Bailout Idea

H

husker rob

New member
Instead of giving the Wall Street geniusses $700 billion, give each of the 300 million americans $2400 and change and let us spend it for what ever.

if you are behind in your mortgage then that money goes to the banks to get the mortgage back to current

 
husker rob said:
Instead of giving the Wall Street geniusses $700 billion, give each of the 300 million americans $2400 and change and let us spend it for what ever.

if you are behind in your mortgage then that money goes to the banks to get the mortgage back to current
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can't argue with that. buying out thousands of homes back will not fix the issue IMO.

 
How about the American Lottery Ticket?

You get to play for a dollar and say the lottery is 200 million. Half goes to the bailout and half goes to the winner...

I think Americans should get in the range of ten to fifteen thousand dollars each and if you're married that is doubled, plus say five thousand for each dependant in your household. If want to stimulate the economy, they need to give some real money in stead of the $1200. Say someone owes back mortgage of $2,500 take that out of what they owe and they still get a substantial amount. If I got $15,000 I'd get myself out of Credit Debt and still have more left over to do something good with it.

 
I See Red People said:
husker rob said:
Instead of giving the Wall Street geniusses $700 billion, give each of the 300 million americans $2400 and change and let us spend it for what ever.

if you are behind in your mortgage then that money goes to the banks to get the mortgage back to current
Click to expand...
can't argue with that. buying out thousands of homes back will not fix the issue IMO.
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What he said and yea, you can argue with it :)

That might bring people up to date on their mortgage for the next few months, but they aren't going to just start magically paying their mortgage on time after that. There is a reason they are behind. THEY CAN'T AFFORD IT.

There is no easy way out of this. Giving people $2400 dollars means that the sales of flat screen TV's will go up, but that's about it. Banks will continue to fail.

WAMU is probably next. Wachovia could be after that.

 
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i didnt buy a house that i couldnt afford. my bank didnt give me a loan with an ARM, without checking on my ability to pay, or checking if even had a job.

bailing out people who dont pay their mortgage, while the next door neighbor who has been paying on time every time makes me sick.

just another reason to be on welfare instead of working hard for what you want.

 
Wasnt it Venezuelas president that called G W the devil??

IMO he wasnt far off. The next president had better be the right choice or we are in trouble.

 
At least we still have Husker football on Sat. GBR!!!!!

...and speaking of TV sales. I have my eye on this "60 LG 1080p LCD!! Bad a$$ I say!! Might need to mortage a new home to fit it though, anybody know Paulson's #, I might need a bailout!!

 
How many homeowners(payers) in the USA. Give each one 1mil so the Gov't is spending less than 700B and all the mortgages should(key word) be paid off and plenty left to stimulate the economy. Sounds kinda commie don't it. The 700B bailout sounds pretty elitist to me. My math skills sux :)

EDIT: For those of you I need a FACETIOUS emoticon pls. :bang

 
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husker rob said:
i didnt buy a house that i couldnt afford. my bank didnt give me a loan with an ARM, without checking on my ability to pay, or checking if even had a job.

bailing out people who dont pay their mortgage, while the next door neighbor who has been paying on time every time makes me sick.

just another reason to be on welfare instead of working hard for what you want.
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The thing is, those people aren't being "bailed out" It's not like Joe Blow will be able to live in his house he doesn't pay for because of the bail out. If he doesn't pay on his mortgage, it will go into foreclosure and he will have to move back into his favorite apartment complex or his parents basement.

Bad mortgages were packaged into securities that were insured so they got a high rating. Thus big banks and other institutions bought em up. When the sh1t hit the fan, these banks had and have HUGE write downs,start hemorrhaging money, etc.

The real problem, IMO, is that the system failed. The lending system, the securities rating system, all of it. This kind of garbage should not even be possible. The biggest fraud, IMO is the packaging of these mortgage and getting them a good rating when really, they were and are dogsh1t.

 
Have the government give everyone $2400 using our own taxpayer money...I see. Wealth redistribution, eh? ;)

How many homeowners(payers) in the USA. Give each one 1mil so the Gov't is spending less than 700B and all the mortgages should(key word) be paid off and plenty left to stimulate the economy. Sounds kinda commie don't it. The 700B bailout sounds pretty elitist to me. My math skills sux smile.gif
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Yes, it does. It's not free market in the slightest. But what we have going so far is really, really going down the tubes. It makes no sense to dismiss ideas based on ideology or 'what they're called.'

Wouldn't we all like to get money for ourselves. But we also really take for granted the um, "sound" fundamentals of our financial institution that we rather depend on. Those fundamentals are failing, and need to be fixed. Giving the consumers more money isn't going to do a thing.

 
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DaveH said:
husker rob said:
i didnt buy a house that i couldnt afford. my bank didnt give me a loan with an ARM, without checking on my ability to pay, or checking if even had a job.

bailing out people who dont pay their mortgage, while the next door neighbor who has been paying on time every time makes me sick.

just another reason to be on welfare instead of working hard for what you want.
Click to expand...
The thing is, those people aren't being "bailed out" It's not like Joe Blow will be able to live in his house he doesn't pay for because of the bail out. If he doesn't pay on his mortgage, it will go into foreclosure and he will have to move back into his favorite apartment complex or his parents basement.

Bad mortgages were packaged into securities that were insured so they got a high rating. Thus big banks and other institutions bought em up. When the sh1t hit the fan, these banks had and have HUGE write downs,start hemorrhaging money, etc.

The real problem, IMO, is that the system failed. The lending system, the securities rating system, all of it. This kind of garbage should not even be possible. The biggest fraud, IMO is the packaging of these mortgage and getting them a good rating when really, they were and are dogsh1t.
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That is exactly correct. I recently took my Series 7(stock broker's licensing exam) and learned all about how these securities were packaged and how this all works. This is all happening because there was a fundamental problem with the system and the way that it was run. Lending money to people that can't pay it back, selling the bad mortgages to folks with a guarantee of a principle and interest. sh#t hits proverbial fan, oh crap, we can't pay you debtholders because we actually sold you a box of rotten lettuce instead of AA mortgage backed securities. Sorry. This is just snowballing into the sh#t storm we are seeing today and culminating into the WaMu collapse(this will not be the last major bank to fail), Lehman Brothers and the demise of the Reserve. If the government does not pass this, we may have a new definition of what depression is. This could and may get much, much worse.

 
The rich have been soooo greedy that it is comming full circle. And now everyone is paying for it. And you're right this could get much worse. We certainly haven't seen the bottom of this outhouse. We will need to pass a "bailout" ,or whatever you want to call it, that is not a complete right winged or total left wing plan. A happy medium would be best but we'll see.

 
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