The American People Want A Full Meal Buffett Deal–Not A Bailout!
What we got here is failure to communicate!
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae
Obama and Democrats are Responsible: Fannie Mae/Freddie Mac
Bill Allison on Lou Dobbs 9/26/08
Rooting Out the Reason for the Bailout
The new policy “worked.” Home-ownership rates jumped, starting in 1995. Of course, with more buyers chasing (roughly) the same number of housing units, prices started soaring, as the law of supply and demand would predict.
Eventually prices rose too high, creating the bubble that popped last year (as all financial bubbles do, eventually). On the way up, government-sponsored enterprise Fannie Mae bragged in a 2002 report that it had succeeded in “fundamentally altering the terms upon which mortgage credit had been offered in the United States from the 1960s through the 1980s.” The company called that “mortgage innovation,” but it was an innovation that eventually caused today’s collapse. …”
http://townhall.com/Columnists/RichTucker/2008/09/26/rooting_out_the_reason_for_the_bailout
HOUSE OF CARDS
LIBERALS FUELED WALL ST. WOES
“…HOW did America wind up in its worst financial crisis in decades? Sen. Barack Obama explained it this way last week: “When sub-prime-mortgage lending took a reckless and unsustainable turn, a patchwork of regulators systematically and deliberately eliminated the regulations protecting the American people.”
That’s exactly backward. Mortgage lending took that “reckless and unsustainable turn” because of regulation – regulation driven by liberals and progressives, not free-market “deregulators.”
Pushed hard by politicians and community activists, the regulators systematically and deliberately altered financially sound lending practices.
The mortgage market was humming along just fine when, in the late 1980s, progressives decided that it needed to be “fixed.” Their complaint: Some ethnic groups got approved for mortgages at lower rates than others.
In reality, mortgage lenders were simply being prudent – taking care to provide mortgages to those who could best afford to make the payments. …”
“…Now that the popped bubble has left us swimming in foreclosures, the supporters of loosened credit standards seem shy about taking credit for their “mortgage innovations.” Instead, they blame subprime lenders for becoming “predatory” – when they were simply taking the Boston Fed rules to their logical conclusion while broadening the mortgage market.
Investors holding mortgage-based assets now want out. Perhaps they deserve a $700 billion refund – since they were sold a bill of goods by “progressive” politicians, academics and government officials who, in the hope of remaking society, insisted that loans based on relaxed underwriting standards were sound. “
http://www.nypost.com/seven/09242008/postopinion/opedcolumnists/house_of_cards_130479.htm?page=0
I am urging all conservatives and libertarians in Congress to vote against the bailout bill, Democrats and Republicans.
Something does not smell right. The complete story is simply not being told and the American elites are pulling a fast one to avoid blame for government intervention in the mortage home loan market.
Warren Buffet gives some clues.
Sep 24 – Warren Buffett – Bailout must – market meltdown
The American people need to be leveled with and not given only part of the story.
I am not buying the fear mongering scenario that all business will stop if this bill is not passed.
Banks are in the business of lending money and guess what, they are still lending.
The very people who bear much of the responsibility for failing to properly regulate both Fannie Mae and Freddie Mac are writing much of this bill–Senator Chris Dodd and Congressman Barney Frank–and the Democratic Party.
I smell a fix.
The American people need someone on the inside to blow the whistle on this one.
As a minimum the American people or taxpayers should receive a deal equal to that Warren Buffett got with Goldman Sachs.
Buffett on Goldman Deal
Ron Paul Bashes Warren Buffet & Bailout Plan!
Those financial institutions that are facing liquidity problems and possible bankruptcy as a result of investing in mortaged backed securities and derivative securities should be provided additional capital through the Federal Reserve in exchange for Preferred Stock.
These companies would have five years to retire the Preferred Stock by seeking additional capital in the financial markets. These companies should pay dividends on the Preferred Stock to the Federal Reserve to be transferred to the Treasury Department as payment for the use of the capital.
The US real estate markets both residential and commercial should be back to normal by than and the problem securites should have recovered most of their value.
Just one idea and I am sure there are many more.
Buffett boosts Goldman Sachs with $5-billion investment
“
…Warren Buffett to the rescue: His Berkshire Hathaway Inc. agreed today to invest $5 billion in Goldman Sachs Group via a purchase of preferred stock.
Berkshire also will get warrants to buy up to $5 billion of Goldman common shares.
The deal, announced after markets closed, amounts to a huge vote of confidence by Buffett in the investment banking titan, at a time when investors remain spooked about the future of Wall Street.
“Goldman Sachs is an exceptional institution,” Buffett said in a statement. “It has an unrivaled global franchise, a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance.”
