CRAWFORD, Texas — Focusing on the dream of home ownership for the nation's minorities, President Bush on Saturday credited his tax relief program for being a key to driving the housing market to record levels.
"Because of tax relief, Americans have more to save, spend and invest — and that means millions of American families have moved into their first homes," Bush said in his weekly radio address as he spent the weekend at his ranch.
Great video. This is not a left or right issue. This is a BANKING & GOVERNMENT ELITES vs AMERICAN PEOPLE issue. Because of our debt-based monetary system, all public and private debts result in large interest profits for central and private banks. And, when banks or GSEs like Fannie/Freddie take too much risk, the politicians bail them out with taxpayer money. Check out "Why We Are In So Much Debt" on YouTube to see who profits from all our debt.
The best idea is to DISMANTLE both Fannie and Freddie. The idea of both of these companies is to inject liquidity into the mortgage markets, by freeing banks capital which would otherwise be tied up in the loans if it were not for F&F buying. The problem is when F&F get burned, the government gets burned. Also, I am sure banks are a lot less careful doing their underwriting due to the fact that F&F are going to soon be taking the stinky paper off thier hands, Will F&F ever die, oink oink, never.
The bills were introduced in the U.S. Senate by Phil Gramm (R-Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001. On May 6, 1999, the Senate passed the bills by a 54-44 vote along party lines (53 Republicans and one Democrat in favor; 44 Democrats opposed
This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process.[1] The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.
The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services under brands including Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the 106th United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.
Long story sort people. The people are in the right not CEO's and not wall street fat cats. In the end the people of the hole are the ones in the right.
This means the end to land/real estate speculation as a way to wealth. Housing and real estate values in general are about land values going up since improvement values do not go up more than inflation of the cost of building especially when we have a robust construction industry ready willing and able to increase the supply of improvements. All the talk about the value of houses going down is incorrect. It is the value of land that is deflating. This happens about every 18 years.
When loan companies were killing people's lives with high interest loans that they couldn't pay, where was their concern for them? Pay or die they said. When the workers were making $75.00 an hour, where were the free cars for those that needed one and couldn't get a loan from those loan companies that couldn't care less. How about thesew exuctives that got millions a year, think they care? I want one good reason why we should care now. I should pay so high paid executives can hunt?
ummm... if the taxpayers are stupid enough to go into such high debt than they are somewhat responsible too..are they not? Duh...if you make 30 grand a year don't get a mortgage for 400 grand! People are fundamentally greedy.
Why on Earth would a bank give anyone making 30k a year a 400k loan? Banks that do stupid shit like that deserve to go out of business. 3 times your gross income is the MAX you should be able to get a loan for.
To continue: The issue here is banks can't put a value on the homes in this market. See mark to market. Also this is like Vegas not your home. The people who bought CDS,s simply are betting your will default. They have no damage to cover if you do other than the premium they payed. And to make things worse CDS are not regulated like regular insurance. So there are two to blame here. The home owner bought too much house and the banks over sold CDS. So those holding the CDS have the money.
im not affected by this but, where did the money go. money doesnt just dissapear. and know matter what there will be debt like people are going to want thir money. and to pay them you need to borrow but now you cant so your debt gets bigger with interest.. so evan when the market bounces back and banks start lending again theyll be lending vast amounts to recover and this will all happen again but bigger.this is what happens when the public lie and use money they dont have. dont only blame WS
Google Credit Default Swaps. These are insurance policies sold by the banks to investors. The bank sells the CDS to an investor who pays a premium just like you do on your home. If your house burns down the insurance company pays. Here if the homeowner or business defaults on a loan the bank pays the investor. The trouble is how much. The issue here is the banks never though this many people would default. So they sold way too many CDS. Now they don't have the money to pay. See next comment.
The issue in the credit markets now is trust. Banks are not lending because of fear and inability to value assets. Lowering interest rates simply asks banks to lend with lower return for the same risk, kind of like doing the same job they don't want to do now for lower pay. If rates are lower you would find it harder not easier to get a loan.
When the ARMs adjusted *down* a few years ago, no one complained. Now they are adjusting up and everyone is crying. People must live with their decisions. They knew they could go up, or if they didn't they were too stupid to be allowed to borrow money (and yet they were).
Here's an idea, what if the tax payers fund a bailout with the following conditions: 1)Part of the bailout is funded by private "boutique firms" which can cherry pick the best mortage backed assets. 2) The remainder of the assets are picked up by the tax payer. Sounds groovey, like a Paulson movie. 3) Wouldn't it be cool if the boutique firms were owned by the executives that caused this mess.
NEVER AGAIN VOTE for any politician who stuck his or her dirty finger in creating the bail out plan - END THEIR CAREERS wherever they try to go. I am Republican but because McCain was involved in writing the Bailout, I will not vote for him.
Folks...if you run out of money and can't pay off your bank loan do you get bailed out or do you lose the home? Do you get any mercy from Banks - NO! They come and take your home. Likewise, banks should not get any mercy for being bloodsuckers and liars.
STRONGLY URGE YOUR SENTAORS AND REPRESENTATIVES TO VOTE NO ON THE BAILOUT AND TO SUPPORT H.R. 2755: Federal Reserve Board Abolition Act. The American people do not support a bailout, but in fact understand that the economic challenges we face require a massive overhaul of our financial system.
One other comment. I feel for those who are suffering but if this deal is not passed we will see unemployment rise dramatically. When we bought our house the lender tried to get us to buy more house. We stayed with sound fiscal policy and a budget. sure we would have like more but we knew a flexible interest loan at a time where rates where at a 30 year low would only go up. So we saved until we could afford a fixed rate.
Please, wall street is not the only problem. We Americans have been running up our dept for years. You know if you can afford the payments or not. Why does the average household have 8 credit cards and $12,000 of dept? We who live within our means will end up paying for your bad choices. I know there are some who lost their job but most simply overspent any that is as much to blame as wall street.
A household or a country is worth what it is worth. All the rest is a scam on paper. What we need to do, is find the damn bankers and corporate war lords that are worth 200 million and that that money from them and give it to the hard working stiff. That way they will have money to keep the mortgage payments for their house. It will also help small business that need to grow in a capitalist nation. Capitalism is good, but when it swings to so much greed, the backbone of the worker is cut away.
I wrote both my Senators in an effort to stop this bailout bill. One Republican one Democrat. Their offices both replied that they're determined to move forward with the bailout... it's for my own good. Any resistance feels absolutely feeble.
you can tell someone is telling a lie, their eye brows scrunch together,look at bush's eyebrows!just another republican scare tactic, bush is almost out of office dont let him screw up the country even more with this bail out! If a plan is needed it can wait til a new pres is in office, some one who is not out for his own or his rich friends best interest! its bad enough that bush is the head of an oil co. lets give him some more tax breaks and people wonder why gas cost so much wake up people!
eventually, they will feed on each other, its like a group of people stranded with no food and they decide to cannibalize each other as they die off one by one
No offer to help the PEOPLE who were DEFRAUDED by the BANKS. I am a victim, I am still fighting for my house. And I may lose because there is no laws in favor of the counsumer. The fault lies with the Federal Reserve who allowed Greenspan to deregulate certain markets. Enron, savings and loan, supprime all Genius of Greenspan. Without offering something other than a bullshit stimulus plan to BENEFIT the people, they need to fix it out of their own pockets.
they wont help no one but themselves, this is apart of their plan. again, sooner or later their gonna feed on each other when there is no one left to feed on, therefore cannabilize themselves
Congress created Fannie, Freddie, and wrote the rules for the loans. The most damaging is the accounting rule "mark to Market". Each year Asset worth is determined by what it can be sold for today and not what it's valuation when last sold. "mark to market works great as long as values increase, but if they decline they choke everything as is going on now. Banks now do not have the assest to cover what is borrowed. Congress requiree mark to market after 1992, not Businesses.
all those old people in charge are just living for today they dont care about the younger gneration who will have to find a way to pay the loan off theyre old there gonna die soon and they are livin it up!!!
Let those fuckers go back to live at home with their PARENTS. Life ain't as easy as it was, izzit? YOU'RE BAILING OUT PEOPLE WHO HAVE CONDOS ON BOTH COASTS. I never had a Porsche in my life, I've never been to Fuckin Cancun----but my broke ass is gonna bail YOU out? THIS STINKS TO HIGH HEAVEN---so they gotta get McCain and Obama to come together to SELL this shit down your throat. "The fundamentals of the economy are essentially What?"
