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« Absolutely Must See CNBC Bailout Video: A Call To Arms From Your Leader: A Few Words From General Rick Santelli. Chicago Tea Party | Main | Absolutely Must See Bailout Video: Travel Around With Taxpayer Prize Patrol »
Wednesday
Feb182009

Insane America: Obama Wants You to Bailout the Asshats Who Live Next Door

Have we lost our collective minds. I woke up this morning, and apparently I now live in Havana, where Castro is leading a parade of unemployed clowns all driving '57 Chevys.  Team Obama: pehaps you missed the message the American people have been trying to communicate.  Stop The Bailouts. All of them.  And we sure as hell did NOT want you to extend the bailout to homeowners.  This is a country of responsibility, and you are giving those who played by the rules the middle finger salute.

The newest twist on government bailouts commenced officially today with relief for your irresponsible neighbor.  You are now paying for his greed and stupidity, and perhaps even the Hummer and Corvette he bought with his home equity loan that he'll never re-pay.  Yes, you are footing the bill for his vehicles as well.  It's all pooled capital. He purchased near the top with no money down, got a $200k home equity ATM, bought all his toys, walked away from the house and both mortgages last year when prices plummeted. No recourse.  Before walking away, he secured a mortgage on a newer home 2 blocks away that was a short sale.  He got in the newer house for 50% less than he paid for the 1 across the street from you.  His credit is now damaged from the walkaway, but in 3 years that will disappear.  And guess what, his new short sale purchase now qualifies for mortgage assistance under Team Obama's Plan to Save the Asshats.

Since the Mortgage Foreclosure Bailout Plan was announced Wednesday the outrage has been palpabe. For most taxpayers, the ongoing bank and auto bailouts, though more costly and extremely un-popular, do not resonate personally. But bailing out an irresponsible neighbor who purchased more house than he could afford is understood by everyone.  Particularly our most maligned housing sub-group, renters, all of whom made an intelligent choice NOT to participate in the real estate bubble, yet now are being asked to subsidize the mistakes of those who did.  Considering that renters already get shafted by the unfair tax subsidies given to homeowners, this proposal accomplishes nothing further than reminding them how worthless they are in the eyes of Washington.

Reuters says Obama's home foreclosure mortgage bailout plan will cost taxpayers $275 billion to help 9 million homeowners and yet most analysts believe it simply won't work.  Housing prices nationwide still have much further to fall as evidenced by this must-see chart from Yale economist Robert Shiller.  Yet Obama and his team seem focused on slowing the decline at great expense until it has been proven indisputably that we are the new Japan.  Where is the change, President Obama.  Every day your administration feels more like the last 20 years of Bush-Clinton incest.

 

Santelli Videos Part 1      The CNBC Rant that Started a Revolution:  Chicago Tea Party is Born

Santelli Videos Part 2      Argument with Liesman Gets Very Heated: Thursday CNBC

Santelli Videos Part 3      Hardball with Chris Matthews:  Friday Night MSNBC

Santelli Videos Part 4      Today Show with Brian Williams and Liesman:  Friday Morning NBC

Santelli Videos Part 5      2 Videos: White House Press Secretary Attacks and Santelli Responds

New Ron Paul Video         Brand New Interview with Bill Maher:  Friday Night HBO

 

Home of The Broke: The United States of Insolvency      $20 Trillion Federal Debt by 2012

Geithner and Paulson: Monkey See Monkey Do                  Very Interesting Doctored Photo

Tuesday's 50 Best Financial Stories Inside 1 link

 




 

 

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Reader Comments (55)

Great photo. It looks like a european football jersey. That's hilarious.
Feb 19, 2009 at 7:10 PM | Unregistered Commenterboo2200
Too ass, couldn't tap.

