Give Bush the goddamned HERO tag.

Finally ran out of "compassion" eh?

It's about damn time.

Maybe he can do this right!

OH ! I bought a house for 3 million and was gonna flip it for 6, but the market took a dive! Help me Uncle Sam!

Dems: Don't worry, we'll save you if that mean old President will let us.

/sheesh

Ok, Bush. You've called this one right.

Now, do the rest and pull the bailouts from the mortgage companies and investment firms that were responsible for the other half of this clusterfark.

netweavr: Give Bush the goddamned HERO tag.

Wake the neighbors and phone the kids - Bush is actually considering doing something conservative! Gotta try and win back those Republicans before the elections I guess.

Finally the big red veto crayon gets put to good use.

SchlingFo: Ok, Bush. You've called this one right.

Now, do the rest and pull the bailouts from the mortgage companies and investment firms that were responsible for the other half of this clusterfark.

Well, while I agree in principle, providing a controlled landing rather than a crash landing is kind of necessary.

Hmm this little gem is buried at the end of the article:

As part of the package, the House is scheduled to vote on an amendment - bitterly opposed by the financial services industry but championed by governors - that would ensure that neither the FHA plan nor other banking laws pre-empt state foreclosure laws. It's aimed at letting states that have recently moved to make it harder to evict homeowners continue those efforts.

EatHam: SchlingFo: Ok, Bush. You've called this one right.

Now, do the rest and pull the bailouts from the mortgage companies and investment firms that were responsible for the other half of this clusterfark.

Well, while I agree in principle, providing a controlled landing rather than a crash landing is kind of necessary.

"Agree in principle nothing". The are just as responsible as the homeowners. They knew the risks and as such charged very high interest rates and ballooning terms. It's the same way with the credit card companies pushing through the new bankruptcy laws. Banks want all the upside to lending money but none of the risks. That's not capitalism, thats welfare.

SchlingFo: Ok, Bush. You've called this one right.

Now, do the rest and pull the bailouts from the mortgage companies and investment firms that were responsible for the other half of this clusterfark.

Amen to the first part. As to the second part, I go with George Will's doctrine: pay the executives of any corporate entity that is "bailed out" as government employees (about GS 11-13 grades) at $130K/ year.

/didn't buy property b/c couldn't afford any responsible mortgage
//don't want my tax dollars bailing out undisciplined farkwits who wouldn't do likewise.

We suddenly matter? I forget what that feels like.

EatHam: Well, while I agree in principle, providing a controlled landing rather than a crash landing is kind of necessary.

If these companies are so large that allowing them to crash will kill the economy and fark up the nation, then bring them in for a landing, seize all holdings of all executives, and then split the company up into smaller companies under the anti-trust laws.

I'm of the opinion, personally, that it's not necessary and that these companies are inflating their importance to try and scare the public/government into bailing them out.

Heh... not a bad idea to let the credit crunch work itself out... but he is shooting the Republican party in the foot for November.

This is a good thing in my eyes, the real estate buy>flip>buy>flip thing caused realestate prices to skyrocket down here in south Florida. About 2 years ago when my apartment went condo they wanted $200k for my little one bedroom one bath apartment.

Nabb1: Finally the big red veto crayon gets put to good use.

Something about imaging Bush using a big red crayon to veto, rather than the traditional red pen, is farking hilarious to me.

This help would go to taxpayers instead of large corporations. We just can't have that.

/fark them all

SchlingFo: Ok, Bush. You've called this one right.

Now, do the rest and pull the bailouts from the mortgage companies and investment firms that were responsible for the other half of this clusterfark.

Absolutely right. They all played their part in creating this, they should all be held responsible.

The Bush administration and Greenspan made this bubble happen in the first place with their low interest rate deals and willingess to tolerate fraud. As far as a bailout goes, the boat is already underwater, so maybe it is time to work on that vocabulary.

Gwendolyn: "Agree in principle nothing". The are just as responsible as the homeowners. They knew the risks and as such charged very high interest rates and ballooning terms. It's the same way with the credit card companies pushing through the new bankruptcy laws. Banks want all the upside to lending money but none of the risks. That's not capitalism, thats welfare.

Not exactly. It's more like allowing a homeowner to go through bankruptcy or eviction proceedings as opposed to the second they are late on a payment having goons show up, rape the women, kill the children, and burn the house down.

SchlingFo: I'm of the opinion, personally, that it's not necessary and that these companies are inflating their importance to try and scare the public/government into bailing them out.

You're entitled to your opinion of course, but when people see banks start to fail, historically, bad things happen.