This Bush bailout is the biggest and most socialist government intervention in economic affairs since the formation of the Soviet Union and Communist China ... the biggest government intervention and nationalizations in the recent history of humanity, all for the benefit of the rich and the well connected.
The SUB PRIME LOANS which caused this crisis in the Mortgage Industry are always in the HISPANIC COMMUNITY across the country. Who is responsible for giving the SUB PRIME LOANS TO MAJORITY HISPANIC PEOPLE?Why is PRESIDENT BUSH allowing OUR TAX DOLLARS to rescue peoples' homes who have NO SOCIAL SECURITY NUMBER!HOW can you tax or track a homeowner who has NO SOCIAL SECURITY NUMBER OR EIN NUMBER?I have a right to know.I am a US CITIZEN.I am tired of giving ILLEGAL ALIENS ANOTHER free ride!!
the cause of this has been decades of fake lending to the government by the federal reserve, we have been building debt and can never get out of debt if the fed reserve keeps printing the money. STOP PRIVATIZING MONEY GET THESE ASSHOLES OUT OF HERE.
Things do not happen just like that all of a sudden. This disaster has been in the cooking for a long time. It take a planned blind-eye for such a massive failure to happen. No excuses can explain what is happening. This is affecting all of us. Our styandard of living, Our children's future, our retirement and all.
as a small business owner in the construction industry that is DIRECTLY AFFECTED by this mortgague shell game I would have to say fuck 'em. Let the chips fall where they may because I dont think it could get much worse for me and many like me.
If I make bad decisions in running my business neither the government nor anyone else is going to bail me out.
Let them collapse and opportunities be created. Let the ripple be felt around the globe as a reminder to all America is important.
i agree. there is no doubt that it is going to hurt everybody.but a bailout only delays what is going to happen anyway. i hate to say but this deal needs to fall through and let irresponsible buyers, the government, and these corporations learn their lesson.
I want the US Government to bail me out (and the rest of us). My house appraised for $135,000 4 years ago, I sold it 3 years ago for $119,000. I borrowed against my house after the appraisal, I am renting and today still paying a loan for my old mortgage. Yes its my fault, but they have been letting EVERYBODY do this. That is one of the reasons we are in this situation.
If you are a customer of Freddie Mac, Fannnie Mae or Sallie Mae and you don't pay your bill to them timely they destroy your credit, take your home and/or garnish your wages.
Now they fail to pay their bills due to greedy financial decisions and they want the American Taxpayer who they've screwed over to bail them out? Let them fall. Screw them they've screwed all of US for decades. GOOD RIDDANCE!
We're screwed, bailout or no bailout. Because the same creeps who created the problem are the ones we're letting "fix it". The curse of living in interesting times.
Agreed, but who is to Blame? Congress? President? Business? Democrats? Republicans? There is plenty of blame to go around. When things break always look at the system. People only do what the system allows, promotes, or forces. Over the last 18 years congress required banks to ignore more and requirements for mortgages in the name of ending housing discrimation to the poor and minorities. The biggest culprit is the accounting practice of Mark to Market value instituted by congress.
How is it that the administration and Congress, which have not tried to find huge amounts of money to, say, improve the nations health insurance system or repair bridges and tunnels, can now be ready to come up with $700 billion to rescue the financial system?
Americans should do something about these banksters. They are looting the common people right under their nose and most of their politicians are going with it. The investment banks can go bust, it doesnt matters. It is not a saving bank and the normal taxpayer dont benefit from it.
It's not just the banksters, it's the politicians, too. The deregulation was the baby of Phil Gramm. It slipped in 2 months post 9/11. But, we're okay. Just keep your head down (in that sand) and let the powers that be take care of things for us.
...because us being stupid and afraid is exactly what allows them to do this to us.
Since those earning over $100,000/year have benefitted most from financial deregulation, it is not unreasonable to reinstate the tax structure prior to Bush's tax cuts to pay this debt. Putting this debt into U.S. Treasury notes will only downgrade them to junk bond status.
Great video - I have found one person who has been honest with me all along and I fully encourage you to read his quarterly letters. Jeremy Grantham, CEO of GMO.
In a Galaxy far far away there once was a planet called Earth. On this planet lived beings who were petty, greedy, nationalistic and unable to get along with each other for most of their time on the planet. These beings called themselves "Homo Sapien" (meaning wise man). They were able to master the Atomic Nuclei, and somehow they managed to muddle along until the 2nd great depression & the end of the age of Oil. Are archeologists are studying the rubble of their civilization. They had potential
This happened during Bush's watch. It was also a Repuliecan congress until 2006. NO more Bush-it! We can't take 1 more month of Republiecan philosophy, let alone 4 more yrs.
This happen because the Democrats blocked reforms the Bush administration recommended, and a bill [S109] that McCain sponsored. Meanwhile they (the Dems) received over $300,000,000 in campaign contributions from Lehman Bros. & FannieMae. The facts are the facts!! Bill Clinton started FannieMae; it has been a home giveaway program with closing cost going into Dem coffers and the mortage payments now the responsibility of the Taxpayers! A $200 BILLION bill! Oust all those crooked Democrats !!!
This happened during Bush's watch. It was also a Repuliecan congress until 2006. NO more Bush-it! We can't take 1 more month of Republiecan philosophy, let alone 4 more yrs.
No BailOut! No BailOut for the financial Elite. We have been ripped off our own resources, jobs and taxes. WE HAVE PLENTY of natural resources in our country OIL, TECHNOLOGY, AGRICULTURE to give Americans the money and jobs WE NEED. The Financial Elite is worried about keeping their POSH living styles. NO BAILOUT!! Stand Up and demand JUSTICE.
How do define plenty. We have a TOTAL of %3 of the worlds oil reserves in the country. That's counting ALL source and we use %25 of the world supply. When I do the math that means we are screwed if we keep depending on oil.
I see my previous comments were removed. Facts hurt liberals!CheapTrick82,the #'s are public record,the Democrats received the lobbist money to allow BillClintons mortgage company(FannieMay)to give homes to people with no jobs or money. The Democrats got the deposits and the taxerpayers got the mortgage payments.The only good outcome would be if these people could keep the homes; bad part is we have to pay for them. Sen.Dodd should resign !!! NJ Gov. Corzine,too! Dems really screwed this one up!
sxobekuj, it is not the Democrats that did this. What is your source? You can not prove that. It is Captiolone, Citibanc, JP MOrgan Chase that did this to our country. BIG BUSINESS! and most republicians are for BIG BUSINESS.
Dagentleman, (more on my channel); You can google who started FannieMae, who's been running FannieMae, and who's been receiving the lobbyist money from these companies and the ones FannieMae bought worthless mortages from. It's all over the web!! Ya see, even Senators must publically reveal these donations. So my facts are solid. If you still can't find these, ask a republican for assistance- they know how to find the facts!! But what I can't find is "most Republicans are for Big Busineses"(??)
Henry Paulson, Treasury Sec., former chairman and CEO of Goldman Sachs.
No, I don't think there was scienter on the part of Paulson (though who knows??). Nonetheless we see he cannot overcome his "training" to think rationally. Vote Ron Paul/libertarian.
I don't even know why they're bothering with all this bailout bullshit. The only thing that can help our economy is lowering gas prices. That's the root cause of this whole mess in the first place; gas prices. When the price of gas goes up, the price of EVERYTHING goes up. That means the dollar has less buying power and then everybody is fucked.
This action for a taxpayer bailout isn't because they care about the economy or average americans(the rich abore the poor),it is the good ole'boy buddy system for their rich ass friends.I say bring some of the troops back home so that we can build more prisons for these lying thieving mf'ers
You can go back in history to see what got us here. What let it happen is NO REGULATION. Nope, our GOP friends don't like that word. So to middle class America, it is your tax dollars at work here bailing out the rich. I hope everyone reading this has FINALLY had enough of this republican administration. Just watch c-span for 2 days and you will realize that bush and cheney should be in prison for the rest of their lives. General population/No regulation!
