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237 Comments
- totorototoro, on 07/23/2008, -7/+168So basically $300 billion of taxpayer money for people who took out loans they couldn't pay back, on houses they couldn't afford in the first place, and save the companies that were stupid and/or venal enough to loan them the money in the first place. Is that about it?
- DefendThyself, on 07/23/2008, -6/+142I sure was stupid to not get a home I could never afford like the 400,000 morons this is helping, who were hoping unsustainable price appreciation would pay for the house. Shows like Flip This House should be banned from television. Even people on minimum wage were flipping houses just like the pros.
- MommaLu, on 07/24/2008, -5/+121It is not the governments job to do bail outs. It's not their money, it's ours.
- junkstuff1, on 07/24/2008, -5/+72The thing that sickens me most about this, besides the fact that it is happening, is that it's always put in a positive light by the media. No mention of where the money is going to come from, and no worry about what these bailouts do to the markets. If this type of this continues, bailouts are going to become increasingly common as companies take undue risk with the expectation of the government bailing them out. And on and on.
- BigTuna99, on 07/24/2008, -6/+65Um...... isn't this called Socialism?
- relic180, on 07/24/2008, -8/+57First, the bailout money is going to go to only the highest risk owners, many of whom will likely default on their loans anyway but at least the lender is not going to take the hit now, the taxpayer is.
Second, and more importantly, this isn't the only thing that this bill includes. It also includes a credit limit REMOVAL for Mae and Mac, and an increase in the predicted national debt of over 800billion (which suggests that Mae and Mac are going to make very thorough use of their new unlimited spending account). This new line of credit is not actively monitored by government or ANY third party, and DOES NOT require approval from congress to borrow against.
Freddy Mac and Fanny Mae just figured out how to take as much money from tax payers as they want without any approval required by anybody. All thanks to this bill. I suspect THAT is the real reason their stock just shot up so drastically. - mcool119, on 07/24/2008, -2/+40Unfortunately the government does not work for us anymore. For the people by the people has become for the corporation, by the corporation. The only way that the people factor in at this point is that we supply the income. Now they've turned around and sold us out to Freddie and Fannie. I'm so glad that they decided to bail out people who made unwise decisions, and companies who knew better, with money that we gave them under the false premise that it was for our benefit. Each of us has basically just lent someone we don't even know a couple thousand dollars to bail them out. ***** this, I'm moving to Sweden.
- inactive, on 07/24/2008, -4/+40That's really silly. Why should the people money by used to pay for idiots who got an house that they couldn't addord in the first place? It's not our responsability to pay for other's mistakes.
- thedogfatherx, on 07/24/2008, -3/+36This pisses me off. Thats my tax money they are using.
- ironeus, on 08/01/2008, -0/+29that's a good synopsis. yes.
- munkyxtc, on 07/24/2008, -0/+24I agree. I decided to move out of my apt and back to my parents for the last couple of years in order to save money because I knew I couldn't afford something right away. I figured in 2 years I could save up 50k and would be in great shape to build or buy. Boy was I ever wrong. These idiots who overpaid for these properties they couldn't afford pushed the prices of homes up so far that even after 2 yrs of saving I'm still not in a position to buy. This stupid bill will slow down the market correction that is currently happening in many inflated markets and continue to artificially prop up the home prices, complete *****.
- trafficlight, on 07/24/2008, -1/+24It's like giving an alcoholic a bottle of whiskey to fix his hangover.
- endus, on 07/24/2008, -3/+25Fantastic! 400,000 people are too ***** stupid to read the contract before signing it or to do even basic research on a mortgage, and we get to bail them out. I moved back home after being laid off for a year following the tech bubble, and haven't moved out since I am saving to buy a home. Apparently the smart move would have been to just grab a completely unreasonable subprime mortgage that I couldn't possibly afford and then wait for the government to bail me out.
Seriously, ***** these people, they should be out on the street or renting like the rest of us. Unbelievable. - mahsah, on 07/24/2008, -6/+28Oh boy, more money from China.
- LexX69, on 07/24/2008, -1/+21The worst thing about this bill is not only is the government allowing these businesses to do as they please with taxpayer dollars, but there are number of disgusting amendments you don't hear about. For example, if this passes the Senate, every credit card transaction will be reported to the IRS. Take that privacy!!!
- rmxz, on 07/24/2008, -3/+22Wouldn't the best thing for affordable housing would have been to let the foreclosures happen?
Then a whole lot of hard-working people who can't afford a house today would be able to afford one, as the prices of housing (both the homes in foreclosure and the other houses in the neighborhood) would fall to levels that your average working person can afford. - FrankieB078, on 07/24/2008, -2/+20So let me get this straight, people who bought houses and can't afford them are getting money to pay for their houses?
