Comments on: Quelle Surprise! Bush Homeowner Rescue Program Falls Short of Low Expectatios http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html Mon, 23 Nov 2009 05:03:06 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html#comment-7445 Anonymous Thu, 01 May 2008 06:54:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue-program-falls-short-of-low-expectatios/#comment-7445 Here's what Bush said:<br/><br/>"One of the things we've done on home ownership is the Hope Now Alliance which hopefully makes people less anxious; hopefully it helps; it's kind of brought some, not only concern but action into the market place. I was told this morning that Hope Now has affected about 1.4 million homeowners." Here’s what Bush said:

“One of the things we’ve done on home ownership is the Hope Now Alliance which hopefully makes people less anxious; hopefully it helps; it’s kind of brought some, not only concern but action into the market place. I was told this morning that Hope Now has affected about 1.4 million homeowners.”

]]> By: Michael Blomquist http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html#comment-7437 Michael Blomquist Wed, 30 Apr 2008 20:48:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue-program-falls-short-of-low-expectatios/#comment-7437 Far be it for any of us to withstand the power of greed; that is why we have laws and are supposed to have law enforcement.<br/><br/>If bank robbers were never caught the moral obstacles would be tossed aside in a heart beat. <br/><br/>If our financial markets and country is to survive we need indictments, convictions and disgorgement. The issue is rampant fraud. PERIOD.<br/><br/>The value of our currency and homes now have a huge * or a ? beside them. <br/><br/>Credit markets are freezing up and this problem will not go away overnight. <br/><br/>Spitzer was on to the deal when he was silenced.<br/><br/>http://www.youtube.com/watch?v=WIC3dP5njVA Far be it for any of us to withstand the power of greed; that is why we have laws and are supposed to have law enforcement.

If bank robbers were never caught the moral obstacles would be tossed aside in a heart beat.

If our financial markets and country is to survive we need indictments, convictions and disgorgement. The issue is rampant fraud. PERIOD.

The value of our currency and homes now have a huge * or a ? beside them.

Credit markets are freezing up and this problem will not go away overnight.

Spitzer was on to the deal when he was silenced.

http://www.youtube.com/watch?v=WIC3dP5njVA

]]> By: VennData http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html#comment-7433 VennData Wed, 30 Apr 2008 19:50:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue-program-falls-short-of-low-expectatios/#comment-7433 And now Bush is blaming… Congress. <br/><br/>http://online.wsj.com/public/article/SB117509417086351883tBdTpQaRGoPI92TvmAzP3FQazU8_20080327.html<br/><br/>What happened to the "We don't want to blame anybody" they were trotting out just a month ago?<br/><br/>They're breaking their media rule, make sure your hypocritical assertions are spaced far enough apart so people forget them (Nation building.. Mission Accomplished... small government... cut spending... Compassionate Conservatism) <br/><br/>Now it's all Nancy Pelosi's fault (It couldn't have anything to do with Reagan replacing Volcker at the Fed with that consultant with the mystery PhD thesis, Greenspan... naw...) And now Bush is blaming… Congress.

http://online.wsj.com/public/article/SB117509417086351883tBdTpQaRGoPI92TvmAzP3FQazU8_20080327.html

What happened to the “We don’t want to blame anybody” they were trotting out just a month ago?

They’re breaking their media rule, make sure your hypocritical assertions are spaced far enough apart so people forget them (Nation building.. Mission Accomplished… small government… cut spending… Compassionate Conservatism)

Now it’s all Nancy Pelosi’s fault (It couldn’t have anything to do with Reagan replacing Volcker at the Fed with that consultant with the mystery PhD thesis, Greenspan… naw…)

]]> By: bobo7874 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html#comment-7429 bobo7874 Wed, 30 Apr 2008 17:38:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue-program-falls-short-of-low-expectatios/#comment-7429 There is systematic risk to the market in letting large numbers of homeowners get squeezed "too much" by lenders. The risk is that there are sufficient losers from a deregulated financial system for the public to mobilize with an extremely harsh regulatory regime or bankruptcy reforms that make debtor relief in bankruptcy far more accessible and beneficial than prior to the 2005 pro-lender reforms (e.g., repealing them and allowing workouts of mortgage debt on the debtor's primary residence). There is systematic risk to the market in letting large numbers of homeowners get squeezed “too much” by lenders. The risk is that there are sufficient losers from a deregulated financial system for the public to mobilize with an extremely harsh regulatory regime or bankruptcy reforms that make debtor relief in bankruptcy far more accessible and beneficial than prior to the 2005 pro-lender reforms (e.g., repealing them and allowing workouts of mortgage debt on the debtor’s primary residence).