This is not as simple as democrat/republican. Glass-Stegall was repealed when Clinton was President, for example. Both sides of the aisle want this to happen.
Think about it! Republicans drag us into war with the wrong country, and the Democratic Congress still gives a funding bill...and how many years??? have they been against the war now?
i am interseted if USA house price decline another 15%,which is predicted all those people saying the US taxpayer won't be hit,they now are liable for those house price values.
I'm not that great on enomics, but let me see if i got this right. The US-government is buying those mortgages therefore owning those houses. And if people can't pay the interest on their mortgages, their own government kicks them out of their houses? genius concept
hey that's kind of right, the government bought the promise notes on the homes. the home is the collateral and THAT'S what's falling, the home's value.
Bank won't lend 500k in week one on a house that will be worth $450 next week. Same for buyer take out a loan and watch your home sink in value but the mortgage is the same cost.
No doubt this is the MOST unabashed example of corporate welfare I've ever seen. I say Let their heads roll and roll HARD!
This is a great way to steal $200 Billion from the US taxpayer. Not to mention the additional $5 TRILLION the US taxpayer is on the hook for. Hank Paulson used to work for Goldman Sachs, they rape American right and left. Why is the US taxpayer bailing out private corporations?? This is called socialism NOT capitalism. Paulson should be thrown in Federal prison. Did you notice not one US senator or congress has said a word??
bmwstox,this isn't socialism, this is criminalism. There is a difference. Socialist countries like Norway, Sweden ect do not have Wall Street Hedge funds shorting companies in the hopes they will go out of business to make huge profits, it closer to mafioso or bank robbery, HTF do you get socialism? Where is the distrubution of wealth by community, this is just robbery.
ybworld, so your saying that house flippers, mortage brokers passing bad paper up the chain takeing their cut know if was iffy paper then bundling all this junk up and mainstream Stock brokers selling this crap all over the world, in conjunction with all greedy indivuals selling stock they don't own, playing games with the fiancial markets in the hope that the stock will go down and they will make money is good? Good like all these bad mortages huh? It really amounts to greed and stupidity.
2) Regulations were passed forcing banks to lend to lower income customers
3) Artificially low interest rates
4) Direct comments by Greenspan encouraging people to buy homes/refinance
I'm saying this entire 'crisis' was planned. Read about the roaring '20s, read about the crash of '29, and read about how the great depression really happened. The coming depression will be from these bailouts. 3-6 months.
You are right ybworld. It is difficult for some people to understand the politics of this. GS (Goldman Sachs) 129.80+21.80 / +20.19% Sep 19
Henry Paulson, Treasury Sec., former chairman and CEO of Goldman Sachs.
No, I don't think there was scienter on the part of Paulson (though who knows??). Nonetheless we see he cannot overcome his "training" to think rationally. Vote Ron Paul/libertarian.
I agree with you, no idea. I find this whole thing unnerving though, last summer I thought Paulson was some kind of hero, bringing the expertise and experience of a CEO to the government. I thought, cool, the treasury will be run efficiently and to the standards of a top-performing business.
The most outrageos thing is that not even an investigation is been open to check Fanni-Freddie executives connection with lobby in congress. Been this the biggest rob in history of USA to tax payers (6 trillions) at least an investigation would be opened.
Buy a home - are you kidding??? Home prices still have to fall by another 20-30% if not more. Not that I am as "bright" as Mr. Denninger (who I am sure is happy with his stash of worthless IOU's from the US Govt.), I'll try to put it as simply as I can - GET THE HELL OUT OF THE DOLLAR - RIGHT THE F**K NOW!!!
Any home that you can buy and reasonably afford you should go for it and not primarily look at it as an investment. If you can reasonably afford your payments then over the long run you should be okay. People need to stop looking at houses as investments and start looking at it as a place to lay their head at night.
Yes we are going through deflation, but what's COMING is hyperinflation. And the current deflation is what will set the stage for it. You have been warned.
Killing off the shareholders of FNM and FRE is scapegoating greedy BOARDS and NO DOC LOANS, the l.e.a.d.e.r.s.h.i.t. Shareholders have invested 1/10 of one year's investment in the company, why scapegoat THEM? The deals sucked because ALL were betrayed by leadership who didn't have rules in place to prevent subslime.
Tourista, How about you get off his nut sack? You've set up straw man after straw man and torn it to shreds. It seems like you're the one that needs to sit down and shut up.
He's just going to throw all those "weak" sick and old people out on the street because they aren't entitled to shit for the payments they made into the SSI system. See there's a legal loophole Karl figures the government can hang its hat on.
Meanwhile Karl is all for buying more bombs to blow the shit out of people in Iraq and Afghanistan or wherever.
You can never spend enough money doing that, right buddy?
On his forum yesterday he was bragging about a woman who dumped him then showed up at his door asking for a job.
"Her job evaporated and she's 2 weeks away from missing rent and being evicted. With two kids. She's freaked out and came by - to a guy's house that she decided wasn't a "good fit" for her - asking if I knew anyone who was hiring. You know its bad when that happens..."
What a vindictive loser basking in another person's misery and humiliation.
FRE/FNM make cash flow NOW but liar loans with no doc, no income, that Ponzi scheme--augers in the direction of wipeout without insiders, Paulson, etc, and other conspiratorial drivel. Who cares? There are no policemen in this debacle, get on the right side of the trade or die, little guy.
Not every trade is a long. Get over it, play like the big boys or be toast. Taxpayer paying 250B bombing camel jockeys! least we can do is bail ourselves out while we're pulling kids out of harm's way.
goddamn our USA govt if they bailout fannie and freddie and the greedy stockholders at mainstreet's expense! who needs to worry about osama bin laden when you got bush, paulson, bernanke and the congress destroying us!
The Mexican Government owes American Citizens about 2.5 Trillion USD in Welfare payments for Mexican Nationals over the last 15 years. American Citizens can't find jobs and pay their mortgages, because illegal aliens are working on construction sites. Every U.S. Attorney in the U.S. should be going after municipalities that misuse federal funds to give welfare services to illegal aliens. The best place to start is L.A. County.
The Mother of All Mobster Bailouts may have been the last card. the last chance for a real investment by our government in we the people. Like the war, they again squandered another opportunity by throwing the money down the toilet. Oust is too kind a word for what these criminals have coming this November.
Try to pick up a copy of "The Age of Jackson." I'm reading this right now for my econ class. Holy Crap!, we are repeating history in more ways than one. The difference is the people were more informed back then. No TV's to distract. They did it by pamphlet. This is just crazy what we are going through and I can't believe I'm actually going to live through these historical times. Just crazy.
It sickens me to see this great nation plundered by greedy, globe trotting rich people. No matter how much we (ordinary people) scream "unfair," there will be many more bailouts to come since they (rich people) have our politician in their pockets.
I like how Suze Orman is quoted here. Too bad no one remembers her a year ago saying now is a great time to buy a house. Look it up on Youtube. Another one of those experts who just forgets what they said before.
Two years ago I was as well. Now I am enraged. I was one of the original bubble heads warning of this. This could lead to blood in the streets. My house was burglarized because people here in CA are getting desperate.
I wish that would happen, and rapidly. In crisis there are no libertarians. When our currency collapses, Freedom will be blamed and government will move to solidify its power in a totalitarian state. It always happens in crisis. That's why real change is needed now before it happens. Before we lose our rights and freedom forever.
Sorry but the housing bill passed. Were all screwed again by bankers. How do they get away with taking our money on both sides of the market? I refuse to debt a another dollar! I refuse to pay for bankers! I refuse to pay for politicization! I refuse to pay for everyone else's greed! NO MORE CREDIT! NO MORE FEDERAL RESERVE! NO MORE FANNIE OR FREDIE! NO MORE OIL FROM OVER SEA'S NO MORE WAR! This country is broke because of these things, and we the people pay for it every time! NO MORE!
Rest assured, when our currency collapses, the government will not turn toward liberty, free markets and personal responsibility. They won't tighten their belts, they'll tighten up on our freedoms. Every resource of our government will go to save the billionaires. "My fellow Americrats, you were too free. That's why our dollar crashed. Now we need a North American Union headed by a spetacular totalitarian state and the new Amero currency. We need more power, less freedom and more war.
Jefferson said that every one hundred years we need a revolution. Time to pick up arms and march on DC. This Bush administration has fuked up country.
