Comments on: The bailout staggers on through Congress http://blownmortgage.com/2008/10/03/the-bailout-staggers-on-through-congress/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: mgdungan http://blownmortgage.com/2008/10/03/the-bailout-staggers-on-through-congress/comment-page-1/#comment-12888 mgdungan Fri, 03 Oct 2008 18:50:28 +0000 http://blownmortgage.com/?p=1412#comment-12888 Right on, Fielding Mellish.<br><br>All that and the stock market was down again today. Bloomberg says it's because the package wasn't big enough. Who decides these things? The country and the dollar have been weakened further.<br><br>And so much for listening to the voters. There was an enormous grass-roots protest, which was ignored. <br><br>Today's Friday. What will be bailed out this weekend? Right on, Fielding Mellish.

All that and the stock market was down again today. Bloomberg says it's because the package wasn't big enough. Who decides these things? The country and the dollar have been weakened further.

And so much for listening to the voters. There was an enormous grass-roots protest, which was ignored.

Today's Friday. What will be bailed out this weekend?

]]> By: Fielding Mellish http://blownmortgage.com/2008/10/03/the-bailout-staggers-on-through-congress/comment-page-1/#comment-12887 Fielding Mellish Fri, 03 Oct 2008 16:52:23 +0000 http://blownmortgage.com/?p=1412#comment-12887 Passage of the bailout was a g0ddamn shame. We don't have a liquidity crisis. We have a solvency crisis. They should have let it burn to the ground. This is like taking a cash advance on your visa to pay your HELOC. They're just kicking the can down the road. Home values will continue to fall because they're at fundamentally unsustainable levels in relation to household income & comparable rents. Letting the holders of collapsed financial assets take their lumps (whether on MBS's, CDO's or CDS's) would have meant foreigners taking a big hit. Paulson is afraid they'd stop financing our overall treasury debt. This bailout should have been called the Foreign Investor Protection Act. We should have thumbed our noses at foreign investors & taken our chances on our own. As it is, we've invited them to dump all sorts of crap in our laps, and it will end up costing a lot more than $700 bil. Passage of the bailout was a g0ddamn shame. We don't have a liquidity crisis. We have a solvency crisis. They should have let it burn to the ground. This is like taking a cash advance on your visa to pay your HELOC. They're just kicking the can down the road. Home values will continue to fall because they're at fundamentally unsustainable levels in relation to household income & comparable rents. Letting the holders of collapsed financial assets take their lumps (whether on MBS's, CDO's or CDS's) would have meant foreigners taking a big hit. Paulson is afraid they'd stop financing our overall treasury debt. This bailout should have been called the Foreign Investor Protection Act. We should have thumbed our noses at foreign investors & taken our chances on our own. As it is, we've invited them to dump all sorts of crap in our laps, and it will end up costing a lot more than $700 bil.

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