servicing the interest on this debt just keeps gobbling up a bigger and bigger chunk of the budget.
Eventually, this house of cards is going to crumble.
If we let this election slip out of our hands we will face four long miserable years. Not sure I still have it in me to deal with that. Hope just goes so far.
Christopher, thanks, that's some know it all looking around as if he knew what was going on. I was ready to close in two weeks and the House was build from the ground up.
The American debt of $11.3 trillion will be put on our grand kids, well that depends on whom we elect as President anyway.
I feel the same pissed off patricia, but if McCain is elected, this will have an affect much longer than four years.
Hey LT, don't let it get to you, and don't invest any of that money you get in Derivatives, that's the next market to fold, I'm told. That sh*t has yet to hit the fan, and will apparently be worse than the housing market.. If there's any market left to be worse in!
Seriously, be happy, no matter what.. buy some land, grow some veggies, make friends with your neighbours, somehow we will all get through this one..
Community is always what we need to be putting our energy into in times like these.
I am this morning contacting my broker to tell her to put all my $'s into cash though. I don't suppose I am helping the market by doing that, but 'oh well'.
Hi Chandira, it's so nice to see you visit Let's Talk.
I really loved what you did during the prayer vigil at the Adidam house.
At this point I've got to look at what is going on with this economy, I just do not think our tax dollars should bailout anyone accept Main Street.
Far too long the middle class has suffered under the rich and even our government.
"Where is America?" I think we're close to where we were in the late 1920s. I've heard that if Franklin Roosevelt (or somebody with similar views) hadn't gotten elected when he did, there would have been an armed populist revolution in this country.
And I think that's where we are now. People are desperate, and they're pissed.
I agree Tom, I just wonder where we are headed next.
I think that whatever happens, we are going to be faced with a long transition period in which the way our financial institutions do business will change. It will change the way we all do business. What I hope for is that our path keeps people and their needs in mind. I hope for a solution that won't cripple us with huge tax bills, that will allow those of us with retirements building to keep our retirement money, which will still allow our country to pursue causes such as universal health care and keeping many of our country's social program, and which will not allow the shareholders and CEOs to escape their problems via the backs of the American people.
Whoever broke it, I think they should be the ones to fix it. And I don't think it was people like you and me who broke it.
where is your house located? Luckily, I am kind of on the other end of things and was able to buy a nice house that I didn't think that I could ever afford. I'm only 23 though. Anyway, you can check out all of the pictures of it on my blog.
I agree Snave, you ever broke it should fix and not with the tax payers money.
Hi Jay Urban I guess you will have to let me know just where those pictures are.
My Home is located in a small town called Conyers, Georgia.
Wow - good luck on selling your house - it's a beaut! Luckily, we sold ours at the end of last year - whew!
Candace, I'm not really trying to sellb the House, but if times get as bad as I think they will, I just may have to sell.
Taxing twice?
email me
I too have a second smaller house I'm trying to sell (first option) or rent in the Conyers Covington area.
I need for you to give me your address again 1138 I cannot seem to find it.
Yes our Governor has been talking about taxing us twice. I just might get out of the renting business and sell because there is just too much taxes charged for an area in which I do not live. Don't get me wrong on this, but I pay more property tax for my rented property than I do for my Home that I live in. There is no exemptions with rental property.
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