Goldman CEO Lloyd Blankfein said the firm considered Buffett’s capital infusion “a strong validation of our client franchise and future prospects.” Goldman also said it would raise another $2.5 billion by selling more common stock to the public.
http://latimesblogs.latimes.com/money_co/2008/09/warren-buffett.html
Any Democrat or Republican that votes for the current bailout bill should be defeated in November.
The American people will take out their anger and outrage by voting out of office any incumbent that votes for the bill and was responsible for not regulating and exercising oversite over Fannie Mae and Freddie Mac.
Only you can prevent socialism in America.
Paul Newman – The Hustler 1961 Final Game
Background Articles and Videos
THE REAL SCANDAL
HOW FEDS INVITED THE MORTGAGE MESS
“…PERHAPS the greatest scandal of the mort gage crisis is that it is a direct result of an intentional loosening of underwriting standards – done in the name of ending discrimination, despite warnings that it could lead to wide-scale defaults.
At the crisis’ core are loans that were made with virtually nonexistent underwriting standards – no verification of income or assets; little consideration of the applicant’s ability to make payments; no down payment.
Most people instinctively understand that such loans are likely to be unsound. But how did the heavily-regulated banking industry end up able to engage in such foolishness?
From the current hand-wringing, you’d think that the banks came up with the idea of looser underwriting standards on their own, with regulators just asleep on the job. In fact, it was the regulators who relaxed these standards – at the behest of community groups and “progressive” political forces.
In the 1980s, groups such as the activists at ACORN began pushing charges of “redlining” – claims that banks discriminated against minorities in mortgage lending. In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation.
In fact, minority mortgage applications were rejected more frequently than other applications – but the overwhelming reason wasn’t racial discrimination, but simply that minorities tend to have weaker finances. …”
http://www.nypost.com/seven/02052008/postopinion/opedcolumnists/the_real_scandal_243911.htm
Bailout Fails!
Go Viral: STOP THE BAILOUT OR…. DEPRESSION?
Ron Paul Sept 25 2008 part 1
Ron Paul Sept 25 2008 part 2
Ron Paul: Bailouts NOT constitutional on Glen Beck
Kill the bailout: The House floor debate is on; Bill fails
“…220 against, 195 for, 19 not voting…
1:50pm Eastern…the Crap Sandwich fails …”
http://michellemalkin.com/2008/09/29/kill-the-bailout-the-house-floor-debate-is-on/
Privatizing Gains, Socializing Losses… Part 1
Privatizing Gains, Socializing Losses… Part 2
Dennis Lockhart on current mortgage-credit crisis – PART 1
Dennis Lockhart on current mortgage-credit crisis – PART 2
Dennis Lockhart on current mortgage-credit crisis – PART 3
Dennis Lockhart on current mortgage-credit crisis – PART 4
Dennis Lockhart on current mortgage-credit crisis – PART 5
Dennis P. Lockhart
“Dennis P. Lockhart (born February 1, 1947) is President and CEO of the Federal Reserve Bank of Atlanta. He assumed office on March 1, 2007.
From 2003 to 2007, Lockhart served on the faculty of the Master of Science in Foreign Service Program at Georgetown University’s Walsh School of Foreign Service. He also was an adjunct professor at Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies. From 2001 to 2003, Lockhart was managing partner at the private equity firm Zephyr Management, L.P.. Prior to this position, he worked for 13 years at Heller Financial, where he served as executive vice president and director of the parent company and as president of Heller International Group.
Lockhart held various positions, both domestic and international, with Citicorp/Citibank (now Citigroup) between 1971 and 1988. Early in his career with Citibank, he served in Saudi Arabia, Greece and Iran. From 1978 to 1986, he served in Atlanta as senior corporate officer of the Southeast office of Citibank. From 1987 to 1988, he was head of the firm’s Latin American debt-to-equity swap investment program. He was also a member of the board of directors of several companies
Lockhart earned his B.A. from Stanford University in 1968 and his M.A. from the Johns Hopkins University School of Advanced International Studies in 1971. His daughter, Dorsey Lockhart, is a Presidential Management Fellow at the State Department in Washington, D.C. …”
http://en.wikipedia.org/wiki/Dennis_P._Lockhart
Here is a good plan for the American people
“America’s Self Preservation Plan” 9-11-2008
As our government meets with congress to debate and develops a “Financial Rescue Package” for our economy, let me make it quick and easy for them by giving them what I feel is the peoples plan.
America’s Self Preservation Plan
This Plan is so easy and I guarantee it will end our recession quickly, boost the economy, increase the world value of the US dollar, significantly reduce global warming and the US carbon footprint, eliminate our dependency on foreign fossil fuels, create jobs, reduce wars saving lives, reduce hunger, keep US wealth in America, and make history and all of this by 9-11-2011.
