This Obama Pelosi plan is so damn nutty some humor needs to be gleaned from it before many of us responsible Americans lose it, here's a little cartoon from Danziger last week combined with a satirical post from Scrappleface regarding Obama's tax cheat in charge, Timothy Geithner...(the following article is A PARODY, not real.....)
:$50 Billion in Cash Headed for Paid-Up Homeowners:
Scrappleface "(2009-02-17) — Treasury Secretary Timothy Geithner this week will unveil a plan to address the nation’s housing crisis by making $50 billion in direct payments to the 91 percent of homeowners who currently pay their mortgages on time.
The plan is an 11th-hour revision of the original scheme which would have allowed government-backed renegotiation of loans between banks and delinquent or foreclosed homeowners.
“We want to invest in what works,” said Mr. Geithner. “It suddenly dawned on me that rewarding people who bought more house than they could afford, and backing banks that made risky loans, would just throw good money after bad. But the vast majority of Americans make sensible mortgage decisions, so when we put cash in their hands they’ll use it in ways that will reinforce a sound, sustainable economy.”
Only about nine percent of mortgages are delinquent or in foreclosure, Mr. Geithner noted.
“The best thing for these folks is to get them out of the McMansions and into modest homes or rental units they can afford,” the Treasury chief said. “If we bail them out now, then we just send a signal to the banks that Uncle Sam stands behind every foolish, risky or evil thing you do. We would effectively nationalize the banks while subsidizing people who think the American dream is a birthright payable upon demand.”
Asked by a reporter why the federal government should get involved at all, taking out a $50 billion loan to try to stabilize credit markets, Mr. Geithner said, “We’re just following the great Democrat example of Franklin Roosevelt during the Depression.”
“FDR knew that it doesn’t matter whether what you do will work, or even make sense,” he said, “What matters is that people think you care, and they see you doing something. Borrowing money against future tax receipts is something we can do, and we do it well.”
So, it just came to him.....“It suddenly dawned on me that rewarding people who bought more house than they could afford, and backing banks that made risky loans, would just throw good money after bad. But the vast majority of Americans make sensible mortgage decisions, so when we put cash in their hands they’ll use it in ways that will reinforce a sound, sustainable economy.”
ReplyDeleteHe was the smartest in and we had to have him no matter how much of a crook he was? Everything is upside down. Tumbling down the rabbit hole...
This fix has more to do with the problem than anything to make it better. He like Obama are schoolboys sent in to do men's jobs. You should watch the Alan Keyes video in the post I did on him today.
ReplyDeleteHe goes off on the children running the government today and calls Americans out for being crazy putting their lives in these nimrod's hands, Savage said it as did I when his first news conference Geithner revealed a shifty eyed deer in the headlights in my post on the 10th, "If you trust this man you're nuts"
Did he really say "it suddenly dawned on me"? What kind of people do we have up there. So what is he saying exactly? Are we now giving money to people who are current, but struggling? I tell you these people are totally clueless.. Ray, you know how I am out of work? I have worked in the mtg. industry for quite a few years.. There are over 330 lenders that have closed in the last two years. The government is making this worse. There are thousands if not millions laid off in the financial industry alone. As god as my witness, the government's involvement in the industry has completely recked it. We offered the programs we were regulated to offer. In the 90's when the Clinton Admin. with the assistance of the Republican party lowered the credit standards, sub prime was born. FHA loans are far more riskier in some cases than anything in the subprime market was. FHA is still lending to borrowers with under a 550 credit score in some cases. To listen to stupid up there talk about preditory lenders makes me sick... Were there a few? absolutely, but they pale in comparison to the decent lenders who were maintaining their due diligence. And just so everyone is clear, if you are not certain about what you are signing, the title co. will go over each disclosure and explain it to you. I can assure you that 98% of the borrowers I dealt with, new exactly what they were getting into. In most cases they were not interested in the fixed rate no matter how much you tried to explain it to them. For people to say they were railroaded / I'm not buying it...Government was warned about these loans, and I have even experienced ACORN in the lobby with their protests. 1st). for racism and discrimination, on the purchase of the home and 2) for racism and discrimination because they got a higher rate and term and they had "no idea" what was going on. They would accuse us of giving minorities higher rates and terms. Well, when you underwrite a loan race is never a factor, cannot be.. We have one rate sheet period for everyone, not different rates for minorities.. These people will get the help and a pass from Obama and pals.
ReplyDeleteit is better almost thing and place the beautiful Chicago with as quient ambiance ,and scenic beauty is a great attraction for everyone.
ReplyDeleteMillionaire Maker FreeDVD
I guess I should not assume that everyone knows who "Scrappleface" is Sharon, but that is a parody and you should click the link to see what this man does. Rush Limbaugh uses his stuff all th time]
ReplyDeleteIt's supposed to be funny, but the style of that writer makes one believe it's actual reporting/.Sorry I didn't make that clear and am changing the lead in to reflect it.
Absolutely most of these defaulting people need to take responsibility for their own actions adn move out of these homes and downsize and file BK like the rest of us would be forced and were forced to do in another era, like 6 months ago.
My entire immediate family is in both high finance and Real Estate both here and in Sothwest Florida, both idustries ibviously hit hard and likely will not recover under Obama's world, that's almost a certainty.
These people in default had no business getting loans nor no business signing the loans in the first place, and they also lied on most of their applications and isntead of being rewarded should be jailed for fraud on a number of levels.
The parody relates to Timothy Geithner and the rdiculousness of this man being placed in this critical postition at this critical time.
The mortgage crisis has blame to go around for evryone and is easily explained in the video and links in my mortgage crisis cell int he right sidebar yet incredibly no one reads it or looks at the three links....Much information in that one little space/