Righteous pic of the kid.
Feb 19, 2009 at 7:11 PM | Unregistered CommenterCanonBallRun
Lake michigan Chicago tea party is a genius idea.
Feb 19, 2009 at 7:15 PM | Unregistered Commenteranon
So, $275 bill for approx 120 million houses = $2200 per person ON AVERAGE. Instead of giving us a measly $2200 which would just be shifting $$ from the kid in the picture to his parents, we are grouping the money and giving it to the most irresponsible amongst us.... What have we wrought?
Feb 19, 2009 at 7:32 PM | Unregistered CommenterJoe
What a bunch of arrogant, ignorant rednecks. Falling right into the frame of mind the real estate industry wants. You're calling mortgage fraud victims "irresponsible" and that makes my blood boil. The anger should be directed toward the hucksters of the real estate industry, the brokers, realtors, appraisers and associates who took the opportunity to flood the public with "Lower your monthly payments", then switched people into loans they could afford at the time. Irresponsible is the mortgage broker who steered people into the largest possible loans after telling them their house was worth much more than it was, and then had their pet appraiser overvalue the properties to squeeze as much loan/commission as they could. Ever heard of YSP (Yield Spread Premium)?. That's the kickback the broker gets for sticking people into higher rate loans than they're actually qualified for.

Mortgage brokers are the ones who falsified incomes, Verifications of Employment (they buy blank forms on line), rushed the hapless homeowner through a contract nobody could read in less than a month, lied about it's contents and then altered the numbers after the fact. Brokers hiring their own appraisers is a direct conflict of interest, and an appraiser doesn't work if he doesn't give the broker the number he wants. Standard practice. No wonder prices were skyrocketing. I had many a broker demand I appraise properties as much as 30% over what the comps showed. Take those inflated numbers, put them in the MLS and the compounding begins. Hence, property values climbing by 20% a year. A giant pumpndump. You expect the borrower to know that? Borrowers didn't know that brokers will do ANYTHING for a commission and insiders from the industry have confirmed this time and again publicly.

Those "irresponsible" borrowers were people who thought they were going to lower their monthly payments by 3,4 or 500 a month, were told that a variable rate loan was the thing to do and that they could come back and refi in a year or two. The "irresponsible" borrowers were average Americans with medical bills, old cars that needed repairs, students going to college, handicapped children, single mothers trying to make ends meet and they all ended up victims of predatory lending.

Congress, the FBI, and anybody who has actually studied the situation knows how so many people were tricked into financial destruction by an industry totally devoid of ethics, morals or principles. Borrowers were caught offguard by RE "Professionals" that lie, deceive, cheat and swindle without a blink. Something you don't face with any other industry.

So I suggest you get your heads outta your asses and do a little reading beyond the newspaper, don't listen to what real estate people say and help your neighbor because they are financial crime victims that were not protected by consumer law. Ref: MortgageFraudblog.com, MSFraud.org, FBI financial crimes unit, and type "Mortgage Fraud" and "Appraisal Fraud" into your browser and smarten up.
Feb 20, 2009 at 1:06 AM | Unregistered CommenterStephen
Stephen,

It is not the taxpayer's responsbility to compensate fraud victims, assuming they were indeed fraud victims. Hey, I lost a lot money on dot-com stocks thanks to the Wall Street hucksters etc., can I get my money back? Fraud victims can sue the fraudsters to get money back or demand prosecutors to prosecute the fraudsters. What we have here is taxpayers getting ripped off to pay victims while the fraudsters go free!

Also, people who sign important financial papers that can potentially tie them up financially for the next three decades without actually reading them, well, perhaps they shouldn't own home! The potential cost of signing an annual rental agreement without reading it is much smaller. Everyone has to lear how to walk first before running.
Feb 20, 2009 at 1:38 AM | Unregistered CommenterJim
Please keep boiling your blood, no one cares, one less fool to bail out.

I don't know much, but knew I couldn't afford to buy, or wouldn't. It's simple math, and my father always taught me never to sign anything unless I've both read it top to bottom and completely understand it. I have also been taught not to spend more than 31% of gross income and to plan for a rainy day b/c that great job you have today could be gone tomorrow. I have no use for a hummer or granite counter tops. I look around and all I see is reckless greed and entitlement. I rent a simple apartment with my wife and kid and have been waiting for this bubble to burst so we can finally afford to buy at reasonable prices, something our country hasn't seen since '97. Look in the mirror, there is mucg blame to go around, but it must start with YOU. Suck it up, renting ain't so bad, it's worked for us and will work for you, not the end of the world, although you may be considered less of a citizen and much less important to our government.