Can I have some gas money? Or how about, money to pay my student loans that I couldn't afford when I went to school? Whats the deal? - liuite, on 07/24/2008, -3/+19this is literally robbing peter to pay paul
- donte, on 07/24/2008, -2/+18Don't worry. They're not taking your tax money. The cash is hot off the presses.
- inactive, on 07/24/2008, -1/+17Nothing quite like corporate welfare/bail-out being disguised as helping the little man. Government should NEVER bail out a corporation... ever.
- mcool119, on 07/24/2008, -1/+16And if this goes wrong, don't be surprised if you see the media singing a different tune a year from now. They put propagandist names on these things ("Homeowner Rescue Bill", "Patriot Act", "Operation Iraqi Freedom"), and the media shows support for them because the media corporations want them to go through, and then when the ***** goes wrong (for everyone but the corporations who reaped the rewards), they start to act like they were against it all along.
- SirChaos, on 07/24/2008, -5/+20LETS KEEP SPENDING MONEY WE DONT HAVE!! :) GO GO GO!
This is retarded. - angryfirelord, on 07/24/2008, -0/+14Yes, in a different form. I like to call it the "No big business & bankers left behind" act. It's essentially corporate welfare taken to the extreme.
Very scary. - minorthreat, on 07/24/2008, -1/+15"This stupid bill will slow down the market correction that is currently happening in many inflated markets and continue to artificially prop up the home prices, complete *****."
first time I've ever said it, but I'd digg you twice if I could. - tmart, on 07/24/2008, -1/+14So the fact that the government was saying that the economy was doing well, people were taken advantage of for wanting to live the "American Dream", and the high powers that be got a little to greedy should not play a part in this. I cannot blame a person for wanting to live in their own house, but living within their means of course. But the true fact going on here is that the government is not really bailing these people out. They are bailing out the banks and major corporations, they are the ones losing money in this.
- scrtyfrk, on 07/24/2008, -1/+14Does it surprise you? At least since the Chrysler bailout in the 80's, every single other industry has been getting their fair share of bail outs. Insurance and airlines being some of the biggest customers of this type of welfare.
- Hetman, on 07/24/2008, -4/+16Since whendid we become the united socialist states of America? When do I get to pick up my free money.
- pilobilus, on 07/24/2008, -1/+12It's the money in your pocket and bank account they are using. Deficit spending = counterfeiting, which devalues all dollars.
- ProjectGSX, on 07/24/2008, -2/+13No kidding. I bought a condo when I should have gone all in on something nicer, I guess.
- mcquitty, on 07/24/2008, -0/+11Dear Senator:
Please let me know how many payments I should be behind in my mortgage payments to receive assistance. I know I can make that happen.
Thank you. - yngtimmy, on 07/24/2008, -0/+11Socialized mortgages here we come!!!
- OgonGuitarist, on 07/24/2008, -2/+12Don't forget that also placed in this pill is a provision that forces every credit card transaction you make to be reported to the IRS. So what you don't want them to see, don't use your credit card. A postal money order is your best bet for security and anonymity.
- skinnyskittles, on 07/24/2008, -0/+8stop thinking in a two party mindset. it's all one party trying to ***** you over
- GeauxLSU, on 07/24/2008, -3/+11Fiscally responsible people paying for those that aren't...Get used to it!
We are already paying more at the pump because people in this country want to drive farm equipment and race car engines to work...Which btw is a 30+ min commute.
Wait till they start taxing you for the health care of all the obese/unhealthy/smoking/drinking Americans. - dannyboy3020, on 07/24/2008, -2/+10Heh, it seems like every person on Digg is completely financially responsible.
- 0xbaadf00d, on 07/24/2008, -0/+8And those people still get to keep the house! I think these people should be forced to leave their home and all they should get back is the equity they actually have in the house, if any. Then sell those homes to people who can actually afford the mortgage. Actually ***** THAT, they should be forced to declare bankruptcy just like anyone else who can't pay their debt.
- inactive, on 07/24/2008, -1/+9I'm not sure what you mean by "fair share of bail outs".... don't you mean "unfair share of taxpayers dollars?"
- JiveDadson, on 07/24/2008, -0/+8This is no homeowner rescue bill. It is a banker rescue bill, and it could cost you big time. Call and email your Senators. Time is short. We must jam the switchboards.
Example letter:
Dear Senator *****:
Please do everything you can to defeat the Fannie Mae/Freddie Mac bailout bill. Support the filibuster, and vote against cloture. The bill can be stopped. It MUST be stopped.
