I’m looking for information regarding the Acorn financing boondoggle, but see no reference to it...
I’m praying they got it dumped from this bill.
ping
Acorn will not be dropped I bet. This is ROTTEN to the core. Why should anyone pay the mortgage on time? If you skip a few payments they will reduce the principle. Perfect liberal mortgage banking. Anyone who votes for this should be run out of office.
There ya' go.
And, I didn't see anything referring to ACORN.
We shall soon see...
I’m calling on some monetarists on Free Republic:
What happens in all of this to the velocity of money? I recall my undergraduate macroeconomics classes having this equation: MV = PQ, where M is the money supply, V is the velocity of money, P is the price level, and Q is real GDP.
My impression from all of the money multiplier stuff is that if lending went down, so would the velocity of money.
I’m not witnessing any massive change in M. So if V changes, does that mean we get deflation? Recession? Or is velocity somehow a constant through all of this?
This is trouble. Now the Fed will have $700 billion worth of “bad debts” and is supposed to try to sell them back into the market over a period of years? I smell a boondoggle to come - more than one.
What incentive does the Fed have to try to make the best deal? To package a couple of dogs in with a bundle of winners? Some people will make out like bandits. A huge transfer of wealth for a few, courtesy of the Federal Reserve...
No coincidence that Goldman Sachs and Morgan Stanley just became bank holding companies. The SEC is useless to a street without brokerages... the Fed on the other hand will be their new best friend.
I have seen no reports yet that ACORN would be excluded. I don’t want to even see a hint that they’ll get $.05 from this bill even through other channels. To be honest I’d like to not see this bailout happen in this manner. Newt had the best plan and EVERYONE in Washington ignored him.
But the article also said it was not yet clear how the House Republicans would react.
This could be progress, or this could be a repeat of the false claims of agreement we had Thursday, when McCain announced his return to Washington.
My guess is that we get agreement, it's ugly but less so than Paulson's original 3 page outrage, and the Treasury Bill printing press overheats, but is repaired and kept running, this coming week.
Without this bill, payrolls of a few major companies that depend on commercial paper would not be met this coming Friday, and companies such as GE would have been in the ICU the following week. GM and Ford already got their rescue in the other spending bill. The stock market has been holding up (well, only falling 20 or 30 percent.) But the short term credit markets have collapsed these last two weeks, more dramatically than in anyone's memory.
The New World Order is proceeding apace -- it's currency is U.S.Treasuries. Lots of mortgage backed securities and derivatives and financial stocks currently held by major foreign nations will be swapped for Treasuries.
I predict that there will be a stock market rally Monday, which will quickly turn into either a choppy sideways market, or a violent down draft (another October crash.) Oil prices will hold reasonably close to current levels (the Saudis are voting with their petrol for McCain), recessionary signs will increase but not terribly, and McCain will win. The market will rally into sometime in January, but it will be just a bear market rally, leading into an honest recession (not a 1930's Depression -- just a recession.) Inflation will rise in the next two years as in the 1970's, but not hyperinflation. Unemployment will rise some more, as some companies don't make it through these white water rapids.
This after the govt. strongarmed lenders to lend to risky homeowners in the first place. So it's going to cost nearly a trillion dollars at least and the U.S. government gains control over the mortgage industry, with kickbacks to certain Senators and God knows who else.
What a deal! I'm gaining more confidence in system with each passing second. /s
Peloski’s happy. Reid’s happy. Frank’s happy. Dodd’s happy. Bush’s happy.
They’re not sure how many House Republicans will support the bill.
What does that tell ya?
"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.
"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks."
Wasn't there a deal last week?
Screwballs...every one of them.
I wonder if the Members will see the actual bill language before the vote, much less the rest of us?
All smiles - Nancy Pelosi, Secretary of the Treasury Henry Paulson, right,
Senate Majority Leader Harry Reid, second left, and Sen. Judd Gregg, left,
announce a tentative deal on legislation regarding the financial crisis on
Sunday on Capitol Hill in Washington.
Although ACORN may be visually taken out of the bill , rest assured it is in there in another form with a ton of other sh## these criminals in congress are trying to shuv down our throats. How does it feel American taxpayer to be known as an a## hole by the very representatives you voted into office to protect your rights! IM SICK!
So if the Treasury can renegotiate the mortgages down to what the Alt-A borrowers can now pay...does this mean taxpayers will get less ROI than simply foreclosing and liquidating the equity?
Doesn’t that prop up housing prices artificially...again? Making housing unaffordable for millions of honest Americans...again? Sounds like the whole rotten CRA itself is getting a bailout here, not just the private companies who got screwed by it.