Mr. Obama, please reverse course immediately and stop rewarding the foolish at the expense of the truly responsible. For god sakes, our country depends on it. REAL hope and change is what I voted for, not a socialist U.S.S.A. I hope to see you all at the Chicago Tea Party.
Feb 20, 2009 at 1:45 AM | Unregistered CommenterBobby B
Change. Change. Change.
Don't change.

Obama, we hardly knew you. Of course, that is because you are just another lying scumbag politician who is beholden to the true rulers of America. And, whatever you were, you were better than Bush. I, for one, am not surprised, though I am disappointed. Washington is a strange town and politicians are odd creatures. Beliefs and principles don't run the country, money does.

Wait for the next step, allowing recourse on all mortgages. Why not simply have the goverment buy all property at the peak price and hold an auction. Halliburton will get first look and will buy all the homes in California for $38 a piece. JP Morgan will get to buy all real estate on the East Coast for $17 million. Citibank will get everything in between. Goldman sacks will be the exclusive broker for purchases and all sales.

But hey, let's scream and kick and cry, because the government really listens when we do! Is it legal to advocate the overthrow of the US government? By peaceful means, of course. And by peaceful means I mean waterboarding, torture, kidnapping, and execution, all of which are apparently perfectly acceptable. I wonder if Congress would support these bailouts if we waterboarded them instead of writing them letters. I doubt it.
Feb 20, 2009 at 3:33 AM | Unregistered CommenterExpat
Where was the SEC when realtors were making investment claims for this housing ponzi scheme?
Feb 20, 2009 at 6:48 AM | Unregistered Commenter3rd worlder
I am one of those poor victims. The evil banks forced me to drain all my equity out of my home via several refinanacings. Then prices dropped and now the joint is under water. So I quit paying my mortgage/rent to the bank figuring it'll take them a while before they get around throwing me out. But that would be cruel, throwing poor me out on the street. Obama to the rescue! With the help of the bailout I'll probably wing it to live mostly rent free for another year, maybe two. I might have to make a few reduced payments to show that I am really trying but then I am sure I'll find better ways to spend my money. See, even with the reduced payment I'd pay more than I would in rent once you figure in insurance, taxes and repairs which tend to come in $10K increments. So I have really no incentive to make my payments but it sure would be nice to stay a while longer at Uncle Sam's expense. Got to love a good sucker!
Feb 20, 2009 at 6:48 AM | Unregistered CommenterMike in Miami
@stephen

you opened your statement calling someone (whom exactly?) a redneck and ignorant. i do not believe where or even if someone attended college matters one iota, but to show you how foolish you are in your attack on me, i'll break one of my rules and share some of who i am with you.

i dropped out of school in the 5th grade. eating mud pancakes to survive, i tilled the fields during the day and read by penlight at night in my tent out behind the farm.

in the mornings after i cleaned the outhouse and gathered the fresh eggs from the chicken coop, my attention turned to the tractor and to bessie, the family cow. it was my job to milk those teats every day. if i didn't get bessie to share her bounty, i did not drink.

i feel your anger, man but seriously. your obvious bias has caused you to overlook something the rest of us call logical thinking. perhaps you've heard of it.

your argument assumes that the homebuyer is unable to think for himself/herself.

who in their right mind would believe a real estate agent or mortgage broker as the sole arbiter of a home's value? sounds like you did.

the reason there are millions of poeple outraged is becasue there were millions of people who made a decision NOT to buy into the bubble. these people were rational thinkers who saw a mania unfolding and knew it wouldn't end well.

they chose to wait, often making their lives more difficult in the process. ever try living with a few kids and a spouse in an apartment?

i bet it's not very friggin' easy sometimes. yet millions of families in the bubble states RESPONSIBLY did exactly this. they made a conscious decision to wait.

also, who is dumb enough to believe in appraised value. (oops sounds like you did) Goldman Sachs has some bonds with an appraised value of par that they would love to sell you. and they're the experts rememeber. but should you believe them? it's called a vested interest on the part of the seller. intelligent people understand how to see through a sales pitch. apparently, you did not.

and finally, do not ever come back to my site and criticize the readers and commentors as you did.

for the record, i personally am very proud of my 5th grade education.

and lastly Stephen, don't feel too badly. you're a winner of something at least. you're now officially the dailybail tool of the month.

your prize is peer recognition that you're an apologist for the idiots PLUS a shiny new craftsman toolbox. call bill miller of legg mason, word is that he's got plenty of room in his shed.
Feb 20, 2009 at 7:32 AM | Unregistered CommenterDailyBail
1) I bought a house in 2003. I didn't fall for the "buy as much as you possibly can" BS & stuck with one I could afford easily with a FIXED interest rate.

