Comments on: After the BailOut – Can the Bankers Who Caused the Mess Fix It ?

By: lojistik

lojistik — Thu, 05 Mar 2009 18:08:33 +0000

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By: Matt Aubuchon

Matt Aubuchon — Mon, 16 Feb 2009 17:47:18 +0000

I think all of the contributors to this page need to read ” Modern Money Mechanics ” a book published by the Federal Reserve Bank.In this book it talks about how ” money ” works and how the bankers make ” money “out of thin air . The biggest question I have is if you loan air to someone and charge interest on it why are you not in prison ? The answer is of course ,your cronies in congress allow it because they benefit from it.

By: RS

RS — Mon, 13 Oct 2008 04:58:36 +0000

They claim the Plan is to take the dead assets of the Banks Balance Sheets so they can make loans, but that may not be the truth, since I beleive the real reason the Banks cannot make loans is due to the fact that there are not enough people making middle class salaries and/or have too much debt and therefore cannot afford to get a loan, not to mention too many people have bad credit and cannot get a loan for that reason, and if they can, they are charged a higher interest rate, which they cannot afford and therefore do not get the loan. I say, if they are going to wipe the banks clean of their bad assets due to their predatory ways and their mistakes and misfortunes, then the Gov. should buy up the debts from the Banks for pennies on the dollar and only charge the debtor what they paid for it, including some nominal admistrative fee to cover the overhead of hiring people to handle those transactions, and wipe their credit records clean, so they can afford and be able to get a loan again. Then the Banks will start making loans again. I read that most people who defaulted on Mortgages could not afford them even if the rates were lowered or do not want the homes at this point. If this is the point. So they will not be able to pay the government what they want, and the government will acquire the home and take whatever other assets the debtor owns and sell them and make money. They may also buy the delinquent Cedit Card Debts; Student Loans; and Car Loans, for pennies on the dollar and go after those debtors for the whole amounts and get whatever they can and make a profit and if the debtor cannot pay it, they will take their assets and sell them and make money. I am afraid the we are in so much debt from the War and cannot borrow anymore from other countries, that the only place the Gov can get the money to fund the War and Banks, is to get it from their own people who are hurting. Most people are good and try to do the right thing and they default on mortgages and become deliquent on credit card debt due to the loss of a job; and illness; or some other misfortune, such as an emrgency repair to their home that is not covered by their Home Owners Insurance, or the loss of their home due to a disaster. If the Gov owns peoples debts they will become enslaved in debt the rest of their lives, and all options they will have to get out of debt, such as settling their debts for less than the full amounts; getting into an affordable payment plan in Bankruptcy; or having the good fortune of getting out of the debt due to the Bank not wanting to pursue them or since the Bank sold the debt and the bad debt buyers cannot prove they own the debts and the Statute of Limitations for collecting on the debt passes, will all be taken away from them. Thus permanently enslaving people. This will allow the Gov to succeed on having a Two Class State where they own you. Bottom line is the real problem is too much importing and NAFTA and GAP Treaties allowing companies to go over seaa. If we do not have plants and factories here and do not make anything anymore, you have no middle class anymore and that is what this countries problem is. For the majority of Households. two people have to work to make a middle class salary and if one loses their job, they have to default on their Mortgage. Most people also would not use Credit Cards if they had enough money. Get rid of NAFTA and GAP and stop importing so much and start building the middle claas again. With more jobs and more people making more money, more money will go into the Social Security System and will fix that problem. Also make it a law that companies have to offer pensions again. 401K and IRA’s and/or Social Security, will not do it for people when they retire, being most incomes in this country are below middle class and even if they were, is not enough to sustain a person in retirement and when they are too old to work.

By: Quick Hits vol. VII « The WoodLawn Review

Quick Hits vol. VII « The WoodLawn Review — Tue, 30 Sep 2008 15:21:01 +0000

[...] to this bail out….”The rich are staging a coup”. In addition to, check out Mark Cubans comments on how he thinks the will play [...]

By: mark cuban for president « alex alexander

mark cuban for president « alex alexander — Mon, 29 Sep 2008 18:07:53 +0000

[...] After the bailout – Can the bankers who caused the mess fix it? [...]

By: Joe

Joe — Mon, 29 Sep 2008 03:17:52 +0000

The thing is Mark, the ploy was not about solving the crisis, but a political ploy to make it look like her cares. Senator Obama was on the phone with Sec. Paulson and Congressional leaders everyday prior to McCain’s “cry for a solution.”

The way McCain just kind of gave up should be indicative enough.

Don’t be so foolish Mark.

By: Harun

Harun — Sat, 27 Sep 2008 22:35:23 +0000

The whole scenario has banks gun shy from lending. They will continue to try and preserve equity by not making loans and selling their illiquid assets to the government.

Judging by the questions the Politicians are asking Paulson and Bernanke, it does not appear the pliticians fully understand the ramifications of this credit crunch…

By: Esther-am sooo sick!

Esther-am sooo sick! — Fri, 26 Sep 2008 05:55:36 +0000

And forgot to mentioned that a lot of bankruptcy and forelosure lawyers are capitalizing on this situation plus unethical Realtors who make homeowners think that they’re doing them a favor by selling the property “Shortsale”. No disclosure that homeowners will receive a 1099 at the end of the year. This is what you call killing the dead!

By: Esther-am sooo sick!

Esther-am sooo sick! — Fri, 26 Sep 2008 05:49:35 +0000

Sick to the stomach and nothing to throw up! I’m an immigrant who worked my ass off to saved and invested in RE. I did it the right way and never did ripped off anyone. Paid 20% down, good credit, fully documented and had a nest egg(I thought) of little less than a million. Now, it’s gone and am in the negative. Am still paying my debts especially mortgages on time and keep my tenants in the properties. I have to admit that I am tempted to walk away! The bankers are just doing their jobs. Well, I wish that the attitude change and we’d be more conscientious in doing our jobs. Jeff’s brilliant comment about banks, mortgagees, lending institutions as a whole realized that they had the opportunity to rectify the situation by being open to negotiations with the homeowners to convert those ARM to fixed rates. Some have 1st and 2nd with one institution and with government intervention (like what they’re doing now) they can save a lot of people and the bailout wouldn’t be as big as this. The scary part is that, this is not the ultimate solution. There’s some more coming! Commentary here from ordinary folks have more substance than the highly educated idiots up there.

By: alexander-social media guy

alexander-social media guy — Fri, 26 Sep 2008 05:05:49 +0000

Very good points about the underlying problem of personnel. Another
biggie no one is talking about is the over $8 trillion of derivatives
that are now toxic and which are far more likely to bring the system
down.

One things for sure…the prudent banks and institutions with strong
balance sheets stand to gain vast assets by gobbling up the companies
who went for broke and 5 years from now the wealth gained by them and
their stockholders could be called the ‘heist of the century’.