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I think the banks are reasonable. Since credit cards ask for 18% interest, it would be fair for us to expect 18% too. I am sure our representatives are fighting for these measly returns for us.
I'm actually glad you didn't take the time to explain yourself and therefore further the conversation. That would have been nonsencical... (wait, can that spelling be right?)
How does this make less sense than the the proposed bail-outs, I ask you? It's very obviously a pie in the sky scenario, but might be money better spent than allowing a bunch of rich white guys to cover their own arses whilst hoping we still buy in to that trickle down nonsense .
I remind you that the former CEO of Fannie created those bundled securities that have poisoned the system . . . and then he bailed out w/ $90 Million dollars. And he is not a rich white guy. He is now a very very rich black guy.
MSNBC is not known for any bias towards the GOP, LOL, so you should find this article quite enlightening. You will notice that Bush and McCain DID try to address this crisis early on - but it seems the media (including MSNBC) are no longer willing to admit that. I find that really odd.
We just went through all of this around 25 years ago, only then it was called the S&L Crisis. (Anyone here old enough to remember that?) I hear tell that our swaggering politicians of the day went out and created a super entity that saved the economy from utter destruction. It was called, in the typical Teddy Roosevelt fashion of the day, The Resolution Trust Corporation (RTC). Has a nice ring to it, don't it?
The RTC stepped in and nationalized the mortgage assets of the failed S&Ls, covered the deposits with taxpayer money, and then went on about the business of collecting mortgage payments and remarketing the ton of paper. You see, just like today, most of the mortgages and mortgage backed securities were still performing assets. That means that grateful property owners were still trying to send their checks somewhere every month. Over time, the taxpayer made back all that money that had been spent to cover the pup of the original S&L deposit holders, and even made money as they transitioned all those mortgage income assets back into the private sector at a tidy profit.
OK, here's where I'm going with this.
I wonder where all the CEOs of all those failed S&Ls are now. How many of them kept working in the industry? How many of them are still CEOs? How many are still CEOs in the financial industry? And, did their experience during the S&L Crisis help them to avoid it or milk it this time around?
The Fed is already printing money like there's no tomorrow.
Interest rates should be soaring on account there is such a credit crunch.
Businesses that borrow money to meet payroll should not be in business.
Sorry, I'm not getting on the FEAR Express because I've seen this administration lie too many times before.
This has nothing to do with the "administration" it has to do with economics.
When did the Fed start printing money half-arsedly? It has not. At least not to the point that I was speaking of.
Businesses that RELY on getting PAID for their services absolutely need to borrow money when their debtors don't ante up on time to make payroll. Do you hear "business" and think of the huge corps that have millions sitting around in slush funds? Think about your septic tank dude, your local plumbing company? You obviously have no clue about how small businesses run.
If the people who rent my properties can't afford to make the rent...where should I go to pay the mortgage on the properties? My IRA? My kids college funds? My personal savings or checking accounts? Hell no - I keep a HELOC. I won't touch my personal/family money to pay the mortgages until I get paid.
But if you had no assets of know value ;you don't get the loans unless its a signuture loan and that is limited by your income and rating. If your assets include property that is uposide down;the mortage is behind and the loan is more than the value of the asset would you loan moany on it. No investors or banks will but now the governamnt wants to. Besides these are the same p[eole who Obama and the democrats called crooks ;how they want to give them money for assets that can't be valued.Give me a break.Obam needs to make up his mind if they are crooks or peole you want to guive money to for the fruits of the crimes he was talki9ng about.
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