2) When I signed the contract I told the people there to get comfortable because I was going to read the ENTIRE THING END TO END before I signed it. It took about an hour & I made them cool their heels while I did it.

3) I bought a house for a long term residence, not as an investment vehicle.

4)If I take a loss its my responsibility, not anyone elses.

5) anyone too stupid to be able to read & understand a mortgage contract is too damn stupid to be allowed to vote in elections or breed. They certainly are too damn stupid to be able to have an opinion on anything that anyone should give a damn about.
Feb 20, 2009 at 8:18 AM | Unregistered CommenterBob from Tacoma WA
Stephen, everyone involved is to blame. Bailing out irresponsible homeowners is just as bad as bailing out irresponsible corporations. Everyone wants to be a victim so they can get some sympathy. The reality is that all involved homeowners, brokers, realtors, appraisers, lenders, politicians, and so on are part of the cancer that created this mess and continues to plague the economy. Many of those involved remain in denial about what's actually happened in the real estate market (I'm looking at you, Howard County Maryland). I don't think we should be bailing out any of these people. In fact, I think we should be sending a lot of them to jail. Yeah, those homeowners that used their houses as ATM's to fuel luxury purchases and then bought a second house so they could bail on the maxed-out first house should absolutely be put in jail. The same goes for the real estate professionals that fudged incomes, appraisals, fees, and such to extract the maximum commissions. The same goes for politicians and CEO's that trumpeted the soundness of their companies as the bubble was bursting.

Plan for the worst, hope for the best. Somehow that got forgotten. The sooner prices get down, people get booted out of homes they can't afford, and failures stop getting propped up with bailouts, the faster we can return to economic recovery and growth.
Feb 20, 2009 at 9:05 AM | Unregistered CommenterBigDragon
Please STOP throwing ALL appraisers under the bus...There were a few of us that have been SCREAMING "THIS IS INSANITY". We have lost business, clients, and LOTS OF MONEY...to the hucksters and fraudsters. We are left to clean up this unholy mess and are being told our fees are being cut in HALF. A quality appraisal is worth WAY more than $300 bucks. I have been called everything but a child of GOD by BOTH homeowners and lenders. We held our ground and are paying for the mistakes of those with no spine. Blame falls to the majority....the minority always suffers. Thanks....
Feb 20, 2009 at 9:46 AM | Unregistered CommenterAin't Bullshittin'
I saved my money and am renting. I did not leverage myself into a lifestyle that I did not deserve. I do not own a humvee on payments, granite countertops, a glorious master suite or a flat screen TV. I sure as hell did not buy a house that I could not afford. Now Obama wants to tax me to pay for the irresponsible bastards that over-leveraged themselves to a lifestyle they never deserved in the first place. Why should I pay more in taxes to support the irresponsible people that got us into this mess in the first place? Thanks new president. Obama is expanding on Bush's lead in turning the US into a banana republic. He ran on Change and Change is what we are getting Change for the worse. Wait until the rest of the world stops lending us money for our governments fiscal irresponsibility. Obama thinks his FDR approach will save us all and buy him another term, instead he is sending the US to the poorhouse. His big spending approach to win his next term will come back and bite him when the dollar collapses and interest rates are 20% because the rest of the world decides to stop lending to us. Why would any country lend money to a country that rewards the people that have screwed the system the most, such as the banks and irresponsible borrowers? What's next free Guantanamo prisoners and give them all new GM cars to support the auto industry? Wait and see how much love he gets from the young college kids and liberals that voted for him when they are in bread lines and do not have jobs years to come.
Feb 20, 2009 at 10:23 AM | Unregistered CommenterExtremely Angry Renter
@aint bullshitin

i have read similar stories from other appraisers that stayed away from the madness and actively tried to protect potential homebuyers.