You may be saying to yourself, this is not possible; no plan can ever achieve all of these great things, it would be too good to be true and difficult to implement!
Well, you are all wrong, this plan is so easy and simple, it can be achieved by the American people making only one decision in their life, without spending a dime, with little effort, in fact, it will probably save you money for you. Believe me this plan is fool proof. .
How can this be done? Well here is my simple plan in one sentence
1. Park your gas vehicle and purchase a compressed air car within the next year or at least put one on order, it will not cost you a dime more than your spending now, it basically will be free. (Read on this plan will make total sense soon, I promises.)
How can this be the whole plan? Simple, these cars will be for sale in the US beginning in 2009. These cars will cost approximately $16,000.00 but, as I said, it will not cost you a dime more than you’re paying not for transportation. You will pay for this car over the next 3 years with the extra money you will save ($200 to $400/month) by not fueling your gasoline powered vehicle. Compressed air cars can travel up to 90 mph and approximately 125 miles on a $2.00 tank of compressed air. (Google search compressed air cars for more details on this technology, but I am not here to promote any particular car manufacturer, I am here to explain how my simple economic plan if fool proof.
If we all purchase ( again, no real cost purchase) these cars at the same time this out cry of the American people will force the government into providing tax credits, incentives and low interest financing. Banks and car manufacturers will look at these loans as safe investment and will easily grant them to the consumers but in won’t really matter to us because these cars are fairly inexpensive and will not cost you any more out of pocket money then you are currently sending fueling your gas vehicle. In fact, most people will save money and be driving a new environmentally friendly, green vehicle for free.
With the extra money in our pocket, the consumers can purchase a small compressed air refueling tank for their home from their local compressed gas/propane distributor and get regular deliveries just like current oil or propane heating fuel deliveries but at very low cost. Gas stations may not cooperate with the transition of their tanks and pumps from gasoline to compressed air so the government may need to aid in pushing through simple regulation for compressed air home refueling systems along with financing and incentives for localized compressed air refueling stations to speed up the process.
That’s it! “The America’s Self Preservation Plan”, how easy was that?
Now you’re asking yourself, how will this no cost purchase of these cars by the American people achieve all of the great things I stated in my opening paragraph?
Easy and here is how it wills all falls into place!
1. The end of our recession and a boost for the economy: most car driving American families I know are spending between $50 to $100 dollars a week in gas refueling, minimum. This equates to $200 to $400 dollars for gas minimum per month. This money is substantial and in not going into the American economy. Most of the money is going overseas making a few people very wealthy. These very wealthy people have too much money with little needs, they do not live in the US and therefore they are not putting it back into the American economy. If consumers, instead of rich oil lords, are saving this money and putting it into the American economy it will result in a proven continuous stimulus package. Consumers will spend the extra money on home purchases, renovations, electronics, cars, vacations, air travel, investments, cure cancer, heart disease etc. Most importantly the cost of oil per barrel will begin to plunge drastically to compensate for the surplus in world oil, reducing gas prices at our pumps. The reduction of gas prices will further help the economy and aid in the transition phase to total compressed air transportation. Other technologies such as generators and heating system boilers etc will emerge from the compressed air technology reducing oil dependencies further.
2. Increased value of the US dollar: Once the US starts climbing out of the recession and the price of oil per barrel starts to fall the value of the US dollar will increase, basic economics. Quality of life will be better; as US citizen can then return to traveling once more out side of the country.
3. Reduced global warming and US carbon footprint: These cars have zero emissions! The US consumes the majority of the world fossil fuels resulting in significant US pollution and emissions. I understand that you need to consume fossil fuels to produce compressed air but this type of generation produces far less emissions and can be regulated easier. Power to manufacture compressed air can also be produced by alternate energies such as nuclear, coal, hydro-electric, solar, fuel cells, cogeneration, wind generation, wave generation etc, all American made self supported technologies. Let’s not forget the reduction of oil spill risk and disasters which involve costly environmental clean up, reduced off shore drilling and terrible affects oil spills have on habitats. By the way, does anyone really know what the effect of removing all of this oil from the ground is doing to our planet? What about the energy saving resulting from not having to pump the oil from the fields, transferring of oil to gas stations buy trucks and tankers etc?
4. Eliminate our dependency on foreign fossil fuels: If the majority of us purchase compressed air cars this will force all US car manufacturers to get into this arena and other transportation vehicles such as trucks boats etc will soon follow eventually eliminating the need for foreign fossil fuel dependency.
