WHO'S WHINING NOW, PHIL GRAMM!
Back when the auto companies first started laying off employees, President Bush visited Michigan, supposedly to promote Alternative Fuels. As he was leaving an auto plant, one of the factory employees called out to him, "What are you going to do about the failing auto plants, Mr. President?"
In reply, the employee received a look of disdain. "I can't sell your cars for you!" the President said, as he hurried along his way.
Evidently, he cannot sell the cars, but he can assist in the mortgage business. We now face a $200,000 billion "loan" that will come from you and I, including that auto plant employee, and every other taxpayer in this country.
We are told there will be dire results if we do not hurry with this loan. We are told that people will lose their savings, businesses will not be able to pay the salaries of their employees, etc. etc. We will sink into Depression, they say, as if we aren't approaching that point already, at least here in Michigan.
It appears to me that, if they had assisted the homeowners who could not cope with Balloon Payments on their mortgages, we might have saved ourselves a few billion bucks. Instead, we heard the Republican mantra..."I don't feel sorry for them. They were greedy!" If you want examples of greed, just take a peek at the Money Boys in the Mortgage Lending business, the banks that would have given a loan to a homeless man living in a Shelter with no job. "Sure," they would have said, " we'll handle the bookwork. You won't have to pay a penny. Live there a few years with little expenditure, then sell it, and make yourself a bundle!"
So, the people with stardust in their eyes, living the American Dream, moved into their mini-mansions with plans to end their stay in their huge new homes by putting money in their bank accounts! Then, when the Balloon payments began swelling those house payments and added tremendous interest payments as well, the American Dream turned into a nightmare and each neighborhood had several vacant homes, ghosts of a dream that went sour!
The best one could say is that they afforded a dry spot for a vagrant to spend the night. They also gave a few bucks to the thieves who stripped the plumbing for the metals involved. The value of the surrounding houses fell drastically, but the taxes remained the same. You might sell your house for $200,000, but you were taxed for a $400,000 house. That's if you could find a buyer in the first place, because each block had vacant homes being sold at auction at much lower prices.
No one really knows who owns these vacant homes. The mortgages were split and split again, often ending up with bits and pieces sold in Scotland or other foreign lands, part of it here, part of it there. It's a total loss and now we are faced with a huge government bailout, which includes Fanny and Freddie, to boot!
I don't know enough about finance to know the legalities of selling homes, but back when I bought a home, I had to convince the bank that I could afford the payments. I believe these mortgage lenders and bank executives are nothing more than crooks. They pocketed big amounts of money, from the brokers up to the CEO's of these immoral companies. They did it knowing full well that these buyers would hit a stumbling block when the balloon payments rolled around. You don't sell champagne to a guy who can only afford beer, but they did!
So we are asked to bail out these crooks, lest the country fall into recession. Congress even spent several days arguing over whether the CEO's of these companies would get their Golden Parachutes and compensation packages and bonuses and all of the good things these miserable clods get, while the auto worker, laid off and trying to meet his mortgage payment, is accepting a job asking a customer if she wants paper or plastic, or slinging hash for a few bucks an hour at a local restaurant.
These CEO's and other crooks should be forced to donate their savings and investments to the Cause! Instead, they'll figure out a way to make money on the backs of the taxpayers they have swindled. Heaven forbid that we take any money away from the already Wealthy, especially the ones clever enough to rip off the public.
Where are our governing agencies? Where are our regulating agents? While John McCain walked around in the past bragging that he was known as the "deregulator," these lawless fools were pocketing profits as though it were raining money. Now, suddenly, McCain has called for regulation. Someone should tell that shifting old soul with his constantly changing policies that four prunes daily will keep him regulated. Somehow, I don't trust these politicians who are nervously trying to change horses midstream. Suddenly, the policies of liberal governments look mighty enticing. But they won't shoulder the blame for this mess at all! Instead, they will blame the guileless public who believed the words of their brokers and their bankers!
It doesn't help that I do not believe one word of anything George Bush tells the public. He has an attitude of superiority, as though he believes that, no matter what foolish thing he has done, all he has to do is shimmy out of it with a few lies and all will be well. He gives the public very little credit for intelligence, probably because he has so little himself.
Let's give those CEO's minimum wages. Let's let them learn how the working man and woman is suffering in this economy! Let's let them stand in a grocery store and try to pick up sales on cereal or milk. Let them clip coupons and weigh the difference between this brand or that! Let them say goodbye to the Lexus, the trophy wife, the yacht! Let them taste life with the reality that the public has to face when times are tough!
Four more years of anything even slightly approaching the Bush policies and we kiss our country goodbye. The Trickle Down plumbing has sprung a major leak. The Do Nothing- You're On Your Own bunch have been lurking around since Herbert Hoover just about destroyed us. They grabbed the advantage when Al Gore accepted a Supreme Court decision and it has been a downhill run ever since.
A billion here, a billion there, and soon you are talking about real money.....to coin a phrase...and this is real money we are talking about, our money, money that will disappear into the yawning black hole of government and undoubtedly never be seen again. The poor billionaires are desperate. They need money and it is up to us complaining, ungrateful citizens to find it for them, either borrow it from China or have a few more billions printed up, so that our Dollar will hit rock bottom. Well, Phil Gramm, who's whining now? Who's begging for help? It isn't the hard working citizens of the United States now, is it? The Rich have finally reached the desperate status the Poor have endured for a long time, since the Bush Economic Looting took over. Who's whining now?