you are to be applauded for taking the high road. in fact i have always thought that appraisers as a general rule were the least likely to engage in the fraud game of any of the players (buyers, bankers, securitizing investment banks, real estate agents and mortgage brokers)

mostly because of the fee structure. where is the incentive to be a fraudster for $300 bucks? so yes, blame goes everywhere and the great people in each of these respective industries all get black eyes from the behaviour of the sordid few, or in some cases, many.

good points.
Feb 20, 2009 at 12:09 PM | Registered CommenterDailyBail
Obama sucks! The markets hate him! DOW sitting at 7,200. Fear is all over the streets. Obama sucks!
Feb 20, 2009 at 1:41 PM | Unregistered CommenterWeapons of Mass Toxic Assets
February 20, 2009 | Stephen

Stepen you are an ignoramous of the highest magnitude.

Some of Stephens greatest hits:
"then switched people into loans they could afford at the time."
"That's the kickback the broker gets for sticking people into higher rate loans than they're actually qualified for."
"Mortgage brokers are the ones who falsified incomes"

Dude, did no one ever teach you even a hint of personal responsability? People like you are EXACTLY the ones we do not want to bail out. In a Darwinian sense you are absolutely what needs to be culled from the home buying population.

The bailout is a transfer of your stupid, irresponsible debt to the public. That debt should be retired in foreclosure (and you should leave the house) so that banks learn a leason and never ever lend to your sort again. Instead Obama is simply transfering your debt to all of us. You should want the debt retired too.
Feb 20, 2009 at 1:42 PM | Unregistered CommenterJoan Jett
Stephen, don't make excuses for the deadbeats. Even if they weren't being bailed out, they had it good. Somebody gave them a shitload of money that they won't pay back, and nobody can come after them. Name another kind of loan you can walk away from without recourse, let alone one that's several times your annual salary (the more they leveraged against their income, the more likely they are to walk. hmm....). This is an outrage.
Feb 20, 2009 at 2:50 PM | Unregistered CommenterKevin
When a mortgage broker told me the summer of 2005 I could buy borrow up to 700,000 to buy a second home when my income was only 70,000 I hung up the phone and shook my head.. Sure I would have loved to have bought my mom who is extremely handicapped from stroke a home over looking a lake up north Michigan. Some place beautiful where she could spend her last days. I did not jump on this offer as tempting as it was because it is common sense and was common sense that it was not right. Now my government is asking me to bail out these same folks who saw dollar signs, boats, water skiing and beautiful sunsets while I still live in a 1000 square ft. with my handicap mother. Explain to me someone from the left where is the fairness here. My mom is a VICTIM also but she is getting no bail out in fact my taxes will be increased to bail out these beautiful homes owned by losers and taking money out of her pocket for her therapy. Thank god for Rick.
Feb 20, 2009 at 3:27 PM | Unregistered CommenterCC
CC-

Great post. there are a lot of people that were forced NOT to buy a home because they were logical and put 2 and 2 together. Those people are the victims too for not buying during this mania. Great post! NO BAILOUT! STOP THESE STUPID BAILOUTS! GO RICK SANTELLI!
Feb 20, 2009 at 3:40 PM | Unregistered CommenterBrasco
Look at that fine bunch of selfish white trash talking.... Let me
Feb 20, 2009 at 5:00 PM | Unregistered CommenterAlex
guess.... Immigrants bought houses they couldn't afford and they also took your job?
Feb 20, 2009 at 5:02 PM | Unregistered CommenterAlex
No, they did not take my job...but a BUNCH of the homes they "purchased" are now vacant due to the 3AM Ryder Truck event and are now vacant and headed' to foreclosure. Thanks...... Jose
Feb 20, 2009 at 6:15 PM | Unregistered CommenterAin't Bullshittin'
Aint BS'in is right on the money.Viva the revolution. Santelli is our Man! At the 2009 Tea Party the responsible 200mn should face off against the pot smoking, deadbeat losers that lied to get mortgages that they could never afford. My guess is that they'll never put down the marihuana joint long enough to fight. Drug test all of them and put them behind bars where they belong. I agree with Sons of Liberty (posting on the top Daily Bail story), the scum should be washed off the sidewalk.
Feb 20, 2009 at 8:28 PM | Unregistered CommenterPunish the Losers
You've all been duped by liars, when you voted for this f*cking chump, middle management (at best) guy from Chicago.

