Sunday, September 28, 2008

Bush: 'An Extraordinary Period For America's Economy'

And if you watched the clip... be sure to read Roubini's latest for a better definition of 'extraordinary': Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System? No! It is Rather a Disgrace and Rip-Off Benefitting only the Shareholders and Unsecured Creditors of Banks


"So this rescue plan is a huge and massive bailout of the shareholders and the unsecured creditors of the financial firms (not just banks but also other non bank financial institutions); with $700 billion of taxpayer money the pockets of reckless bankers and investors have been made fatter under the fake argument that bailing out Wall Street was necessary to rescue Main Street from a severe recession. Instead, the restoration of the financial health of distressed financial firms could have been achieved with a cheaper and better use of public money."
emphasis added

And a video clip below of Jim Rogers calling Paulson's Plan 'Welfare for the Rich':




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12 comments:

Anonymous said...

Jim Rogers is right! And he's one of the very few out there who are not afraid to speak their minds.

Anonymous said...

do you have this data in excel?

Anonymous said...

Great information on the real estate market. If anyone is looking for the new Obama mortgage rescue try here www.making-homes-affordable.com

Anonymous said...

I am a Realtor in Charlotte NC. I have aclient that listed their home as a short sale in October. Countrywide is the worst lending institution ever. I have had a total of 17 contracts viable on this property and full and above listing price and they wont get off their butts to do their part of getting the short sale approved. I have had willing and able buyers since November. The bad part is during the process COuntrywide/BOA has had 3 apprasials done adn it seems like with the declining values on this property they would want to get it SOLD. I guess not since I have had more than 4 phase one negotitators on the case and to do anything with this lender takes 10 days to review faxes and get familiar with process. Lenders like this are continuing to hurt the economy instead of helping.

CoachingByPeter said...

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Anonymous said...

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free credit repair said...

Thanks for this wonderful insight on our country. very well explained.
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Anonymous said...

Paulsosn plan is welfare for the rich. Prof. Ravi Batra predicted it all and called Dr. Greenspan a fraud. no one listened.

What baffles many is the lack of fighting spirit by the American public. They take everything for granted and allow themselves to be bullied.

We have purchased more than US$5 million worth of real estate for over US$487,900. Thats all.

Clearly Americans do not understand how the banking system works and how finance works. If they did they would have worked out a turnaround by now.

Prophet

Anonymous said...

great post

Anonymous said...

Why is this allowed to happen? I don't get it. I saw a band on Youtube sing about foreclosures. They deserve a look. Check here:
http://www.youtube.com/watch?v=CXDYHrBBfoM

Last Option Pros said...

We now know that the economy meltdown was NOT a real estate failure but a financial failure brought on my illegal, unethical and unregulated actions on the part of Wall Street and the Lending Community.
Already, these lawyers have filed a mass joinder case in 2009 that remains pending against Bank of America (and Countrywide) and includes thousands of Americans. This case is now going national. These lawyers have invoked laws and procedures the banks were previously unaware of, and Bank of America is getting beat at their own game because of it. Two weeks ago, the Bank was forced to admit that it had been defrauding the government in foreclosing on mortgages nationwide. Furthermore, on October 4, 2010, the Honorable Manuel Real of the United States District Court called the Bank’s primary argument “absurd” and kicked the Bank out of Federal Court.
These Lawsuits are Unprecedented in US History and Are Creating New Case Law!