Sep 29 2008
Buck You!
All the talking heads are out, giving their spin on why the Bailout failed. One interesting note is that the stock market kept taking a nosedive the entire time the Democrats were on TV continuing the never-ending food fight with the Republicans. What none of the politicians realizes that we are tired of paying for debts and situations we did not incur? We also need our politicians to step up to the plate and tell us why; the bailout bill is held to our head like gun.
Why weren’t we told about this before?
Why isn’t anyone taking responsibility for failure to inform the public earlier?
Why is no one taking responsibility for the crisis?
Why were mortgages given to people who should not have qualified for the monies in the first place?
Who made money and how much was it?
How can we as citizens be in favor of something, when we have no guarantee it will not happen again?
No one has stepped up to the plate and said “The Buck Stops Here.” They only have their hand out saying. “Stop and Give Me a Buck.”
That is why the majority of folks are saying Buck You.
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2 Responses to “Buck You!”
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I can’t help but notice a particular partisan angle in regard to the tone of this blog. So, I’m not going to point out the obvious, as I feel it may be lost. The fact of the matter is that the rescue plan (because that’s what it functionally is) was halted by Congressmen and women more concerned about keeping their seats than doing what is difficult.
Was the bill perfect? Not by a long shot. One of the oft overlooked statements in the bill placed it up for review after two months, where amendments could be entered into the bill if the policies proved to be the power grab by the Treasury Secretary we all thought it to be.
The majority of the people aren’t economists, nor are they in the position of pressure our representatives find themselves. They here the phrase “Wall Street Bailout” and think they’re going to get the shaft. And they’re mostly right. But the same people screaming ‘NO!’, more often than not, have retirement funds in 401k’s, will need Social Security, and have stock portfolios in companies that deal in MBS(mortgage backed securities). We are, every one of us, tied into this situation whether we want to be or not.
It should also be noted that no member of Congress, or the Senate, came out in full favor of this bill. The immediate reaction on both sides was to recoil. Last week at this time, President Bush came on the TV and said if we didn’t pass the bill, we’d all get eaten by giant eagles with AIDS, and that didn’t happen. He’ll most likely do the same thing tonight or tomorrow night as well, and unless the market drops an additional 423 points in the next couple of days, it will remain open.
So what should be done? Back to the drawing board, and hopefully the split factions in the GOP can come to an agreement in on of each other, and take that inter-party compromise to the Democratic majority in congress to reach yet another compromise. Tall order, but something that has to be done.
I’m not sure about the statement that they want to keep their seats is true. I would agree that they did as their constituents wanted, which is why we elect people to represent us.
The bill was flawed in many ways, in spite of what the majority of what people think it would not have stopped a lot of the fore closers. In 2004 there were hearings on Fanny Mae and Freddie Mac. Nothing was done.
I agree with you that something has to be done, but the bill that was presented was not it..
According to the Center for Responsible Lending…. in it’s press release.
CRL estimates that subprime foreclosures will cause 40 million homes that happen to be located nearby to lose as much as $352 billion in property values over the next few years. For more details, see CRL’s recent update on the impact of subprime foreclosures and their impact on home values at http://www.responsiblelending.org/issues/mortgage/research/updated- projections-of-subprime-foreclosures-in-the-united-states-and-their-impact-on- home-values-and-communities.html. (Due to the length of this URL, please copy and paste it into your browser.)
The bailout bill does virtually nothing to help millions of middle-class families facing foreclosure, and therefore it cannot fix the housing market. “Congress missed a massive opportunity, and obligation, to put a stop to needless home losses that are driving down everyone’s property values,” Calhoun said.
“There is nothing in the bailout that will mitigate widespread damage caused by foreclosures,” he said. “The bill includes a vague provision that calls for the government to buy mortgages and securities and then try to modify them, but this will have very limited impact. Wall Street splintered home loans into complex securities, making it very difficult for the government to fix the resulting scattered pieces of mortgages.”