In reply, the employee received a look of disdain. "I can't sell your cars for you!" the President said, as he hurried along his way.
Evidently, he cannot sell the cars, but he can assist in the mortgage business. We now face a $200,000 billion "loan" that will come from you and I, including that auto plant employee, and every other taxpayer in this country.
We are told there will be dire results if we do not hurry with this loan. We are told that people will lose their savings, businesses will not be able to pay the salaries of their employees, etc. etc. We will sink into Depression, they say, as if we aren't approaching that point already, at least here in Michigan.
It appears to me that, if they had assisted the homeowners who could not cope with Balloon Payments on their mortgages, we might have saved ourselves a few billion bucks. Instead, we heard the Republican mantra..."I don't feel sorry for them. They were greedy!" If you want examples of greed, just take a peek at the Money Boys in the Mortgage Lending business, the banks that would have given a loan to a homeless man living in a Shelter with no job. "Sure," they would have said, " we'll handle the bookwork. You won't have to pay a penny. Live there a few years with little expenditure, then sell it, and make yourself a bundle!"
So, the people with stardust in their eyes, living the American Dream, moved into their mini-mansions with plans to end their stay in their huge new homes by putting money in their bank accounts! Then, when the Balloon payments began swelling those house payments and added tremendous interest payments as well, the American Dream turned into a nightmare and each neighborhood had several vacant homes, ghosts of a dream that went sour!
The best one could say is that they afforded a dry spot for a vagrant to spend the night. They also gave a few bucks to the thieves who stripped the plumbing for the metals involved. The value of the surrounding houses fell drastically, but the taxes remained the same. You might sell your house for $200,000, but you were taxed for a $400,000 house. That's if you could find a buyer in the first place, because each block had vacant homes being sold at auction at much lower prices.
No one really knows who owns these vacant homes. The mortgages were split and split again, often ending up with bits and pieces sold in Scotland or other foreign lands, part of it here, part of it there. It's a total loss and now we are faced with a huge government bailout, which includes Fanny and Freddie, to boot!
I don't know enough about finance to know the legalities of selling homes, but back when I bought a home, I had to convince the bank that I could afford the payments. I believe these mortgage lenders and bank executives are nothing more than crooks. They pocketed big amounts of money, from the brokers up to the CEO's of these immoral companies. They did it knowing full well that these buyers would hit a stumbling block when the balloon payments rolled around. You don't sell champagne to a guy who can only afford beer, but they did!
So we are asked to bail out these crooks, lest the country fall into recession. Congress even spent several days arguing over whether the CEO's of these companies would get their Golden Parachutes and compensation packages and bonuses and all of the good things these miserable clods get, while the auto worker, laid off and trying to meet his mortgage payment, is accepting a job asking a customer if she wants paper or plastic, or slinging hash for a few bucks an hour at a local restaurant.
These CEO's and other crooks should be forced to donate their savings and investments to the Cause! Instead, they'll figure out a way to make money on the backs of the taxpayers they have swindled. Heaven forbid that we take any money away from the already Wealthy, especially the ones clever enough to rip off the public.
Where are our governing agencies? Where are our regulating agents? While John McCain walked around in the past bragging that he was known as the "deregulator," these lawless fools were pocketing profits as though it were raining money. Now, suddenly, McCain has called for regulation. Someone should tell that shifting old soul with his constantly changing policies that four prunes daily will keep him regulated. Somehow, I don't trust these politicians who are nervously trying to change horses midstream. Suddenly, the policies of liberal governments look mighty enticing. But they won't shoulder the blame for this mess at all! Instead, they will blame the guileless public who believed the words of their brokers and their bankers!
It doesn't help that I do not believe one word of anything George Bush tells the public. He has an attitude of superiority, as though he believes that, no matter what foolish thing he has done, all he has to do is shimmy out of it with a few lies and all will be well. He gives the public very little credit for intelligence, probably because he has so little himself.
Let's give those CEO's minimum wages. Let's let them learn how the working man and woman is suffering in this economy! Let's let them stand in a grocery store and try to pick up sales on cereal or milk. Let them clip coupons and weigh the difference between this brand or that! Let them say goodbye to the Lexus, the trophy wife, the yacht! Let them taste life with the reality that the public has to face when times are tough!
Four more years of anything even slightly approaching the Bush policies and we kiss our country goodbye. The Trickle Down plumbing has sprung a major leak. The Do Nothing- You're On Your Own bunch have been lurking around since Herbert Hoover just about destroyed us. They grabbed the advantage when Al Gore accepted a Supreme Court decision and it has been a downhill run ever since.
A billion here, a billion there, and soon you are talking about real money.....to coin a phrase...and this is real money we are talking about, our money, money that will disappear into the yawning black hole of government and undoubtedly never be seen again. The poor billionaires are desperate. They need money and it is up to us complaining, ungrateful citizens to find it for them, either borrow it from China or have a few more billions printed up, so that our Dollar will hit rock bottom. Well, Phil Gramm, who's whining now? Who's begging for help? It isn't the hard working citizens of the United States now, is it? The Rich have finally reached the desperate status the Poor have endured for a long time, since the Bush Economic Looting took over. Who's whining now?
posted by Herma Snider at 9/24/2008 07:27:00 PM
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