All of you. The whopping 51% who voted for Broke Hussein Chavez.

Rev. Obama Von Hopenchange will do NOTHING but have you cling to your guns and religion a bit more, by the time you look at your wallets 3 years from now.

Pelosi will condemn another "500 million Americans to lose their jobs" (she's such a god damn idiot, its impossible to calculate her IQ unless we could test an orange peel)

And someone...PLEASE...beat down that flaming lisp-beater, Barney Frank. He's the source of ALL the rest of the pain with his earlier decisions.


I never thought I'd say this.....Where is Mitt "Big Love" Romney when you need him?

I pray every day that you DUMBF*CKS who voted for Mr. Oprah Winfrey....get exactly what you want - New Ruskie.
Feb 20, 2009 at 8:29 PM | Unregistered CommenterBilly
One thing all the "responsible" people can learn from this disaster is: being responsible = being a sucker.
Having money on your 401K/IRA for retirement? Better take the 10% penalty and get it out. In 10-20 years you won't get any social security as long as you have financial means ie. IRA/401K to rely on. Me, I am officially broke, no investments, no IRA. I do have a 401K where I work but will pull the money out the day I quit working there.
Those that save and try to do the responsible thing are the suckers. Not that I feel it's right, but those are the rules. I just try to get the optimal return for myself living by those rules. Will a society build on those rules prosper on the long run? Absolutely not, but I'l be dead on the long run anyway, so what do I care?
Feb 21, 2009 at 5:22 AM | Unregistered CommenterMike in Miami
I went to a WA state home-buying seminar, and I saw the salivating agent when I told him about an inheritance.
I also saw the mortgage broker lady who was pushing the ARm whatis instead of the 30-yr locked in rate
I was looking for. I mean, rates were low. O knew people in the 80s that bought homes at 16%. I want that low rate for life!!

SO in the midst of all this, and a market that was skyrocketing amid people waiving inspections, I thought, what goes up must come down, and
I'm outta here. I had enough money to get in deep, but not enough to just buy outright, because believe me I would have.

Anyway, I saw these offers, and I managed to avoid taking them. Now I'm supposed to help out these losers, not to mention
these over-priced markets just because some bankers need to save the value of their fraudulent SIVs? SHove it. If the govt wants the
economy to get going, nationalize the banks throw these properties out for 50% of the current market price, and I'll be there.

Of course, not many of us were cautious, I imagine, and out numbers dont count. Hell, if it savces the general economy, then
OK, It wont though. Keeping people in overwrought mortgages wont save many, and keeping prices high will jst delay the pain.
Feb 21, 2009 at 7:03 AM | Unregistered CommenterEsol Esek
Bailouts all started 9/18/2008 under G Bush! The Socialism bell rings.

I called and wrote my Senators and Congressman to vote NO! on 9/18/2008 (they voted YES).

I am surprised that at the reaction of a number of Blogs and Folks over this 2nd bailout. Why, because so many said BOOO at the 1st one. I guess many prefer that a CEO deserves his Jet or Golden toilet set.

Folks...Wall Street and Washington need to be Tarred and Feathered!
Feb 21, 2009 at 7:31 PM | Unregistered CommenterSteve Hannison
The question on everyone's lips, How do I qualify?

This is no way to run an economy.

But more to the point, this is no way to lead the world.

https://www.createspace.com/Customer/EStore.do?id=3369403
Feb 22, 2009 at 9:44 AM | Unregistered CommenterDon Robertson
Amendment 10: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

