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WASHINGTON (Sept. 20) - The Bush administration is asking Congress to let the government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of the plan obtained Saturday by The Associated Press.
The plan would give the government broad power to buy the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue. The proposal does not specify what the government would get in return from financial companies for the federal assistance.
Holy sh@t, that is Seven Hundred Billion just shifted onto the back of every American, that is criminal. Fu*k these criminals, they should be in jail, not the White House, and if they had their way, just speaking the truth would get you in jail.
They believe in Socialism for themselves, starvation for the rest.
That's 700 billion, for starters. We will be buying bad debt for the next two years. That ought to give people a clue as to how long this mess is going to last.
As usual, there are no specifics as to what the government (meaning the taxpayers) will get back for the assistance. As usual, we the taxpayers, don't count for jack.
They're sticking it to us big time and they're holding any lubrication, folks!
WASHINGTON (Sept. 20) - The Bush administration is asking Congress to let the government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of the plan obtained Saturday by The Associated Press.
The plan would give the government broad power to buy the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue. The proposal does not specify what the government would get in return from financial companies for the federal assistance.
Tightened regulatory oversight of sketchy lending practices and "exotic" loan products.
Prosecution of the players that fraudulently abused the system.
Hold homeowners that took out the loans accountable by making them own up to their financial responsibilities. For homeowners with interest-only loans, negative equity positions, and artificially-low ARMs that are readjusting, deals could be worked out that phase in a graduated increase in interest rates to a fixed, market-rate mortgage with a 30 or 40 year duration. This loan could contain pre-payment incentives to help reduce long term interest-rate exposure to lending institutions.
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