Marcus Aurelius: This help would go to taxpayers instead of large corporations. We just can't have that.

/fark them all

I agree with vetoing this legislation for a single reason, it preserves an artificially inflated market. I am really sorry for the families that are going to lose their homes because of this... but on the plus side a lot of mortgage lenders who wrote the bad loans that they are losing their homes over are likely going to be going to jail for defrauding investors in the mortgage back securities that they used to hide those bad loans. But in about ten years the house market across the country will adjust back to a reasonable level and inflation should get back under control and our economic growth should be based on sustainability again instead of bubbles.

If you are the sort of person who shrugged at the government's financially guaranteeing JPMorgan's buyout of a major competitor Bear Stearns but, in the same breath, feel this veto was warranted because a consumer bailout would have rewarded irresponsible behavior, I wish pubic lice and whore daughters on you.

Code_Archeologist: Heh... not a bad idea to let the credit crunch work itself out... but he is shooting the Republican party in the foot for November.

And here I go with the tinfoil....

Is he doing this just so McCain can fulfill his "maverick" role and reject it?

Finally, someone's not interested in picking MY pocket to pay for THEIR bad investment decision.

Hero tags all around.

EatHam: You're entitled to your opinion of course, but when people see banks start to fail, historically, bad things happen.

Well, a lot of the companies that are being bailed out aren't conventional "banks" where the average person keeps their savings and checking.

Additionally, during the last big bank crash before the Great Depression, the public went apeshiat and started pulling their money out because there was no FDIC and no guarantee that there money would still be there for them.

But, like I said, if the companies need to be bailed out, the executives need to have all assets seized to fund the bail-out, and the company needs to be broken up so as to ensure that no private company is able to have that much of an influence on the economy.

EatHam: You're entitled to your opinion of course, but when people see banks start to fail, historically, bad things happen.

We have mechanisms in place to make even wide spread bank failures tolerable. And frankly many of these banks that engaged in this loan speculation game (Wachovia, WaMu, Bank of America) deserve to fail... they made a bad bet and they need to pay up.

SchlingFo: Well, a lot of the companies that are being bailed out aren't conventional "banks" where the average person keeps their savings and checking

No, but they are places where the average person keeps investment accounts, which are not FDIC insured.

SchlingFo: But, like I said, if the companies need to be bailed out, the executives need to have all assets seized to fund the bail-out, and the company needs to be broken up so as to ensure that no private company is able to have that much of an influence on the economy.

There are plenty of other companies that should be given a controlled descent as well, not least because of all the people who work there. I'm not talking about making them able to continue operations (like airline bailouts), I'm talking about something like the bear sterns buyout.

Code_Archeologist: but on the plus side a lot of mortgage lenders who wrote the bad loans that they are losing their homes over are likely going to be going to jail for defrauding investors in the mortgage back securities that they used to hide those bad loans.

The Silverado Savings and Loan begs to differ.

It's very rare that justice is actually served for white-collar crooks.

Diogenes: And here I go with the tinfoil....

Is he doing this just so McCain can fulfill his "maverick" role and reject it?

Even if McCain rejects it, he will still be stuck with it as a member of the incumbent party. And the Republicans in Congress will have to answer to their constituents as to why they did not over ride the veto. This is a perfect storm forming for the Republicans to lose even more ground to the Democrats in the House, Senate, and White House.

Code_Archeologist: And frankly many of these banks that engaged in this loan speculation game (Wachovia, WaMu, Bank of America) deserve to fail... they made a bad bet and they need to pay up.

Right, but I'm saying that rather than just yank the rug out from underneath them, control the descent such that it doesn't end up cocking up the rest of the banking system, which it would do if say BOFA died. In both cases, the plane ends up on the ground, there's just less damage to the plane, the passengers, and the airport my way.

EatHam: I'm not talking about making them able to continue operations (like airline bailouts), I'm talking about something like the bear sterns buyout.

The Federal Reserve should have had no part in that.

If Bear Sterns shares were worth $2, JP Morgan would have no problem getting funding from other private sources to buy them out.

And, again, if the companies are so big that their failure can kill the economy, they need to be, and should have been long ago, broken up.

No, but they are places where the average person keeps investment accounts, which are not FDIC insured.

If you're well-diversified, one or two large players going under isn't going to matter to you.

It would be the first damn thing he's done of any value since taking office

Gwendolyn: The are just as responsible as the homeowners

More so; the lending agents allegedly earn a living judging risks, and so ought to be better at it than J. Random Homeowner-Wannabe.

SchlingFo: The Silverado Savings and Loan begs to differ.

