Posted on 09/29/2008 7:59:57 AM PDT by johncocktoasten
Taxpayers will lose money in the $700 billion government rescue plan for the nation's banking system, Oppenheimer analyst Meredith Whitney said.
Contrary to predictions from some supporters of the bailout plan, Whitney said on CNBC that the continued slump in housing prices will make a profit from the bailout unlikely.
"I think you definitely lose money on this $700 billion structure," Whitney said. "There's no idea where house prices bottom, and as a result how can you make money on this transaction
(Excerpt) Read more at cnbc.com ...
Watching C-SPAN. They do not realize how out of touch they are, how hollow their words are, how corrupt they are....
Looks like there’s some pretty firm opposition to the sellout from both parties in the house.
Meredith Whitney has been a lone voice in the wilderness,and she’s been right on the issue from day one.Her prediction and analyzing is why I’m in good shape financially.I’ve prepared over the last 1 1/2 years for this situation.I can actually live off of McDonalds pay if I have to,now.
they listen to the people. If the people were worried about total financial meltdown, they’d be begging for the bailout instead of the opposite.
If she's not for the bailout, what Gov't plan was she in favor of?
I would love to see 100 drivers in every major city across the US shut off their engines on the freeways during the morning commute.
Get out of their cars and wave posters saying, “SENATOR- I SAID NO DEAL” At the first sign of a cop, get back in your car, drive another 10 miles and do it again, and do it again, and do it again, and do it again, and do it again, and do it again, and do it again, and do it again until they listen to us, the taxpayers.
I’ve noticed that virtually every black congressman is all for it based on the same tired old “Po black folks is gonna get run outta they homes if everybody else doesn’t pay for it” line. That tells me that there is something for them in it.
They know exactly how corrupt they are. That’s why their words are hollow. They may be liars, but they know they are lying and the American people can smell it.
I sure hope this coup (and that’s exactly what it is) fails, and the American people take it out on them at the ballot box. Every Congressman & Senator who votes for this crap should be defeated in November. If a Republican votes for it and it means you vote democrat to replace them, so be it.
It sounds like she wants the money to go towards banks that aren't leveraged in this mess and not throw money at banks that are failing.Wise,in my opinion.Let's prop the banks that actually required documentation and down payments.Let those banks acquire the assets from the banks with loose lending and let the "loose lender" fall to the side.
Congress is putting together a rescue plan, to rescue themselves from the truth. Socialist government is destructive.
Our current oversupply of housing will keep home prices down for a long time to come.
I think the plan will produce a profit.
About 15 minutes ago, I contacted my congressman who is up for election in November. The message I delivered contained almost the same words you used.
How do you stop the foreclosure process? That to me seems like a good start in getting a floor under housing.
Another thing that isn’t being talked about is how do we support economic growth as the solution to our problems? Yes, we are in a recessionary spiral and in the next year we will see some negative GDP numbers. However, what if the government were to do the following:
1) Immediate cut on marginal tax rates
2) Immediate elimination of capital gains taxes for say 2 years? (And no whining when it expires please)
3) Immediate allowance for all investment losses to be deducted in one to two years instead of capping them at $3K per year.
4) Elimination of mark to market standards. Every time someone else writes down their assets that means someone else has to as well. That can mean a good bank loses capital to loan out.
5) Tax breaks for any company that invests in distressed assets. This might be a way to reward risky investing but if a private entitiy is buying then that’s better than Uncle Sam.
I’m sick of party identity politics. If the GOP platform meant anything we would have a different presidential candidate.
It is time to invest in precious metals. Tin. Brass. Lead.
Every FReeper and anyone elase theyy can email needs to go here and send this to Congress ASAP. We are all about to get squicked.
http://www.tickerforum.org/cgi-ticker/akcs-www?post=63876
CONGRESS – LISTEN UP
YOU WERE TOLD THAT YOU WERE BEING PLAYED USING “FREDDY KRUEGER” FEAR. Treasury claimed there would be 3 million job losses “in weeks” but they intend to wait 2 weeks or perhaps more before they start making purchases.
Wachovia BLEW UP this morning and is now GONE.
The G7 nations have all told George Bush (and you) to “GO TO HELL”, with CANADA being the latest to make an announcement yesterday afternoon.
YOU WERE GAMED AND THE MARKET FIGURED IT OUT ALREADY.
IT IS TANKING – NOT STABILIZING.
There is a new web site that will keep a running chronicle of the S&P 500 stock index and important events. Bloggers all over the globe are NOT going to let you or anyone else obfuscate THE TRUTH.
Contributions to the content there are rolling in from everywhere on The Web.
There is an ELECTION coming up and you are squandering $700 billion of taxpayer money WE WILL NEED for ORDINARY AMERICANS in the coming months.
http://supportedthebailout.org
WILL YOU BE ON THE “AYE” LIST?
The VOTERS are ANGRY and WILL FIRE YOU
Once I said to a young woman friend. “If you do not have the money to pay for it ... do not buy it.” She responded ... “nobody does that.”
TRUE. Unfortunately. It is a way of thinking and good times. The balloon always bursts.
It can be made to inflate just so far. The government loved ENRON'S financial plan. So they tried it. All restraint was removed and when they needed more money they printed it.
BUST!
Life as we have known it is about to change.
Pray. God can do anything. This is not to hard for Him. However, His people must repent of our excluding Him from our lives and our living just like the world. Repent and ask forgiveness for our sinful living and plead for mercy on our nation.
It must be sincere... God is not mocked. God has the answers.
Read your Bible ... God will meet you there.
Of course the bailout is a money loser. If this was a good investment, then willing buyers would purchase the bad mortgages to obtain a profit. The only reason for a bailout is that it is a losing deal. The question is who should lose money on this deal: (1) the borrowers and lenders who made the bad decisions in the first place, or (2) those taxpayers who managed their money wisely. It looks to me like Congress has chosen.
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