Great, yet completely disheartening video... so damn sad the American public is so uneducated about basic finances, and also about what functions the Government *should* perform.
WOW This is the best video i have seen that explain it in plain english too everyone. The bad thing is that's to late for the economy which is going down in many sectors either moving over sea or loosing competition. By the way most bankers politician investing abroad (Asia, Some EU) others have multi-million hoses in central and south America like Costa Rica.
I really hope you but more informative video like that plus wish the media show this kind of video .
What about the Americans that cashed out tons of equity and lived high on the hog for the last 5 years? Shouldn't they be blamed for these problems too? I have read anecdotes from CA where individual people cashed out millions each in home equity and are leaving Countrywide holding the bag. Seems they pocketed money too. There should be some form of debt slavery brought back. Those who did not participate should not have to pay.
If you live in Minneapolis or St. Paul area go to the "Rally for the Republic" on Sept. 2nd at the Target Center. Go to Ticketmaster and get your ticket for $17.76 ;)We have to show our Government that we will not tolerating this raping and violation of our civil liberties. Stand up America. I'm driving from Florida with 11 other Freedom Lovers!!!!!
I would LOVE to see Paulson in HANDCUFFS and hauled off to PRISON where he BELONGS for continuing the LIES of Bernanke and the FED!
WHO has or will bail us out when we make BAD investment decisions? This bail-out will help only the CRIMINALS in the banking industry that have ROBBED the American people, and it will be the American people who get stuck holding the bag, AGAIN!
THANK you Karl for telling us the truth that our own government refuses to face.
All you have to do is look back at the Enron fiasco to learn about how George Bush approved Ken Lay's creative accounting practices and turned a blind eye to the whole thing. It was this event that gave the signal to all the financial institutions out there that they had a license to steal.
This has been flagged as spam show
Associated press Article Dated 3/27/2004
CRAWFORD, Texas — Focusing on the dream of home ownership for the nation's minorities, President Bush on Saturday credited his tax relief program for being a key to driving the housing market to record levels.
"Because of tax relief, Americans have more to save, spend and invest — and that means millions of American families have moved into their first homes," Bush said in his weekly radio address as he spent the weekend at his ranch.
mrgetrealpeople 1 year ago
This has been flagged as spam show
Great video. This is not a left or right issue. This is a BANKING & GOVERNMENT ELITES vs AMERICAN PEOPLE issue. Because of our debt-based monetary system, all public and private debts result in large interest profits for central and private banks. And, when banks or GSEs like Fannie/Freddie take too much risk, the politicians bail them out with taxpayer money. Check out "Why We Are In So Much Debt" on YouTube to see who profits from all our debt.
69vmac 1 year ago
The best idea is to DISMANTLE both Fannie and Freddie. The idea of both of these companies is to inject liquidity into the mortgage markets, by freeing banks capital which would otherwise be tied up in the loans if it were not for F&F buying. The problem is when F&F get burned, the government gets burned. Also, I am sure banks are a lot less careful doing their underwriting due to the fact that F&F are going to soon be taking the stinky paper off thier hands, Will F&F ever die, oink oink, never.
tickyul 2 years ago
The bills were introduced in the U.S. Senate by Phil Gramm (R-Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001. On May 6, 1999, the Senate passed the bills by a 54-44 vote along party lines (53 Republicans and one Democrat in favor; 44 Democrats opposed
FluxCapacitor2008 2 years ago
This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process.[1] The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.
FluxCapacitor2008 2 years ago
The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services under brands including Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation
FluxCapacitor2008 2 years ago
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the 106th United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.
FluxCapacitor2008 2 years ago
why can't i even rent an apt without letting the landlord charge me for looking into my life but i could have bought a house without paperwork?
frankbagsby 2 years ago
This has been flagged as spam show
Check out Rachal Maddow - Somebody Saw it Coming
FluxCapacitor2008 2 years ago
Long story sort people. The people are in the right not CEO's and not wall street fat cats. In the end the people of the hole are the ones in the right.
starknight97 2 years ago
This means the end to land/real estate speculation as a way to wealth. Housing and real estate values in general are about land values going up since improvement values do not go up more than inflation of the cost of building especially when we have a robust construction industry ready willing and able to increase the supply of improvements. All the talk about the value of houses going down is incorrect. It is the value of land that is deflating. This happens about every 18 years.
ourearthhome 3 years ago
seen it yesterday! lets chat
I NEED SOMEONE TO TALK TO en
JennyPalin08 3 years ago
When loan companies were killing people's lives with high interest loans that they couldn't pay, where was their concern for them? Pay or die they said. When the workers were making $75.00 an hour, where were the free cars for those that needed one and couldn't get a loan from those loan companies that couldn't care less. How about thesew exuctives that got millions a year, think they care? I want one good reason why we should care now. I should pay so high paid executives can hunt?
pitter43 3 years ago
AIG after getting 85 billion of our money The Fat Cats went on a half million dollar vacation
coolray1953 3 years ago 3
unbelievable, how much we are not told!!
pjcumkhu 3 years ago
It seems they want us to "buy" these morgages so THEY can profit from the assets(housing)of the morgage. The houses and their value are still there.
I'll be more willing go to prison for tax evasion before bailing out yet again the same 'ol failing system,,,,,AGAIN.
WHAT GOOD DID IT DO YOU WHEN YOU BAILED OUT THE AIRLINES NOT TOO LONG AGO ???!!! HEELLLOOO????????????
GO RON PAUL/ CHUCK BALDWIN '08 !!!!!
crashoppe 3 years ago
ummm... if the taxpayers are stupid enough to go into such high debt than they are somewhat responsible too..are they not? Duh...if you make 30 grand a year don't get a mortgage for 400 grand! People are fundamentally greedy.
mgginn5 3 years ago
not everyone bought homes or benifited from the boom...
thexjib 3 years ago
Why on Earth would a bank give anyone making 30k a year a 400k loan? Banks that do stupid shit like that deserve to go out of business. 3 times your gross income is the MAX you should be able to get a loan for.
GilbertsTi10R 3 years ago
To continue: The issue here is banks can't put a value on the homes in this market. See mark to market. Also this is like Vegas not your home. The people who bought CDS,s simply are betting your will default. They have no damage to cover if you do other than the premium they payed. And to make things worse CDS are not regulated like regular insurance. So there are two to blame here. The home owner bought too much house and the banks over sold CDS. So those holding the CDS have the money.
cloudbase1 3 years ago
im not affected by this but, where did the money go. money doesnt just dissapear. and know matter what there will be debt like people are going to want thir money. and to pay them you need to borrow but now you cant so your debt gets bigger with interest.. so evan when the market bounces back and banks start lending again theyll be lending vast amounts to recover and this will all happen again but bigger.this is what happens when the public lie and use money they dont have. dont only blame WS
bboy310 3 years ago
Google Credit Default Swaps. These are insurance policies sold by the banks to investors. The bank sells the CDS to an investor who pays a premium just like you do on your home. If your house burns down the insurance company pays. Here if the homeowner or business defaults on a loan the bank pays the investor. The trouble is how much. The issue here is the banks never though this many people would default. So they sold way too many CDS. Now they don't have the money to pay. See next comment.
cloudbase1 3 years ago
the government has to step in and lower interest rates to a reasonable rate and FREEZE it so people interest rates do not jump up
Timoidk 3 years ago
The issue in the credit markets now is trust. Banks are not lending because of fear and inability to value assets. Lowering interest rates simply asks banks to lend with lower return for the same risk, kind of like doing the same job they don't want to do now for lower pay. If rates are lower you would find it harder not easier to get a loan.
cloudbase1 3 years ago
When the ARMs adjusted *down* a few years ago, no one complained. Now they are adjusting up and everyone is crying. People must live with their decisions. They knew they could go up, or if they didn't they were too stupid to be allowed to borrow money (and yet they were).
mpercy8383 3 years ago
Here's an idea, what if the tax payers fund a bailout with the following conditions: 1)Part of the bailout is funded by private "boutique firms" which can cherry pick the best mortage backed assets. 2) The remainder of the assets are picked up by the tax payer. Sounds groovey, like a Paulson movie. 3) Wouldn't it be cool if the boutique firms were owned by the executives that caused this mess.
