The Stealth Bailout

When you go into the voting booth in November, remember pay go, more transparency, earmark clean up and the energy policy these liberal bobble heads promised and who is working for whom. Do you really think they care what you are paying for gasoline or what you tax bill is going to be? The Democrats running this Congress are worse than the Republican Congress that they railed about in the run up to the mid terms elections. This might be some of the "hope" and "change" you have heard so much about from Our Saviour. They spend, spend, spend and we are supposed to shut up, get in the back of the bus and enjoy the ride- oh, and pay for it. It's time to wake up America.

This is how America will meet its end.

What these Democrats are trying to do is point both barrels squarely between the eyes of the right to private property. By forcing these unfunded mandates, future generations face a dilemma:

Do they ignore the unfunded mandates and risk total economic disaster as money becomes worthless? The collapse of the US economy will be what puts the Constitution (and elections) on hold 'indefinitely'.

Or, do they attempt to keep the currency stable by paying down the debt? But how? These UM's will one day be beyond the taxation capability of Congress (they'll exceed 100% of corporate and personal income) so Congress will start the confiscation process starting with individual property, followed by salary and finally the means of production (energy, transportation, housing, farming, etc.) The conversion to socialism ala Castro is accomplished as those people will still have to go to work to avoid jail. Money needs to be backed by labor to be of value.

Everyone with a credit card knows you cannot keep assuming debt to pay your bills and assume even more debt to pay your debt. If the credit card companies, for example, kept giving eternal debt, then who in their right mind would accept credit cards? You present one for payment of goods and services and the merchant would say "Big deal, I got one of those never ending debt cards, too. What can you do for me? How about painting my house". If the government keeps incurring more debt, that's analagous to the way our money will become worthless and our property and labor will be taken from us. Worthless money eliminates the burden of taxation. "What else can you do for me?" government will ask. How 'bout a massive community organization to build 535 retirement palaces. Yes. You. Will.

That's what's being sown in our seat of government right now. All because of some people took a risk and invested in housing they couldn't afford or to turn a quick profit. Only to cry like a spoiled child when they bet the wrong way. And we get stuck with the bill. How's your day going?

Even in the Kool Aid sipping land of Kos is this travesty raising the ire of at least one commentator.

>> Woah, where did that come from?
by soros
Thu Jul 24, 2008 at 11:40:20 PM PDT

Where in the hell did the Fannie & Freddie Bailout bill come from? No advance warning.. out of the freaking god damn blue this GIGANTIC package appears on capital hill and the house of representatives is voting on it. All of the news sources say this is a sure thing, even before its voted on.

WHY IN THE HELL IS THIS A SURE THING? SINCE FREAKING WHEN?.......>> read more, it is good >>

http://www.dailykos.com/storyonly/2008/7/25/2150/50959/643/556667

Thank you for this article. I have written to Speaker Pelosi and to my Represntative protesting this legislation. Everyone, please write to or call your Representatives about this issue as quickly as possible.

Best regards,
Gail S

Remember the Republicans and George Bush are part of this problem. Now I hope those who so supported "compassionate" conservatism understand the meaning of "compassionate."

Go Obama! Let this all hit on his watch!

They spent more time and deliberation investigating football. Our government is now dysfunctional, as well as bloated and socialistic. I often consider moving to Ireland or Switzerland.

I have been and always will be a believer in the concept that is America. I feel privileged to have been born in this great country. Having said that I must admit to a creeping sense of doom about our future. How long can we go on doing things like this? I believe in American ingenuity and our ability to overcome almost any obstacle yet we continually allow things like this to slow us down. I am a simple man with an education that includes 4 years at a small college but I am clearly able to see this country moving toward fiscal disaster. Why can't other people? Sometimes I think Thomas Sowell is right. He says that he is happy to be in his 70's. He has lived in the greatest country in history during his lifetime and will die before disaster comes. I fear for my children's future.

The USSR spent itself to death trying to keep up with the US on a weapons basis. They went bankrupt and out of existence in the process.

We're following their lead as this irresponsible Congress passes legislation that will bring future generations to their knees (literally, as they will be forced to bow to the royalty in congresses to come).

I'm thankful I'm living in the twilight of my life and won't be here to see the ruination this overspending will cause.

This Congress? They're living in the Twilight Zone!

How is it that Chris Dodd who chairs the Senate Banking Committee, which is responsible for overseeing Countrywide's market, ends up the recipient of a sweetheart loan deal from that very company? And as Countrywide, among others, is a big part of the Fannie/Freddie problem, Dodd is one of the guys pushing for this government (read: our money) bailout! How much more corruption will we accept before we start voting these criminals out?

don't panic. as much as there are people in this wonderful country who want "someone else's money" to take care of their needs and wants, there is an equally large, or larger, group that wants to keep the money they have earned and make their own charitable decisions.

laws can be overturned. too long have conservatives - not necessarily republicans - just kept backing up as liberals in both houses and the judiciary have pushed their agendas. this congress and senate might be just enough to make conservatives feel their heels sliding over the edge of the precipice. tying obama to our ankles might be what pulls us over.

when we, the american public, conservatives and liberals alike, can no longer put food on our tables the tide will turn.

unfortunately, for many, it will come too late. but it will come.

The Democrats won't be happy until the ONLY private property left in America is their bill-of-sale showing that WE THE PEOPLE are their property to do with as they please.

And what about our unsecured debt to retiring baby boomers? Who will be paid first --Fannie and Fred or old boomers? I have a gut feeling that F&F will win the battle? Then what to do with multitude of boomers who will infest our streets asking for alms? I know that some people of Berlin found the solution 70 years of ago by sending unfit to gas chambers. Will Obama and his supporters follow German path or they plan to invent something better? The idea to recycle boomers' bodies to bio-diesel immediately comes to my mind. Will Goracle be excited or not remains to be seen. I hope that my family will provide for me a little bit in my advanced years (yet to come). Will they have anything to provide or not remains to be seen. Anyway I hope that G_d, in his mercy, will let me die on my own before Big Good Government will come for me. And what about you guys? Do you have any hope better than mine or not?