Any one care to disagree? This entire Bailout from day one is ILLEGAL.
Feb 22, 2009 at 10:14 AM | Unregistered CommenterDavid
stop paying taxes, you fools.
Feb 22, 2009 at 10:21 AM | Unregistered CommenterJolly Roger
People, europe is about ready to tank,their situation is worse than ours. Citi Corp and Bank of America are worthless. The three big auto companies are dead. Four more banks failed over the weekend. The biggest ponzi scheme called the stock market is going to go down on its knees. We are slaves to the FED reserve and their demonic cronies, Israel wants to start world war lll with Iran. The real estate bailout is the least of your concerns. PLEASE quit your whinning and open your eyes to the real issues. The situation is much worse than you might think.
Feb 22, 2009 at 10:51 AM | Unregistered Commentersans
EVERY ONE OF THESE FUCKING BAILOUTS IS ILLEGAL, UNLESS CONGRESS WANTS TO CLEAN OUT THEIR OWN PERSONAL BANK ACCOUNTS. NOBODY IN CONGRESS HAS THE AUTHORITY TO PUT TAXPAYERS ON THE HOOK TO BAIL OUT PRIVATE CORPORATIONS THAT WERE TAKEN DOWN BY THEIR SHYSTER CEO'S. CONGRESS HAS NO AUTHORITY TO LOAN MONEY TO ANY OF THESE CORPORATIONS/INDUSTRIES. OSAMA HAS NO AUTHORITY TO OK ANY OF THIS. IT'S COMPLETELY ILLEGAL, AND EVERY SINGLE PERSON WHO VOTED FOR THIS CRAP SHOULD BE HANGING FROM THE END OF A ROPE, AND THEIR CORPSE SHOULD BE ROTTED TO THE POINT THAT THEIR OWN MOTHERS WOULDN'T RECOGNIZE THEM.

WOULD YOU STAND AROUND AND DO NOTHING WHILE A MASKED MAN WALKED INTO YOUR HOME IN BROAD DAYLIGHT, STOLE YOUR MONEY AND YOUR TV, RAPED YOUR WIFE, KIDNAPPED YOUR CHILDREN, AND THEN DROVE OFF IN YOUR CAR? IF THE ANSWER IS NO, THEN WHY ARE THESE CROOKS IN DC STILL BREATHING THE AIR OF THIS PLANET?
Feb 22, 2009 at 10:51 AM | Unregistered CommenterBig M
What a jack-off article! First, the fed deficit is caused by corporate and super-rich peoples tax cuts and the trillion dollar wars from BushCo and the Republicans. I'm No fan of Obama, but only an idiot would blame him for the financial melt down. Blame the Democrat? Sure, but they have just been playing along with the Repubs all along. As for Cuba, you dipshit, Cuban citizens are guaranteed jobs by their Constitution, as well as FREE health care (as good or better than US) FREE education and subsidised housing at 5%of their monthly income (as compared to 25-30% of income US citizens spend on housing.

Ron Paul is a good man, but Libertarians in general are retards. Ralph Nader is the answer. He's been right all along.
Feb 22, 2009 at 11:29 AM | Unregistered CommenterSupermax1776
How dare just about all of your responders blame hucksters. I can only say one thing over and over again. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust. The Holocaust.

As for my response for what the just upcoming wars against Pakistan and Iran will do the economy, please reread the above.
Feb 22, 2009 at 11:32 AM | Unregistered CommenterRheal Etat-Stein
If we can bail out the banks, then we can bailout those who were cheated by the banks. (And many loans were misrepresented!) I would change the title of insane America to ignorant America, yourself included. For decades, our government has provided entitlement to the rich at the expense of tax payers. All recent wars, including and especially Iraq was for the benefit of corporate interests. Private contractors ripped us off billions. If the government advocates something, most likely there is a special interest behind it raking it the bucks. If you don't know that, it is because you never do any real research, just allow yourself to be manipulated by MSM. Funny how outraged the average sheeple is when the working man gets a bit of a break, but he meekly accepts being ripped off by the rich for decades. You hatred toward your neighbor is part of the brain washing. Divide and conquer. And you swallowed the bait without thinking!
Feb 22, 2009 at 11:45 AM | Unregistered CommenterFatNSassy
When the revolution comes, the blood of the opressors will flow on the fine marble floors of their banks.
Feb 22, 2009 at 12:21 PM | Unregistered CommenterJuan Zapatista
RE Stein is playin the victim again. Is that all you have to make an arguement? Pretty pathetic really. I bet you have alot of assets but still a victim. Your useless and lack any critical thining skills.
Feb 22, 2009 at 12:28 PM | Unregistered CommenterCRG
Fatnsassy your correct. The government has been giving out corporate wellfare for a long time. It is wrong. But should we the taxpayer really have to cover the cost of others mistakes. Use some logic. That is not a rational arguement for government bailouts. We must take our government back from the greedy users, corporate and citizen. You need to do some more research yourself. Start with a book on economics.
Feb 22, 2009 at 12:34 PM | Unregistered CommenterCRG
Yeah, that is a Dutch kid. Rotterdam is in Holland, or the Netherlands, whichever you prefer. Pretty funny!
Feb 22, 2009 at 12:57 PM | Unregistered Commenterjohndontknownuthi
What's wrong with rewarding a home-OWNER after we have already rewarded (quite handsomely) the home-SELLER?