]]> By: Anonymous http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html#comment-7428 Anonymous Wed, 30 Apr 2008 17:28:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue-program-falls-short-of-low-expectatios/#comment-7428 Oh please Gamma. Spare us the Free Market Fairy Tales and the Ethics Lessons from the school of William Bennett. The vast majority of defaulting homeowners are not lazy, feckless bums who "need to be taught a lesson". (and in what school, anyway? the Marquis De Sade's?) The majority of the defaulters are working and middle class people who dealt as best they could with a situation they had no hand in creating: the explosion of housing and rental costs, relative to their unexplosive, stagnant income. This may shock and amaze you, Gamma, but many people in the U.S.--as in, perhaps, a majority--really struggle to make their pay check cover their family's most basic needs--food, medical care, and housing. The reason behind this current crisis is the gross income disparity between the ultra-rich and everyone else. People didn't go into these dubious loans because they were greedy, but because there was no other way to buy even the cheapest home. Here in California, the cheapest homes are still enormously expensive relative to local wages. Either wages need to go up, or housing needs to be subsidized and made more affordable. Stop blaming the victims and putting silly moral fables into global financial machinations. Oh please Gamma. Spare us the Free Market Fairy Tales and the Ethics Lessons from the school of William Bennett. The vast majority of defaulting homeowners are not lazy, feckless bums who “need to be taught a lesson”. (and in what school, anyway? the Marquis De Sade’s?) The majority of the defaulters are working and middle class people who dealt as best they could with a situation they had no hand in creating: the explosion of housing and rental costs, relative to their unexplosive, stagnant income. This may shock and amaze you, Gamma, but many people in the U.S.–as in, perhaps, a majority–really struggle to make their pay check cover their family’s most basic needs–food, medical care, and housing. The reason behind this current crisis is the gross income disparity between the ultra-rich and everyone else. People didn’t go into these dubious loans because they were greedy, but because there was no other way to buy even the cheapest home. Here in California, the cheapest homes are still enormously expensive relative to local wages. Either wages need to go up, or housing needs to be subsidized and made more affordable. Stop blaming the victims and putting silly moral fables into global financial machinations.

]]> By: gamma http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html#comment-7418 gamma Wed, 30 Apr 2008 13:52:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue-program-falls-short-of-low-expectatios/#comment-7418 I'm sure the 2,000 households helped deserved it and 99% of the rest do not. <br/><br/>Natural consequences are the best education in life. We're always talking about how we want to increase education in America - this is a great way! A tough lesson learned on reading AND understanding a contract before signing it, as well as the lesson on the benefits of living within your means, having a budget, and having a contigency plan. Seems to me that the tough lessons being learned, if embraced, can be passed on to their children and the next generation can choose to not repeat the mistakes of this one.<br/><br/>Why exactly do you have a problem with this??? I’m sure the 2,000 households helped deserved it and 99% of the rest do not.

Natural consequences are the best education in life. We’re always talking about how we want to increase education in America – this is a great way! A tough lesson learned on reading AND understanding a contract before signing it, as well as the lesson on the benefits of living within your means, having a budget, and having a contigency plan. Seems to me that the tough lessons being learned, if embraced, can be passed on to their children and the next generation can choose to not repeat the mistakes of this one.

Why exactly do you have a problem with this???

]]> By: Rick http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html#comment-7415 Rick Wed, 30 Apr 2008 13:33:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue-program-falls-short-of-low-expectatios/#comment-7415 "..., while a good idea, is not addressing the magnitude of the problem,” Senator Christopher J. Dodd.<br/><br/>Sounds like he is describing the Banking Committee hearings on the Fed's conduct regarding Bear Stearn's. Oh wait, he can't be describing those, he chairs the committee and ran the hearings. “…, while a good idea, is not addressing the magnitude of the problem,” Senator Christopher J. Dodd.

Sounds like he is describing the Banking Committee hearings on the Fed’s conduct regarding Bear Stearn’s. Oh wait, he can’t be describing those, he chairs the committee and ran the hearings.

]]> By: eh http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue.html#comment-7410 eh Wed, 30 Apr 2008 10:43:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-bush-homeowner-rescue-program-falls-short-of-low-expectatios/#comment-7410 <i>But a cynical plan to do nothing while pretending to offer relief is even worse than standing pat.</i><br/><br/>Not necessarily politically, assuming Dummkopf voters don't look too carefully at the details of the plan. But a cynical plan to do nothing while pretending to offer relief is even worse than standing pat.

Not necessarily politically, assuming Dummkopf voters don’t look too carefully at the details of the plan.

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