5. Create jobs: Compressed air home or centralized refueling stations will need to be installed and built, all US car manufacturers will need to get hire labor and get into production of compressed air vehicles very quickly. Why do you think American’s buy foreign cars? It’s because they get better gas mileage and the vehicles are more dependable! Well, all compressed cars will get great MPG’s and the US car manufacturers will be forced into producing a dependable engine and vehicle. I was in the manufacturing field for many years and I know these cars can be produced within a short period to time.
6. Reduce wars and save lives: If you think 9-11-2001 and our current crisis in the Middle East is not because of oil terrorism you have been living under a rock. Our young men are being killed and permanently damaged because we are dependant upon oil.
7. Reduce Hunger: Corn field and oil fields used for energy can be farmed to produce more food for the hungry. There are hundreds of thousands of acres of land not producing food, why. The Government can offer more farm-aid for this transition.
8. Keep US wealth in America. Yes we have witnessed history in the making twice in less then 10 years. 9-11-2001 and 2008, right now. For those of you who are not aware of the situation, US wealth is exiting our shores faster then it has ever done before in our history. Many wealthy people, investors etc are leaving the country to protect their $$ investments due to high taxes, low dollar value etc. This combined with the high foreign oil prices is resulting in our countries wealth exiting our boarders at a rate never seen before in history. Yes, if you have not figured it out oil controls our economy and foreign oil lords are in the driving seat, pretty frightening.
I hope I made all of you a believer in my plan, its fool proof. I am not a politician, lobbyist; writer, I am not associated with compressed air car manufacturers. I am in the technology field, an engineer by profession. I am married with a family, an American concerned with all of the current issues which face us today in the US. My father and grandfathers fought and died for this country. My family has worked in the manufacturing and engineering industry and was part of the “Great Industrial Revolution” which built this country and put us on top as a world power. Our generation is now in control of this country and it is our turn to make History with this simple plan.
I can say one thing for what it’s worth, I guarantee this plan will work but it will take all of us to believe. If we fight together the results will be real with little to no effort or financial burden to all of us Americans. If we do our part in purchasing these types of vehicles this year the rest will fall into place I guarantee it.
I said my plan will take approximately 3 year to be fully implemented although results will be seen almost immediately.
Let’s set a date to be oil independent, it is appropriate to set it for 9-11-2011 on the 10th anniversary of a historic tragedy. This day will go down in History as “Oil Independence Day”, the day the American people fought back and achieved independent from foreign oil and tool back control of our country and economy. We should do this for our children’s future and in honor and memory of all of the victims of oil related wars and terrorism.
Very Important: I can not do this on my own, I had trouble just writing this long SOB, Please, send this document to all your friends, family members, associates and especially government officials ASAP and let us, the America People, voice our plan to congress and take back control of our great nation.
Thank you for your time.
“American’s Self Preservation Plan.”
God Bless America
Resse Blackstone
End
Tom M
September 30, 2008
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The bottom line – Americans have been living a debt society for years — keeping up with Jones syndrome. Consumption ideals and values need to change with a touch of common sense, which is a very simple rule: “If I can’t afford it, save up for it so I can obtain that goal and then buy-it. If I have to buy-it on a credit card and obtain debt, don’t buy-it.”
Rule 1: Capitalism is a double edge sword, companies can be responsible if management is responsible, if management is not responsible toward society, human greed takes over. Hence the credit companies bailed out – had greed as a focus and irresponsibility toward society. They were not looking at the best interest of ultimate consumer to sustain that loan and pay it off, only the immediate result of greed.
Rule 2: Common sense of an end consumer – if you can’t afford it “really” on a fixed mortgage and within your budget of one income just in case – don’t buy it.
I agree with you – I am rather irritated about the bail-out, especially since I am a responsible consumer watching my own back financially since no one else does. No one bailed me out when the dot-com bust took hold of the San Francisco Bay Area and 650,000 people were layed-off including myself by 2003. I had a choice sell my house then or go bankrupt because there were no jobs for me in the area. We experienced the “recession” with one income and if you were a household that had 2 layoffs – it was a “depression”. At 40 years old, I lost everything and had to start over. Now that I am again on solid ground when I got a job in 2006, this situation has a personal silver lining – in about 6 months as the housing prices in the area continue to drop, I will actually be able to buy a home again at a responsible and realistic price– where the market should be currently. Of course, plenty of cash down on a fixed rate. Oh and by the way, I can qualify with the tight restraints because I have “no debt” and a solid income with enough cash down for a reasonable house payment.
Should I fee bad for those that have been layed-off this year and more to come in the next? Should I feel bad for poor decision making by consumers who wanted by keep up with the Jones and couldn’t afford it?
Ellen
November 9, 2008
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