Deoradhan7919 3 years ago
Are you happy now? Hope your 401k is still there.
cloudbase1 3 years ago
NEVER AGAIN VOTE for any politician who stuck his or her dirty finger in creating the bail out plan - END THEIR CAREERS wherever they try to go. I am Republican but because McCain was involved in writing the Bailout, I will not vote for him.
Folks...if you run out of money and can't pay off your bank loan do you get bailed out or do you lose the home? Do you get any mercy from Banks - NO! They come and take your home. Likewise, banks should not get any mercy for being bloodsuckers and liars.
konman001 3 years ago 2
STRONGLY URGE YOUR SENTAORS AND REPRESENTATIVES TO VOTE NO ON THE BAILOUT AND TO SUPPORT H.R. 2755: Federal Reserve Board Abolition Act. The American people do not support a bailout, but in fact understand that the economic challenges we face require a massive overhaul of our financial system.
NO BAILOUT!!
AdenMutiny 3 years ago
Andrew Jackson was right.
dankeschone 3 years ago
Don't stop bailout, I have lots of shares in Fannie Mae. I'm gonna be rich when they bail out the toxic assets.
TomAllenUK 3 years ago
One other comment. I feel for those who are suffering but if this deal is not passed we will see unemployment rise dramatically. When we bought our house the lender tried to get us to buy more house. We stayed with sound fiscal policy and a budget. sure we would have like more but we knew a flexible interest loan at a time where rates where at a 30 year low would only go up. So we saved until we could afford a fixed rate.
cloudbase1 3 years ago
Please, wall street is not the only problem. We Americans have been running up our dept for years. You know if you can afford the payments or not. Why does the average household have 8 credit cards and $12,000 of dept? We who live within our means will end up paying for your bad choices. I know there are some who lost their job but most simply overspent any that is as much to blame as wall street.
cloudbase1 3 years ago
Cloudbase1, I agree with you. Also, I wish people would stop buying so much stuff. Especially foreign made.
atemyplate 3 years ago
A household or a country is worth what it is worth. All the rest is a scam on paper. What we need to do, is find the damn bankers and corporate war lords that are worth 200 million and that that money from them and give it to the hard working stiff. That way they will have money to keep the mortgage payments for their house. It will also help small business that need to grow in a capitalist nation. Capitalism is good, but when it swings to so much greed, the backbone of the worker is cut away.
YouSpamTard 3 years ago
Google "Re-Seeding the Housing Mess"
modifiedcontent 3 years ago
I wrote both my Senators in an effort to stop this bailout bill. One Republican one Democrat. Their offices both replied that they're determined to move forward with the bailout... it's for my own good. Any resistance feels absolutely feeble.
ZombieHustla 3 years ago 2
you can tell someone is telling a lie, their eye brows scrunch together,look at bush's eyebrows!just another republican scare tactic, bush is almost out of office dont let him screw up the country even more with this bail out! If a plan is needed it can wait til a new pres is in office, some one who is not out for his own or his rich friends best interest! its bad enough that bush is the head of an oil co. lets give him some more tax breaks and people wonder why gas cost so much wake up people!
shuty0urpiehole 3 years ago
eventually, they will feed on each other, its like a group of people stranded with no food and they decide to cannibalize each other as they die off one by one
RydanDenali 3 years ago
No offer to help the PEOPLE who were DEFRAUDED by the BANKS. I am a victim, I am still fighting for my house. And I may lose because there is no laws in favor of the counsumer. The fault lies with the Federal Reserve who allowed Greenspan to deregulate certain markets. Enron, savings and loan, supprime all Genius of Greenspan. Without offering something other than a bullshit stimulus plan to BENEFIT the people, they need to fix it out of their own pockets.
BlaqRubi 3 years ago
they wont help no one but themselves, this is apart of their plan. again, sooner or later their gonna feed on each other when there is no one left to feed on, therefore cannabilize themselves
RydanDenali 3 years ago
Called Brad Sherman, Congressman.
Called Senator Fienstien.
Let em rip.
Give them hell.
chewbaca1989 3 years ago
This has been flagged as spam show
Email your Senators:
Email your Representatives:
Americans don't want a bailout of Financial Institutions and want ALTERNATIVE PLANS (ie. Metzler and Luigi Zingales).
Vote for H.R. 2755: Federal Reserve Board Abolition Act.
Alan Greenspan (Gold and Economic Freedom) stated that the shabby secret of deficit spending is a scheme for the hidden confiscation of wealth.
amdura 3 years ago 2
This has been flagged as spam show
globaleconomicanalysis . blogspot . com
Go there for organizing resistance against this insanity!
Pressure is building ... their spooked at Congress ... there is NO vote!
ohmannhey 3 years ago
Congress created Fannie, Freddie, and wrote the rules for the loans. The most damaging is the accounting rule "mark to Market". Each year Asset worth is determined by what it can be sold for today and not what it's valuation when last sold. "mark to market works great as long as values increase, but if they decline they choke everything as is going on now. Banks now do not have the assest to cover what is borrowed. Congress requiree mark to market after 1992, not Businesses.
dberry2003 3 years ago
all those old people in charge are just living for today they dont care about the younger gneration who will have to find a way to pay the loan off theyre old there gonna die soon and they are livin it up!!!
nickonickster 3 years ago
Let those fuckers go back to live at home with their PARENTS. Life ain't as easy as it was, izzit? YOU'RE BAILING OUT PEOPLE WHO HAVE CONDOS ON BOTH COASTS. I never had a Porsche in my life, I've never been to Fuckin Cancun----but my broke ass is gonna bail YOU out? THIS STINKS TO HIGH HEAVEN---so they gotta get McCain and Obama to come together to SELL this shit down your throat. "The fundamentals of the economy are essentially What?"
anysuggestions 3 years ago
This Bush bailout is the biggest and most socialist government intervention in economic affairs since the formation of the Soviet Union and Communist China ... the biggest government intervention and nationalizations in the recent history of humanity, all for the benefit of the rich and the well connected.
audioambrosia 3 years ago
WE LOVE THE BAILOUT
GOOFYWOOFYDOOFY 3 years ago
Put them in jail and throw away the key.
Ataxicabdriver 3 years ago
great video Karl thank you
AdamsCapitalGroup 3 years ago
The SUB PRIME LOANS which caused this crisis in the Mortgage Industry are always in the HISPANIC COMMUNITY across the country. Who is responsible for giving the SUB PRIME LOANS TO MAJORITY HISPANIC PEOPLE?Why is PRESIDENT BUSH allowing OUR TAX DOLLARS to rescue peoples' homes who have NO SOCIAL SECURITY NUMBER!HOW can you tax or track a homeowner who has NO SOCIAL SECURITY NUMBER OR EIN NUMBER?I have a right to know.I am a US CITIZEN.I am tired of giving ILLEGAL ALIENS ANOTHER free ride!!
iamauscitizen 3 years ago
the cause of this has been decades of fake lending to the government by the federal reserve, we have been building debt and can never get out of debt if the fed reserve keeps printing the money. STOP PRIVATIZING MONEY GET THESE ASSHOLES OUT OF HERE.
carlmolito 3 years ago
its time to exterminate those fucking jews and their money-grabbing ways.
northernTide 3 years ago
Things do not happen just like that all of a sudden. This disaster has been in the cooking for a long time. It take a planned blind-eye for such a massive failure to happen. No excuses can explain what is happening. This is affecting all of us. Our styandard of living, Our children's future, our retirement and all.
birdbook1 3 years ago
Trickle up economics. The tax revenues from the poor struggling to buy shlter, food and medicine is going to save the lifestyle of the rich CEOs.
birdbook1 3 years ago
as a small business owner in the construction industry that is DIRECTLY AFFECTED by this mortgague shell game I would have to say fuck 'em. Let the chips fall where they may because I dont think it could get much worse for me and many like me.
If I make bad decisions in running my business neither the government nor anyone else is going to bail me out.
Let them collapse and opportunities be created. Let the ripple be felt around the globe as a reminder to all America is important.
mizilus 3 years ago
Exactly mizilus. You're spot on brother.
thetrainables 3 years ago
i agree. there is no doubt that it is going to hurt everybody.but a bailout only delays what is going to happen anyway. i hate to say but this deal needs to fall through and let irresponsible buyers, the government, and these corporations learn their lesson.
crs070868 3 years ago 2
perhaps the government is onto something ,a new career choice, The Bailed Out.