Anybody?

First we reward the BANKS and their greedy near-criminal employees and then we don't reward the poor doofuses who bought into their schemes? WTF?

Obama is just making things a bit more equal. Giving a more level playing field, sort of. If you're going to bailout the criminals, then it's only fair you bail out the victims.

You morons on this site complaining about this are only upset because you were not on either end of these deals. Right?
Feb 22, 2009 at 2:14 PM | Unregistered CommenterED
Economics you say. The reality is that no matter whose fault it is so many people are defaulting on their mortages, it hurts everyone. Too many homes sold at action drive down the price of all homeowners. With so many people out on the streets crime will increase. If Americans don't have the money to buy the homes, there are rich foreigners who do. (Not that I am xenophobic, I just hate to see the average American priced out of the market from those oversees.) If no one buys the homes they fall into disrepair which means even bigger losses for banks. (And who does that get passed onto eventually????) More vacant homes means less tax base, so those who do have jobs and homes pay more. It is not just do gooders who want help for the homeowners. It is a matter of pragmatism. When someone's house is on fire, at some point we have to stop arguing whose fault it was and simply put it out.
Feb 22, 2009 at 4:28 PM | Unregistered CommenterFatNSassy
I refrained from spending 750K on a 250K home. I rented, saved, was ridiculed for not buying a home...being told that 'I make more on my home equity gains in one year than you earn as a wage...". Now who's laughing.
I just bought my first home with cash - I paid 180K for a home that sold for 650K not two years ago...the former owner bailed out so fast I got most of their furniture (including 4 flat screen tv's) as well - thanks.
To all of you idiots who think it is your neighbors responsiblity to compensate you for your stupidity...you have no one to blame but yourselves.
Feb 22, 2009 at 6:28 PM | Unregistered CommenterBen Dover
I'm a really rich dude, a billionaire with more money than God. And after I got bailed out with a few billion more that was so necessary to save the financial system, I just think it's a hoot that the lowlifes of this country are blaming their neighbors who might just make off with a few thousand bucks from the US treasury.

Keep giving me cover guys, while I make off with my loot to Geneva.
Feb 22, 2009 at 9:04 PM | Unregistered Commenterdavidgmills
People who can't afford their homes, get out and go rent (I rent by the way and really have little sympathy for you). Let people who actually can afford the homes buy them. Trying to keep people who are 'financially sick' in their homes makes no sense and is doomed for failure.

This is an attempt to 'blunt' the price decline in housing, thinking this will 'help' the housing market. This won't happen folks.

Sales and the housing market will recover once prices go down. In fact, it's already happening.
Feb 22, 2009 at 9:47 PM | Unregistered CommenterSnacker
home prices need to fall further. look at this great chart from case-shiller:

http://static.seekingalpha.com/uploads/2009/1/30/saupload_case_shiller_chart_updated.png
Feb 23, 2009 at 12:47 AM | Registered CommenterDailyBail
Very Good Opinion piece from reuters on allowing housing to find a bottom.

http://blogs.reuters.com/great-debate/2009/02/20/let-housing-find-its-clearing-price/
Feb 23, 2009 at 1:31 AM | Unregistered Commentergkj
Obama reminds me more of someone else... You forgot that wizard Jimmy Carter. The one who Reagan saved us from. The one who truly had the worst ecomony since the Great Depression. The one who brought us double digit inflation, double digit unemployment, gas lines, and was so strong against the Islamo fascists who took American hostages... The one that the "misery index" was created for just to measure how miserable people in this country were. Obama is just a modern version of Carter. That's some "change" somebody thought they could believe in...
Feb 24, 2009 at 2:47 PM | Unregistered CommenterMike G.

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