America's North Shore Journal » Entries tagged with "financial bailout"
Opposing the Bailout
The bailout uses your money. From your pocket. Do you really want to spend your money? Do you really want the Federal Government to take your money and spend it however they wish? Here are some of the others opposing the financial bailout. Michelle Malkin Phone calls to congressional offices continue to show overwhelming public opposition to the massive, unprecedented government giveaway. Nevertheless, GOP House Minority Leader John Boehner and the House Republican leadership have thrown in the towel. Make room for them on the couch with Gingrich and Pelosi. Boehner called the deal a “crap sandwich,†but told House Republicans he’ll vote for it. Are you going to swallow this crap? Is your congressional representative? No Wall Street Bailout The $700 billion bailout figure is as much money as the combined annual budgets of … Read entire article »
Filed under: American Economy, Other Bloggers
Emergency Economic Stabilization Act of 2008
Here is a link to the Financial bailout agreement. It is in PDF form. It is a long and complex document but a very quick scan reveals some issues for the American taxpayer. Emergency Economic Stabilization Act of 2008 Lots of bad options were taken out. Still: The government would have the authority to buy troubled assets from foreign banks and governments. The government, in certain circumstances, is authorized to pay more for the troubled asset than its current owner paid. A substantial bureaucracy to administer and inspect these programs is authorized. While the government is urged to mitigate foreclosures by interest rate changes and / or the forgiveness of principal, foreclosure is not ruled out. The government is authorized to begin buys before creating any policies, procedures or regulations concerning such activities. Fire Congress! Previous in series … Read entire article »
Filed under: American Economy, Commentary, Original writing
Is This Mortgage Worthless?
A lot of American homeowners have a mortgage. In this legal agreement, a lender provides funding for the purchase of a parcel of real estate and the borrower, the owner, agrees to pay that money back over a period of time plus interest. Let’s set aside all the potential variations, adjustable rate mortgages, interest only mortgages, Islamic mortgages, etc. The bottom line is a parcel of real estate bought with a loan. That mortgage has value. On day one, it’s value is the amount loaned plus all the interest that would be paid over the term of the loan. You would think you could sell that loan, that there would be a market for it. Fast forward. Because of a variety of conditions at level of the borrower, the real estate which the … Read entire article »
Filed under: American Economy, Commentary, Original writing
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Bailout Fails!
September 29th, 2008 | Comments Off
Looks like the majority of the House agreed with me. The financial bailout in its current form is dead. The usual way to fix this is for Congress to lard up to bill with pork so that more Congresscritters will vote for it. Watch for that approach to be forthcoming. Congress can be bought. It’s just a matter of the price, now. OTOH, it is remotely possible that the Congressmen and Congresswomen that voted this bill down might vote for a new bill, with no bailouts for foreigners or mismanaged companies, no purchases of securities other than mortgages and strict controls on the Treasury Department. Or, pigs will fly. Fire Congress! Previous in series Next in seriesTable of contents for Fire CongressFinancial Disaster Coming?Is This Mortgage Worthless?Emergency Economic Stabilization Act of 2008Opposing the BailoutBailout … Read entire article »
Filed under: American Economy, Commentary, Original writing