Yep, the Herbert Hoover Solution. That worked out well, didn't it.
I doubt that's a valid analogy, considering how much gov't intervention is going on these days even without the bailout. However, it's not worth arguing the point.
Yep, the Herbert Hoover Solution. That worked out well, didn't it.
I think they all want it to pass, but in all the jockeying to either take credit or assure a foundation for laying blame depending on the outcome, they all overdid it a little bit.
Every time one more domino falls, it only increases the fear and the panic, and that only makes the situation more precarious -- making other dominoes fall.
To you or to your representative's re-election campaign?I'm not selling a thing, I'm just pointing out how big this beast of an economy is, and that the 700 billion bailout seems a bit niave. If you lost your job would a day's pay handout make difference?
I'm not sure that anyone cares anymore whether the President agrees, least of all Congress. I'm also not sure that I'd want to have my campaign trumpet that I'm discussing things with the President-- let alone give the impression that he agrees with me...... in Senator McCain's he said he discussed it with the President (which to me, indicates the President agrees, or it would not have been mentioned by Senator McCain).
going to send some emails to different congresspeople urging them to look at an alternative proposal.
my idea is to simply buy up the homes in foreclosure. it will pay off the toxic loans but there won't be any interest like originally thought. and the government can rent the homes out to whoever lives in there.
The United States, home of more than 8,000 financial institutions, has had relatively few of them go broke since the savings-and-loan debacle, and that was nearly 20 years ago. Only three small FDIC-insured banks failed last year and none in 2005 and 2006. There has been plenty of time to build up the fund. But it hasn't happened because some genius decided, back in the mid-1990s, that the deposit insurance fund need not save too much for a rainy day. So for the next decade, most U.S. banks got a holiday from sending their dimes to FDIC.
Well, baby, it's pouring outside now. And the tale of FDIC seems like a perfect illustration of what has made the U.S. economy so sick. Subprime mortgages are just a manifestation of the bigger problem: The people don't save, the government doesn't save and even the parts of it that exist to set aside money for the bad times, don't save enough.
FDIC has formally requested permission to raise FDIC limits on savings. Lots of Government now talking about it. New limit would be $250K on single owner account.
Expect CD rates to plummet.....
FDIC has formally requested permission to raise FDIC limits on savings. Lots of Government now talking about it. New limit would be $250K on single owner account.
Expect CD rates to plummet.....
Do not be fooled. The $700 billion (ultimately $1 trillion or more) bailout is not predominantly for mortgages and homeowners. Instead, the bailout is for mortgage-backed securities.
Must be some reason something this simple won't work.
Because setting up an infrastructure to buy and administer millions of residential properties is not simple
I hear some banks are already forming outsourcing capabilities to take on the task.