President George W. Bush leaves the podium after his final address to the U.N..
Someone must have Photoshopped in the shadow.
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Maybe one way to assist the ailing homeowner would be to convert teir interest-paid into principal-paid. The unpaid principal may be closer to the actual value of the home. Wipe the interest-paid away. Re-set the mortgage to the new value (unpaid principle) and start up a new mortgage with a fair interest rate. This may make sense for homes bought within 5 years.
This would could help the homeowner without giving them a free ride. This of course should only be considered along with some of the other amendments proposed by congress (no blank check, no golden parachutes, assistance to taxpayers, etc).
Crazy I know, but so is the $700B bailout.
>Economic Meltdown – the final layer of turd icing on the George Bush sh*t cake
From the NEw York Times in 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
…
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
#33 Winston – “Economic Meltdown – the final layer of turd icing on the George Bush sh*t cake. – Jon Stewart [Daily Show]
You should acknowledge your sources.
# 31 Alex Wollangk – Your difficulty in remembering any good Dumbya might have done brings to mind Eisenhower’s remark about Nixon: “When asked by reporters at the end of a televised press conference to list one of Nixon’s policy ideas he had adopted, he replied, “If you give me a week, I might think of one.”” See, REPUKES, ESPECIALLY THE MEGALOMANIACS like Nixon and Bush, are NOT FIT TO LEAD !!!
LINK: http://en.wikipedia.org/wiki/Dwight_D._Eisenhower
C’mon, George has been doing the work of three men. Mind you, they’re Larry, Moe and Curly.
The Palin/McCain ticket cannot do well because they are intrinsically linked with Bush and that cannot, and should not, be forgotten.
In the near future I’m looking forward to what George is going to do with his Liebrary. That will be fun to watch.
# 12. Wrong. The clues were there, W chose to ignore them. Now he wants to scare everyone into believing that quick approval of a bailout package which has NO OVERSIGHT is a good idea.
#31, Alex,
The man has been in office for nearly eight years and this entire time someone mentioned something I thought was a good thing he did once and I can’t even remember what it was…
I heard the same thing. Once. I think it was “he always leaves the toilet seat up so the next guy doesn’t have to lift it”.
I know that the main problem I’m having with this is that the positive things are buried under piles and piles of things that have hurt me to the core.
And here I thought it was Cheney that liked the “Hot Carls”. So they BOTH like to give them???
#35, Lyin’ Mike,
Still up to your old tricks.
The plan was to reduce the amount of regulation and oversight the two were operated under. This would have allowed them to ignore the lower profit small mortgages and go after the larger mortgages. Those are the mortgages that are suffering the highest rate of failure and are what have done in the investment banks, Countrywide, and AIG. The smaller mortgages are not suffering the same rate of failure as are the larger one.
If the Republicans who controlled both houses of Congress and the White House wanted to pass this bill they would have. This was still deregulation or as it is now known, just another pig wearing lipstick.
Good riddance. This president gave nothing to the world except pain and death. America had lots of friends when the 911 terrorists attacks happened. Even in the Muslim world they were on the US side to eliminate the terror. And now? US will be hard pressed to find an ally now. Everyone is making excuses not to join the lies created by the US just to invade already poor 6th world countries.
Man if Mcain comes, things will turn for the worse.
Nice try Fusion. For months now, you and the others on this site were complaining about banks giving out loans to people who couldn’t afford them, now suddenly it is the high-income big mortgages that are the problem? Sup-prime means big mortgages?
# 12 BigCarbonFoot said,
#6 – 9/11 was mostly Clinton’s fault.
Let’s play the previous Admin game…
It’s Reagan’s fault for pulling us out of Lebanon. ‘Terrorists’ (and most Middle Eastern and Eastern Europeans) tend to have long memories. How long has Shiia/Sunni (sp? Hey, I’m American!) rivalry been going? 1200 yrs?
J/P=?
That’s true, you can link back, but keep going – Reagan was elected to clean up Carter’s messes.
At the moment Carter is excited, because a few years from now Obama will take the lead as worst POTUS in history.
Fusion, I lob you a softball and that’s all you got. Give me a candidate that understand the real American Dream – at least two houses and multiple personally owned vehicles to drive between them for every family.
GOOD RIDDANCE.
Next: The Hague.
Crimes against humanity.
Messianic fool.