Are you a total failure. Bad with money. Made shitty financial decisions. Dont worry.
The US taxpayers will BAIL YOU OUT.
This is just WELFARE FOR RICH PEOPLE.
TO quote both Nancy Reagan AND Barack Obama in one sentence:
"Just say NO, Make them OWN their failure!"
lordsmokeadoob420 3 years ago
I want the US Government to bail me out (and the rest of us). My house appraised for $135,000 4 years ago, I sold it 3 years ago for $119,000. I borrowed against my house after the appraisal, I am renting and today still paying a loan for my old mortgage. Yes its my fault, but they have been letting EVERYBODY do this. That is one of the reasons we are in this situation.
dettigers62025 3 years ago
This is the greatest display of criminal genius in the history of the world, Bushco are GODLIKE!
judeGti 3 years ago
The democrats did this. The Republicans attempted to avert this.
s7rugg1es 3 years ago
The Titanic's is going down.
blk59 3 years ago
If you are a customer of Freddie Mac, Fannnie Mae or Sallie Mae and you don't pay your bill to them timely they destroy your credit, take your home and/or garnish your wages.
Now they fail to pay their bills due to greedy financial decisions and they want the American Taxpayer who they've screwed over to bail them out? Let them fall. Screw them they've screwed all of US for decades. GOOD RIDDANCE!
alwaysachrgrfan 3 years ago 2
TOTALLY AGREE, i USED TO WORK FOR A STUDENT LOAN COMPANY AND WAGES ARE GARNISHED ALL THE TIME IF U DONT PAY
nickonickster 3 years ago
We're screwed, bailout or no bailout. Because the same creeps who created the problem are the ones we're letting "fix it". The curse of living in interesting times.
bapagan 3 years ago
Agreed, but who is to Blame? Congress? President? Business? Democrats? Republicans? There is plenty of blame to go around. When things break always look at the system. People only do what the system allows, promotes, or forces. Over the last 18 years congress required banks to ignore more and requirements for mortgages in the name of ending housing discrimation to the poor and minorities. The biggest culprit is the accounting practice of Mark to Market value instituted by congress.
dberry2003 3 years ago
Abraham Lincoln once said...
He'd rather have General Lee's Army in front of him..than the bankers behind him...
This is unreal...and yes..WE LET IT HAPPEN!
DsmB2007 3 years ago 2
How is it that the administration and Congress, which have not tried to find huge amounts of money to, say, improve the nations health insurance system or repair bridges and tunnels, can now be ready to come up with $700 billion to rescue the financial system?
eacuna05 3 years ago
I am all for the bailout if it will usher in socialism.
AirborneIdentity 3 years ago
thats the plan
RydanDenali 3 years ago
I hope so.
AirborneIdentity 3 years ago
GUESS WHAT - ITS OUR FAULT ..b/c we are pussys we cant stand up like other countrys can !!
freeamerica365 3 years ago
Americans should do something about these banksters. They are looting the common people right under their nose and most of their politicians are going with it. The investment banks can go bust, it doesnt matters. It is not a saving bank and the normal taxpayer dont benefit from it.
Redtide 3 years ago
It's not just the banksters, it's the politicians, too. The deregulation was the baby of Phil Gramm. It slipped in 2 months post 9/11. But, we're okay. Just keep your head down (in that sand) and let the powers that be take care of things for us.
...because us being stupid and afraid is exactly what allows them to do this to us.
bapagan 3 years ago
theres a saying that says: dont let your mouth write checks your ass cant cash
RydanDenali 3 years ago
Since those earning over $100,000/year have benefitted most from financial deregulation, it is not unreasonable to reinstate the tax structure prior to Bush's tax cuts to pay this debt. Putting this debt into U.S. Treasury notes will only downgrade them to junk bond status.
milkgodnl 3 years ago
Does anybody know what Executive Order 11110 is?
NotOfThisGalaxy 3 years ago
Great video - I have found one person who has been honest with me all along and I fully encourage you to read his quarterly letters. Jeremy Grantham, CEO of GMO.
geiko187 3 years ago
In a Galaxy far far away there once was a planet called Earth. On this planet lived beings who were petty, greedy, nationalistic and unable to get along with each other for most of their time on the planet. These beings called themselves "Homo Sapien" (meaning wise man). They were able to master the Atomic Nuclei, and somehow they managed to muddle along until the 2nd great depression & the end of the age of Oil. Are archeologists are studying the rubble of their civilization. They had potential
valhala56 3 years ago 2
This happened during Bush's watch. It was also a Repuliecan congress until 2006. NO more Bush-it! We can't take 1 more month of Republiecan philosophy, let alone 4 more yrs.
IT didn't work and we need CHANGE NOW!
lagregm 3 years ago
This happen because the Democrats blocked reforms the Bush administration recommended, and a bill [S109] that McCain sponsored. Meanwhile they (the Dems) received over $300,000,000 in campaign contributions from Lehman Bros. & FannieMae. The facts are the facts!! Bill Clinton started FannieMae; it has been a home giveaway program with closing cost going into Dem coffers and the mortage payments now the responsibility of the Taxpayers! A $200 BILLION bill! Oust all those crooked Democrats !!!
sxobekuj 3 years ago
This happened during Bush's watch. It was also a Repuliecan congress until 2006. NO more Bush-it! We can't take 1 more month of Republiecan philosophy, let alone 4 more yrs.
IT didn't work and we need CHANGE NOW!
lagregm 3 years ago
No BailOut! No BailOut for the financial Elite. We have been ripped off our own resources, jobs and taxes. WE HAVE PLENTY of natural resources in our country OIL, TECHNOLOGY, AGRICULTURE to give Americans the money and jobs WE NEED. The Financial Elite is worried about keeping their POSH living styles. NO BAILOUT!! Stand Up and demand JUSTICE.
TauCeti7 3 years ago
How do define plenty. We have a TOTAL of %3 of the worlds oil reserves in the country. That's counting ALL source and we use %25 of the world supply. When I do the math that means we are screwed if we keep depending on oil.
cloudbase1 3 years ago
I see my previous comments were removed. Facts hurt liberals!CheapTrick82,the #'s are public record,the Democrats received the lobbist money to allow BillClintons mortgage company(FannieMay)to give homes to people with no jobs or money. The Democrats got the deposits and the taxerpayers got the mortgage payments.The only good outcome would be if these people could keep the homes; bad part is we have to pay for them. Sen.Dodd should resign !!! NJ Gov. Corzine,too! Dems really screwed this one up!
sxobekuj 3 years ago
sxobekuj, it is not the Democrats that did this. What is your source? You can not prove that. It is Captiolone, Citibanc, JP MOrgan Chase that did this to our country. BIG BUSINESS! and most republicians are for BIG BUSINESS.
dagentleman247 3 years ago
Dagentleman, (more on my channel); You can google who started FannieMae, who's been running FannieMae, and who's been receiving the lobbyist money from these companies and the ones FannieMae bought worthless mortages from. It's all over the web!! Ya see, even Senators must publically reveal these donations. So my facts are solid. If you still can't find these, ask a republican for assistance- they know how to find the facts!! But what I can't find is "most Republicans are for Big Busineses"(??)
sxobekuj 3 years ago
GS (Goldman Sachs) 129.80+21.80 / +20.19% Sep 19
Henry Paulson, Treasury Sec., former chairman and CEO of Goldman Sachs.
No, I don't think there was scienter on the part of Paulson (though who knows??). Nonetheless we see he cannot overcome his "training" to think rationally. Vote Ron Paul/libertarian.
kesmith32 3 years ago
I don't even know why they're bothering with all this bailout bullshit. The only thing that can help our economy is lowering gas prices. That's the root cause of this whole mess in the first place; gas prices. When the price of gas goes up, the price of EVERYTHING goes up. That means the dollar has less buying power and then everybody is fucked.
fooschnikens 3 years ago
This action for a taxpayer bailout isn't because they care about the economy or average americans(the rich abore the poor),it is the good ole'boy buddy system for their rich ass friends.I say bring some of the troops back home so that we can build more prisons for these lying thieving mf'ers
Doughnutchef 3 years ago
this guy kicks ass. That was the best explanation of the subprime housing market ever!
sleeplessinbrooklyn 3 years ago
You can go back in history to see what got us here. What let it happen is NO REGULATION. Nope, our GOP friends don't like that word. So to middle class America, it is your tax dollars at work here bailing out the rich. I hope everyone reading this has FINALLY had enough of this republican administration. Just watch c-span for 2 days and you will realize that bush and cheney should be in prison for the rest of their lives. General population/No regulation!
joyful1959 3 years ago
This is not as simple as democrat/republican. Glass-Stegall was repealed when Clinton was President, for example. Both sides of the aisle want this to happen.