Please note that Soros provides us with campaign contributions numbers and that Dodd is a Democrat. Also AT has written a lot about the connections between Soros and O.
What is so amazingly bizarre is that Obama is not able to play on this issue. Most of us either pay on our mortgage or have paid it off.
I doubt that Obama has a secret plan to take over after our dollar is worthless and our economy in ruins and so keeps quiet. Most people can not understand what is going on with our financial mess since it is too complicated.

Jay Valentine,

Hmmm...

Let's see...

From
http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal

Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.

Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide's "V.I.P." program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans.

Other participants in the V.I.P. program included former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala , and former U.N. ambassador and assistant Secretary of State Richard Holbrooke. Jackson was deputy H.U.D. secretary in the Bush administration when he received the loans in 2003. Shalala, who received two loans in 2002, had by then left the Clinton administration for her current position as president of the University of Miami. She is scheduled to receive a Presidential Medal of Freedom on June 19.

Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.

Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide's "V.I.P." program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans.

Other participants in the V.I.P. program included former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke. Jackson was deputy H.U.D. secretary in the Bush administration when he received the loans in 2003. Shalala, who received two loans in 2002, had by then left the Clinton administration for her current position as president of the University of Miami. She is scheduled to receive a Presidential Medal of Freedom on June 19.

Holbrooke, whose stint as U.N. ambassador ended in 2001, was also working in the private sector when he and his family received V.I.P. loans. He was an adviser to Hillary Clinton's presidential campaign.

James Johnson, who had been advising presidential candidate Barack Obama on the selection of a running mate, resigned from the Obama campaign Wednesday after the Wall Street Journal reported that he received Countrywide loans at below-market rates.

Don't see a single Republican named in there. I do understand that your party's mascot is an ass and you are just trying to cover it up, Jay.

The sound investment strategy for 2008+ :

BUY GOLD AND BULLETS.

Soylent Green?

The sound investment strategy for 2008+ :

BUY GOLD AND BULLETS.

The real villain in all this is a totally corrupt, completely leftist media which has abandoned ethics and responsibility in favor of ideology. Dig up all the lawyer jokes you've heard and substitute the word journalist.

I have written to Nancy Pelosi telling her I am sick of her antics!

Believe me I will never never vote for any of these sneaky Democrats. It is a waste of time writing to Senator Schumer. They only have their own agenda and care nothing for the voters! How can people keep sending them back to Congress.

So wasting trillions to cover up democrat scandals is good, but spending money to fight a war this is in the US's interest is bad huh? Most ethical Congress indeed Nancy & Harry. We need to start treating the MSM like the enemy and stop trying to get them to be fair. My only consolation is that even with this horrendous advantage democrats have not co-opted the large majority of the American people yet. But time is running out.

Who got the Republicans into this situation? The Republicans. And we might try to avoid committing suicide now -- it'll be far worse after the 2008 election. Why try to hold up spending now Republicans? That wasn't such a big priority before the last election and on into 2007-2008 when you were perfectly okay with pork. You don't like the other white meat now? What do you think now -- changed your mind about McCain-Kennedy and Kennedy-Bush legislation. How's the weather in Australia?

The media almost solely feeds us footage of the GOP-vs-DEM Circus, thank god. Obama's European vacation is much more fun than this trivial money matter. Get a life you guys!

Unfortunately, no culture endures. This great democracy will eventually succumb to the ineffeciencies of our leadership. The representation we have in government is selected from the least competent members of our society. Our choices are picked from characters who have the funds and drive to seek office. It is rare that they have the credentials to comprehend fiscal, scientific, economic and most other cerebral issues. A poorly run business eventually dies and so will our once great society. Our citizenship will never have the opportunity to truely have competent representation. How long can our government endure when our choices are based on charisma, money and popularity?

We had our chance to elect a Conservative with near flawless credentials who understood business and politics and could successfully apply the rules of both to either when necessary.

But, "Republicans", cross over primary voters and the press (at the time) chose their weakest candidate when they could have had Romney.

These are the opinions of Robert Sheridan, the CEO of a successful Chicago real estate & development company, Robert Sheridan & Partners. Their site is www.sheridanpartners.com/market.php.

Not All Financial Woes Are Created Equal
The failure of Indymac Bank - according to The New York Times the largest lender to fail in more than two decades - can be laid squarely at the feet of the lax (or nearly non-existent) underwriting that is part of (a big part of) the sub-prime mess. The chickens simply came home to roost.

The troubles of Fannie Mae and Freddie Mac are quite different. Freddie and Fannie underwrote loans carefully; their difficulties are a result of the unprecedented decline of home values.

In 2006, going against the conventional wisdom that single-family home prices never decline (they might stop rising for awhile, but they never decline), we predicted that single-family prices could decrease 10 to 20 percent. Painfully, that forecast turned out to be very correct - but also optimistic. We're in a cycle now in which housing declines already are greater than at any time since the Great Depression of the 30s. And we're not at the bottom yet.

If you don't want to be disappointed by housing performance in the near term, disregard forecasts that the bottom is just around the corner - unless that corner is in Timbuktu. The bottom is NOT coming soon. And when it does arrive, it will not be obvious, like the bottom in the chart of the DJIA. The housing "bottom" will become apparent only in the rear-view mirror, when you realize that prices have stopped falling. Don't expect a sharp rebound.

We will stay at the bottom for quite a while. How long that lasts will vary, as always, market-by-market.