It's very rare that justice is actually served for white-collar crooks.

I think the fact that the Silverado's daddy happened to be the Vice President might have had some influence into why no charges were filed there.

SchlingFo: Now, do the rest and pull the bailouts from the mortgage companies and investment firms that were responsible for the other half of this clusterfark.

BWAHAHAHAHA! Bush? Dissing big business? Never gonna happen.

Code_Archeologist: Heh... not a bad idea to let the credit crunch work itself out... but he is shooting the Republican party in the foot for November.

I don't think so. As a portion of the electorate, people actually in foreclosure or on the brink of it is pretty damn small. And most people that are not facing foreclosure (i.e. the 95% of people that took out loans they could afford or renters) don't seem to want a bail out. They think "screw 'em."

The only place I could see this mattering is in Florida, where foreclosures are very high and people are probably reading about this everyday in the paper or watching it on the local news. California has a high foreclosure rate, but that won't flip. Maybe Nevada. That was close in 2004 and their foreclosure rate is way up there. And Ohio and Pennsylvania have high rates. Those are pretty important in November.

Hmmmm. Maybe this will hurt the Republicans in November. But I still think the vast majority of people who are not facing foreclosure will say "screw 'em".

Gwendolyn:
"Agree in principle nothing". The are just as responsible as the homeowners. They knew the risks and as such charged very high interest rates and ballooning terms. It's the same way with the credit card companies pushing through the new bankruptcy laws. Banks want all the upside to lending money but none of the risks. That's not capitalism, thats welfare.


THIS!


Who's the bigger fool, the borrower who overextends themselves, or the lender who knows this, but lends the money anyway?

Rev.K: Who's the bigger fool, the borrower who overextends themselves, or the lender who knows this, but lends the money anyway?

They didn't always know. Sometimes, they just didn't bother to ask.

Three Crooked Squirrels:

They didn't always know. Sometimes, they just didn't bother to ask.

Exactly.

Good. Well done, Bush.

On one hand, I farking hate the whole buy/flip jackasses who have farked over real estate prices across the country.

On the other hand, bailing out farking morons is one of the ways this country helps protect against major economic disasters. Sometimes you gotta take your shots, even if you don't like 'em.

Either way, real estate is just another market in this country that's gone tits-up.

Bloody William: real estate is just another market in this country that's gone tits-up.

Don't worry, it's on its way to 'tits down' right now. Prepare for a soft landing.

Gwendolyn

"That's not capitalism, thats welfare."

Quoted for high sanity quotient.

SchlingFo: Ok, Bush. You've called this one right.

Now, do the rest and pull the bailouts from the mortgage companies and investment firms that were responsible for the other half of this clusterfark.

This.

I say no bailouts for anyone.

$300 billion cul dbuy a lot of votes. Maybe even more than the $20 million the "super" delegate is asking for.

We should ntot be bailing out the lenders or the borrowers.

Pocket Ninja: If you are the sort of person who shrugged at the government's financially guaranteeing JPMorgan's buyout of a major competitor Bear Stearns but, in the same breath, feel this veto was warranted because a consumer bailout would have rewarded irresponsible behavior, I wish pubic lice and whore daughters on you.

And green gas that comes out of your ass everytime you fart for all the world to see as well.

EatHam: Right, but I'm saying that rather than just yank the rug out from underneath them, control the descent such that it doesn't end up cocking up the rest of the banking system, which it would do if say BOFA died. In both cases, the plane ends up on the ground, there's just less damage to the plane, the passengers, and the airport my way.

Tough shiat. Its just as much of the job of the Federal Government to bailout overextended homeowners as it is to bail out private companies. If people lose their investments, tough shiat again. They knew their investments weren't FDIC insured, and weighed the benefits of potential gain versus the risk, and went with it. That's part of investing, risk.

Let them go down, let the market correct itself, the good banks will figure out a way to survive, and the shiatty ones will deservedly die.

Robo Bush is in office, because there's no way a rational thought came out of his head.

"We are committed to a good housing bill that will help folks stay in their house, as opposed to a housing bill that will reward speculators and lenders," Bush said

First and last time I'll agree with Bush on anything.

Ok, this and the Don't Call List.



/♪My little pony, apocalypse pony....♪

Code_Archeologist: SchlingFo: The Silverado Savings and Loan begs to differ.

It's very rare that justice is actually served for white-collar crooks.

I think the fact that the Silverado's daddy happened to be the Vice President might have had some influence into why no charges were filed there.

Or the spawn of then chairman of the Senate Finance committee DEMOCRAT Lloyd Bentsen, who managed to avoid jail time.