Think about it! Republicans drag us into war with the wrong country, and the Democratic Congress still gives a funding bill...and how many years??? have they been against the war now?
ybworld 3 years ago
i am interseted if USA house price decline another 15%,which is predicted all those people saying the US taxpayer won't be hit,they now are liable for those house price values.
MagnaCartaFreedom 3 years ago
I'm not that great on enomics, but let me see if i got this right. The US-government is buying those mortgages therefore owning those houses. And if people can't pay the interest on their mortgages, their own government kicks them out of their houses? genius concept
ismokealot01 3 years ago
hey that's kind of right, the government bought the promise notes on the homes. the home is the collateral and THAT'S what's falling, the home's value.
Bank won't lend 500k in week one on a house that will be worth $450 next week. Same for buyer take out a loan and watch your home sink in value but the mortgage is the same cost.
No doubt this is the MOST unabashed example of corporate welfare I've ever seen. I say Let their heads roll and roll HARD!
uturniaphobic 3 years ago
This bailout will drag the US into the quicksand with them. it's a domino effect and will ripple through retail, manufacturing, & insurance.
elektrikcity 3 years ago
greed comes before the fall
silvercityblue 3 years ago
This is a great way to steal $200 Billion from the US taxpayer. Not to mention the additional $5 TRILLION the US taxpayer is on the hook for. Hank Paulson used to work for Goldman Sachs, they rape American right and left. Why is the US taxpayer bailing out private corporations?? This is called socialism NOT capitalism. Paulson should be thrown in Federal prison. Did you notice not one US senator or congress has said a word??
bmwstox 3 years ago 3
bmwstox,this isn't socialism, this is criminalism. There is a difference. Socialist countries like Norway, Sweden ect do not have Wall Street Hedge funds shorting companies in the hopes they will go out of business to make huge profits, it closer to mafioso or bank robbery, HTF do you get socialism? Where is the distrubution of wealth by community, this is just robbery.
valhala56 3 years ago
Short sellers did not cause this problem, they are being blamed for it so the people that caused it can hide.
ybworld 3 years ago 4
ybworld, so your saying that house flippers, mortage brokers passing bad paper up the chain takeing their cut know if was iffy paper then bundling all this junk up and mainstream Stock brokers selling this crap all over the world, in conjunction with all greedy indivuals selling stock they don't own, playing games with the fiancial markets in the hope that the stock will go down and they will make money is good? Good like all these bad mortages huh? It really amounts to greed and stupidity.
valhala56 3 years ago
I'm saying that:
1) Glas-Stegall was repealed under Clinton?
2) Regulations were passed forcing banks to lend to lower income customers
3) Artificially low interest rates
4) Direct comments by Greenspan encouraging people to buy homes/refinance
I'm saying this entire 'crisis' was planned. Read about the roaring '20s, read about the crash of '29, and read about how the great depression really happened. The coming depression will be from these bailouts. 3-6 months.
ybworld 3 years ago 2
You are right ybworld. It is difficult for some people to understand the politics of this. GS (Goldman Sachs) 129.80+21.80 / +20.19% Sep 19
Henry Paulson, Treasury Sec., former chairman and CEO of Goldman Sachs.
No, I don't think there was scienter on the part of Paulson (though who knows??). Nonetheless we see he cannot overcome his "training" to think rationally. Vote Ron Paul/libertarian.
kesmith32 3 years ago
I agree with you, no idea. I find this whole thing unnerving though, last summer I thought Paulson was some kind of hero, bringing the expertise and experience of a CEO to the government. I thought, cool, the treasury will be run efficiently and to the standards of a top-performing business.
I guess it depends on what goals you're pursuing.
ybworld 3 years ago
Ventura 2012
erby1kabogey 3 years ago
The most outrageos thing is that not even an investigation is been open to check Fanni-Freddie executives connection with lobby in congress. Been this the biggest rob in history of USA to tax payers (6 trillions) at least an investigation would be opened.
ficote72 3 years ago 5
Washington Mutual will probably get a bail out too.
crasster1 3 years ago 2
Karl Denninger is Cgnao, and I claim my £5.
mattd49 3 years ago
Fannie Mae; Home of crooks and political hacks, playground for legal robbery of the American taxpayer.
LeeHarveyOswald63 3 years ago 2
I wonder what your thoughts are on the Federal Government IS taking over Fanny/Freddie?
Where are you putting your money? Is now a time to buy a home?
Filemon5 3 years ago
Buy a home - are you kidding??? Home prices still have to fall by another 20-30% if not more. Not that I am as "bright" as Mr. Denninger (who I am sure is happy with his stash of worthless IOU's from the US Govt.), I'll try to put it as simply as I can - GET THE HELL OUT OF THE DOLLAR - RIGHT THE F**K NOW!!!
chootlund 3 years ago
Any home that you can buy and reasonably afford you should go for it and not primarily look at it as an investment. If you can reasonably afford your payments then over the long run you should be okay. People need to stop looking at houses as investments and start looking at it as a place to lay their head at night.
devonge 3 years ago 2
If we had a free market we wouldn't be in this mess. Houses would sell for a lot lower, but it would be real cash, not inflated figures.
Filemon5 3 years ago 2
Mo' money mo' money!
nader paul kucinich gravel
mckinney ventura
perot charts
rage
Got honesty?
ryanshaunkelly 3 years ago
@bfrench7
Yes we are going through deflation, but what's COMING is hyperinflation. And the current deflation is what will set the stage for it. You have been warned.
chootlund 3 years ago
Killing off the shareholders of FNM and FRE is scapegoating greedy BOARDS and NO DOC LOANS, the l.e.a.d.e.r.s.h.i.t. Shareholders have invested 1/10 of one year's investment in the company, why scapegoat THEM? The deals sucked because ALL were betrayed by leadership who didn't have rules in place to prevent subslime.
Get the board members, not the little guy.
Yourdeadmeat69 3 years ago
Kdenniger for President!!!
jtn500 3 years ago
Denninger is a total a**. I've dealt with the guy. He's not unlike the people he so vehemently opposes.
chootlund 3 years ago
Buy silver and gold. That is the only solution.
He101A 3 years ago
What it worries me is that this guy has a video called "funny animal porn" in his favorites, lol.
bidermaier 3 years ago 3
Tourista, How about you get off his nut sack? You've set up straw man after straw man and torn it to shreds. It seems like you're the one that needs to sit down and shut up.
Neewbtrader 3 years ago
So Karl when are you going to start working for Pete Petersen at Blackstone.
You and your new buddy Dave Walker can start telling everybody about your plan to save the US financial system by whacking out all the old people.
How does it feel to be a tool for the Rothschild clan and their banking buddies?
Tourista2008 3 years ago
Karl,
I thought T rates were suppose to skyrocket once the government passed the bailout legislation. What happened?
The fact is you know nothing about credit markets and should simply sit down and shut up.
Tourista2008 3 years ago
Don't worry Karl has the solution for you.
He's just going to throw all those "weak" sick and old people out on the street because they aren't entitled to shit for the payments they made into the SSI system. See there's a legal loophole Karl figures the government can hang its hat on.
Meanwhile Karl is all for buying more bombs to blow the shit out of people in Iraq and Afghanistan or wherever.
You can never spend enough money doing that, right buddy?
Tourista2008 3 years ago
This guy is nothing but a misogynist.
On his forum yesterday he was bragging about a woman who dumped him then showed up at his door asking for a job.
"Her job evaporated and she's 2 weeks away from missing rent and being evicted. With two kids. She's freaked out and came by - to a guy's house that she decided wasn't a "good fit" for her - asking if I knew anyone who was hiring. You know its bad when that happens..."
