When the uber rich mortgage bankers make bad loans why should innocent taxpayers pay for the deceit and greed?
Mortgage Bankers of America started this with adjustable rate mortgages. Another ponzi scheme where the small time suckers get left holding the bag. It started around 1984. This collosal bailout will only delay the inevitable. Obama has more links with this than does McCain. Beware. Dallas school district announced emergency situation today. Teachers will be laid off, nurses will be laid off. Without credit to meet payrolls, millions and millions will get laid off. They you can call it a Depression. Awesome unemployment is the next step after the banks close or shrink. Credits lines freeze up and business shut the doors. They cannot make the payroll. The U.S. Congress sat on their hands and did nothing. Now they will all vote for a bailout but they really do not understand what the hell they are doing. Those suckers were in on this bank robbery and looked the other way. Welcome to Hell compliments of the U.S. Congress.
The congress should do the honorable thing. The most common form of seppuku or “hari kari” for men was composed of the cutting of the abdomen, and when the samurai was finished, he stretched out his neck for an assistant to decapitate him. Since the main point of the act was to restore or protect one’s honor.
There is no right answer, deregulation and cheap money were the root causes. Yes it was a ponzi scheme, but the entire concept of capitalism is essentially based on the ponzi paradigm.
This happened to the savings and loans in the late 80′s, there was an 18 month recession then new ponzi schemes were discovered and the cycle began again.
Need help with small loan … there has to be someone out there who will help.?
Hi, i have just about given up. this is a last resort. after a bad relationship wich included fraud, I am left with bad credit. and because of illness i haven’t been able to work. so i started my own graphic design business to try and make some sort of income. Now I need to buy a new comp. as my old one but the dust. I need 4k, but could maybe make do with less. I fear I will lose everything if i can’t get help. so if there is possibly someone out there with a sympathetic and generous soul that can lend me the money. wich i will sign a contract as for repayment. or even point me in the right direction. keep in mind i am self employed and getting loans are super hard. Thanks for listening!
Hi…I suggest you visit Prosper.com. It is an online people to people lending community which is getting very good reviews from bloggers and reputable publications. Check out this site to know more about what publications like Newsweek, Reader’s Digest and Businessweek are saying about Prosper- http://prosper.com/public/about/media_news.aspx
In a frantic meeting w/ economist has Nancy Pelosi reached the conclusion that Obama’s stimulus plan failed?
Top White House economist Christina Romer of UC Berkeley told Congress on Thursday that employment growth could remain “painfully weak” through next year, and that the largest effect from the $787 billion stimulus enacted in February, mainly aid to states, is past. By mid-2010, she said, the stimulus will no longer contribute to growth.
Alarms are ringing at the White House and in Congress. But with a mind-boggling $1.4 trillion deficit this year, Democrats have used up their bullets. The word stimulus has such a bad connotation that the term has been banished from new efforts to goose the economy and help workers, such as extending unemployment benefits, sending $250 checks to seniors and a program the White House announced to help small businesses get loans.
House Speaker Nancy Pelosi, D-San Francisco, and top House Democrats met for four hours with economists Wednesday, amid criticism from the left that the stimulus was poorly targeted on jobs. Calls have mounted for a tax credit to hire workers, much like one tried three decades ago during the Carter administration, but there is little appetite in Congress or the administration for more stimulus spending.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/25/MNMR1A9PMQ.DTL&tsp=1#ixzz0UzpHN4Th
It didnt fail.The economy is getting better.
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