The bill is a $800 billion blank check for one man, the Secretary of the Treasury, to use as he pleases to bail out the central banks and hedge funds that hold the GSE paper. Over a trillion dollars of that paper is held by the China central bank. If congress is to do anything to help the so-called "home owners," (mortgage holders, actually), it should relax the bankruptcy rules to allow people to get out from under their crushing burden of debt. The unthinkably huge bill for the bailout will be paid for through the inflation tax, which ravages the middle classes and poor. We must not tax the poor to bail out domestic and foreign bankers.
Like the Patriot Act, this bill is being jammed through congress without proper consideration. Many now recognize what a terrible mistake the Patriot Act was. If Hillary Clinton had not voted for that act and the Iraq Authorization Bill, she would be president in January. If the Fannie/Freddie bill passes, then when it becomes apparent to voters how disastrous it was, the Senators who did not make every attempt to stop it will be held accountable.
I personally will do everything I can to defeat any Senator who does not stand firmly against it through filibuster and voting against cloture.
Best regards,
**** **** - defektiv, on 07/24/2008, -4/+11it really doesn't pay to be an honest person with fiscal responsibility in this country, does it? its no wonder people become greedy crooks. it seem that, unless you do, you're always screwed with the bill.
- confuseddesi, on 07/24/2008, -1/+8and then you realize that socialism in general is designed to bail out dumb people who would rather a) not learn how to get a 401k and would rather have the government set up social security for them b) not allot the proper time to go to school, get some chick pregnant at 17 and go and expect a welfare check and c) this is all paid for by Joe Taxpayer, with those who are entrepreneurs and who worked their asses off to their money having to foot the majority of the bill.
- mrbungle1975, on 07/24/2008, -4/+11So where is my money for never being late on a mortgage payment? Only losers are rewarded apparently.
- inactive, on 07/24/2008, -0/+7Sounds like you didn't do your research when you bought your condo. I feel sorry for you, but it's pretty arrogant of you to think that you have the right to your neighbor's money to fix your bad business decision.
- shwerm601, on 07/24/2008, -2/+8must have forgot what adjustable meant when they signed for the house
- zaren, on 07/24/2008, -2/+8I am seriously pissed off right now.
Nine years ago, my wife and I went through tons of grief trying to find a house we could afford. We told our first realtor to take a hike, after their repeated attempts to push us into a house that we knew we couldn't afford. In those nine years, I've been laid off TWICE, for a total of almost 18 months, and not ONCE did we miss a single mortgage payment.
Meanwhile, jackasses that signed up for no down payment, interest-only mortgages based on their McDonald's jobs are getting bailed out? And now *I* get to pay for it with my tax money?!? What an absolute crock of *****. - hollering, on 07/24/2008, -0/+6I was in the market for a new home last year, and I was offered a subprime mortgage. I said no, cleaned up my credit, and decided to improve my cash position to make sure I got something affordable. So I signed a lease on an apartment and started working my ass off so I could afford to buy a house that was reasonable for my income level. Now I'm sitting in a great position to buy, but while I'm sitting here waiting on prices to deflate back to market values as the fallout from all the malinvestment hits, the government is helping to prop them up with bad legislation and expansion of the money supply. Bottom line? I'm not making one of the largest investments of my life on property that I know has an unsustainable price level. This is why the government needs to recognize the Austrian theory of the trade cycle and let bad investments be liquidated. The free market is yearning to reassert itself and our government bureaucrats refuse to let it happen!
Nobody likes it when people lose their homes, or even when businesses lose on their investments, but it has to happen.
I say it's time for real change... and I don't think we're going to get it from Obama or McCain. - dracostimpy, on 07/24/2008, -0/+6Good... nobody likes Peter anyhow, tight ass that he is. Now if you'll excuse me, I have to pickup the keg for the party at Paul's stately manor tonight to celebrate his promotion from mop manager to french fry engineer!
- zaptoman, on 07/24/2008, -0/+5Great, that means the only people we can depend on now to shoot this down are the ones in the Senate. Man, I was really hoping GW would get out his veto pen for this one. The only thing this bailout is going to do is lead to further recession and inflation. It's a REALLY, REALLY, bad idea. It's also sickening to see that they snuck in more governmental controls into the bill. Fingerprinting for mortgages? Really? Sending credit card purchase information directly to the IRS? This is a government out of control. I urge everyone to vote AGAINST every single incumbent in the next election, regardless of party affiliation. This kind of thing has GOT to stop.
- ElectricC0wb0y, on 07/24/2008, -0/+5We're paying for someone else's house at the grocery store now. You and I both....
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