What a vindictive loser basking in another person's misery and humiliation.
Tourista2008 3 years ago
FRE/FNM make cash flow NOW but liar loans with no doc, no income, that Ponzi scheme--augers in the direction of wipeout without insiders, Paulson, etc, and other conspiratorial drivel. Who cares? There are no policemen in this debacle, get on the right side of the trade or die, little guy.
Not every trade is a long. Get over it, play like the big boys or be toast. Taxpayer paying 250B bombing camel jockeys! least we can do is bail ourselves out while we're pulling kids out of harm's way.
Yourdeadmeat69 3 years ago
goddamn our USA govt if they bailout fannie and freddie and the greedy stockholders at mainstreet's expense! who needs to worry about osama bin laden when you got bush, paulson, bernanke and the congress destroying us!
garyowen4ever 3 years ago
The Mexican Government owes American Citizens about 2.5 Trillion USD in Welfare payments for Mexican Nationals over the last 15 years. American Citizens can't find jobs and pay their mortgages, because illegal aliens are working on construction sites. Every U.S. Attorney in the U.S. should be going after municipalities that misuse federal funds to give welfare services to illegal aliens. The best place to start is L.A. County.
USIndependent 3 years ago
i wonder if they could cost that much
frankbagsby 2 years ago
but we have a new war on with russia now!
stonerj0e 3 years ago 2
Great video.
33deagle 3 years ago
I cannot believe I have to do this, but by MANDATE, I have to post a comment.
Excellent video Karl. If the screen shows my comment, it is saved for the record.
Bluntfacts 3 years ago
Watch EXCLUSIVE and LEAKED videos on BAILOUTs on my channel!
-GOD BLESS AMERICA
MoeBedard 3 years ago
I need to add another layer to my ponzi-scheme. Any suggestions?
ponziunit 3 years ago
The Mother of All Mobster Bailouts may have been the last card. the last chance for a real investment by our government in we the people. Like the war, they again squandered another opportunity by throwing the money down the toilet. Oust is too kind a word for what these criminals have coming this November.
extinctionism 3 years ago
Try to pick up a copy of "The Age of Jackson." I'm reading this right now for my econ class. Holy Crap!, we are repeating history in more ways than one. The difference is the people were more informed back then. No TV's to distract. They did it by pamphlet. This is just crazy what we are going through and I can't believe I'm actually going to live through these historical times. Just crazy.
monymizer 3 years ago
It sickens me to see this great nation plundered by greedy, globe trotting rich people. No matter how much we (ordinary people) scream "unfair," there will be many more bailouts to come since they (rich people) have our politician in their pockets.
uranius007 3 years ago
I have to watch this again. Great video
Almost as satisfying as sex when I hear truth from the media
motorolarules 3 years ago
O U T S T A N D I N G ! ! !
Just scratches the surface of things, but nonetheless the BEST wake-up call for the mesmerized mainstream-media-mind, I've seen so far!!
!!!SPREAD THE NEWS!!!
Tressco 3 years ago 2
I like how Suze Orman is quoted here. Too bad no one remembers her a year ago saying now is a great time to buy a house. Look it up on Youtube. Another one of those experts who just forgets what they said before.
ReliableSunPower 3 years ago 3
One of the smartest and most accurate videos I've ever seen on YouTube.
BoydBoy189 3 years ago 3
Bush is guilty of screwing up American economy. He busted billions of dollars on the war.
AdorIslam 3 years ago
Im starting to feel afraid
caledfwlch 3 years ago 2
Two years ago I was as well. Now I am enraged. I was one of the original bubble heads warning of this. This could lead to blood in the streets. My house was burglarized because people here in CA are getting desperate.
ReliableSunPower 3 years ago 3
Yeah FIGHT back we need to STAND UP AND SAY NO!
ododidit 3 years ago 2
Yeah, umm I think people should buy silver and gold NOW - or be pwned by hyperinflation!!
VioletNRG 3 years ago
so what? Feds is controlled by international bankers whose names only insiders know.
DavidDayPraise 3 years ago
Wuddy? Whoa? Bush swaid everythwings okay. Did'nt thwose othwa peeples hear him? Those anylists aw not lwistwing!
kwazi6 3 years ago
Elect Ron Paul.
Washington0Wiz 3 years ago
I wish that would happen, and rapidly. In crisis there are no libertarians. When our currency collapses, Freedom will be blamed and government will move to solidify its power in a totalitarian state. It always happens in crisis. That's why real change is needed now before it happens. Before we lose our rights and freedom forever.
nowayjose470 3 years ago 2
nasanction 3 years ago 7
Rest assured, when our currency collapses, the government will not turn toward liberty, free markets and personal responsibility. They won't tighten their belts, they'll tighten up on our freedoms. Every resource of our government will go to save the billionaires. "My fellow Americrats, you were too free. That's why our dollar crashed. Now we need a North American Union headed by a spetacular totalitarian state and the new Amero currency. We need more power, less freedom and more war.
nowayjose470 3 years ago
BTW: The above post is not endorsing such an idea. That is simply how government always responds in crisis. Be afraid, VERY AFRAID!
nowayjose470 3 years ago
Yep, doesn't matter what the Tax Payer wants - period. Only what the crooks in Washington and Wall Street want.
Greed isn't good after all, is it?
PsyogiBottoms 3 years ago 2
Jefferson said that every one hundred years we need a revolution. Time to pick up arms and march on DC. This Bush administration has fuked up country.
fjerins 3 years ago
Great, yet completely disheartening video... so damn sad the American public is so uneducated about basic finances, and also about what functions the Government *should* perform.
edstate 3 years ago
WOW This is the best video i have seen that explain it in plain english too everyone. The bad thing is that's to late for the economy which is going down in many sectors either moving over sea or loosing competition. By the way most bankers politician investing abroad (Asia, Some EU) others have multi-million hoses in central and south America like Costa Rica.
I really hope you but more informative video like that plus wish the media show this kind of video .
mysanjose 3 years ago 2
What about the Americans that cashed out tons of equity and lived high on the hog for the last 5 years? Shouldn't they be blamed for these problems too? I have read anecdotes from CA where individual people cashed out millions each in home equity and are leaving Countrywide holding the bag. Seems they pocketed money too. There should be some form of debt slavery brought back. Those who did not participate should not have to pay.
backfromhomedepot 3 years ago 2
Very good video. I take it you are a Ron Paul supporter? At least, I hope you are!
lastnymleft 3 years ago
He really, really isn't!
corporatewarrior 3 years ago
If you live in Minneapolis or St. Paul area go to the "Rally for the Republic" on Sept. 2nd at the Target Center. Go to Ticketmaster and get your ticket for $17.76 ;)We have to show our Government that we will not tolerating this raping and violation of our civil liberties. Stand up America. I'm driving from Florida with 11 other Freedom Lovers!!!!!
dom7p 3 years ago 4
Sign the petition to stop the bailout. This is government corruption on a scale so vast it's almost unimaginable.
xenix2012 3 years ago
Your too late. The Senate passed it this morning. Good Luck to us all.
monymizer 3 years ago 5
Is that right? Wow. This is a sad dark day.
xenix2012 3 years ago
Stop watching TV, America. It make you fat and stupid.
At least put it on CSPAN, rip off the dial and throw out the remote.
ronpaul2k8 3 years ago 5
Ron Paul
MedicalMarijuanaMini 3 years ago 5
I would LOVE to see Paulson in HANDCUFFS and hauled off to PRISON where he BELONGS for continuing the LIES of Bernanke and the FED!
WHO has or will bail us out when we make BAD investment decisions? This bail-out will help only the CRIMINALS in the banking industry that have ROBBED the American people, and it will be the American people who get stuck holding the bag, AGAIN!
THANK you Karl for telling us the truth that our own government refuses to face.
American5Patriot 3 years ago 2
All you have to do is look back at the Enron fiasco to learn about how George Bush approved Ken Lay's creative accounting practices and turned a blind eye to the whole thing. It was this event that gave the signal to all the financial institutions out there that they had a license to steal.
Boscovius 3 years ago
Who has said the truth? I don't know, how about Jim Rogers, Peter Schiff, and Ron Paul.
Tasadaru 3 years ago 4