Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Friday, September 26, 2008

There are no Democrats or Republicans Today


We shall fight on the beaches. We shall fight on the landing grounds. We shall fight in the fields, and in the streets, we shall fight in the hills. We shall never surrender! ~Winston Churchill


Protest Comments from around the Internet:


"Call your Congressperson. Say no -- may be already too late. This is bad for equity holders, good for debt holders, but certainly bad for taxpayers. That means if you have money in your house -- or you ever hope to buy one -- you lose. Understand? Call Congress. Say no. There are no Democrats or Republicans today. It's just us, standing up to the people who have been losing our money for years. SAY NO. Thanks, all."

"Pure and simple this is outright theft from the middle class to pay for the sins of the ultra rich. This theft robs not just this generation, but the next two, as we pay off the massive additional debt this will incur. Any Congressman that votes for this needs to be tarred and feathered."

"Fearmongering Extortion, Give us a trillion dollars to fix the mess we've made or we'll wreck your future. Forget it, in a Capitalist Society those who make a mess get to sleep in it."

"If we give the blackmailers a trillion now they'll just come back in a month or two demanding another trillion. Or ten trillion. Bush-Obama Billionaire Bailout Bill? No? HELL NO!"

"No more bailouts. That is all there is needed to be said. It is reported that a majority of Americans do not want this bailout plan to go through and for good reason. It is a rip off of the American middle class to save the ultra rich and the Wall Street gamblers and moneychangers. Let the market work itself out and no more government intervention for the the Wall Stree Mafia."

"Excuse me, but isn't the whole premise of free-market capitalism that the market will control the pricing. How is bailing out the corporations going to fix the underlying rot in our economy? We are a debtor nation. We are living beyond our means. Our economy is NOT sustainable. That is the real problem. And, no $700,000 billion bailout is going to change those facts. Better start learning Chinese because that's who owns our a$$es."

"As it's been said before... today we live in a society where profits are privatized and losses socialized."

"If time is running out, then why didn't this Administration do something years ago?"

"Wow... they agreed on a bail out even though the mass majority of Americans specifically called their congressman / senators and said no bail out .... this my friends is called taxation without representation.... remember what we did 200 yrs ago the last time this happend to us? "

"A trillion dollar bailout won't fix a hundred trillion dollars of phony credit swaps. The extortionists will be back every few weeks for another trillion until we solve this problem properly - by letting the Wall Street casinos fail and jailing the fraudsters. Until then we're just indenturing our grandchildren to bail out the billionaires."

"Ok folks, its time we made us of our Bill-of-Rights and exercise our "right of the people peaceably to assemble, and to petition the government for a redress of grievances." Everyone go to your nearest Federal Office Building and demand:

1. The Wall Street swindlers who caused this financial crisis should be the ones to pay for it, NOT the ordinary tax-payers.

2. Congress needs to re-regulate investment banks to prevent this from happening again.

3. Include main street in this bail-out and invest in rebuilding the country's infrustructure and creating jobs for American workers. 4. Impliment a securities speculation tax to discourage reckless speculation practices. 5. A 85% tax on excessive CEO compensation packages."

"It's just a tad ironic that the people who rammed deregulation and "free market" crap down our throat for years have now basically created a socialist system, and have heavily regulated the financial markets. Kind of puts the complete lie to everything they've been saying since the Reagan years, doesn't it?"

"Both parties have sold us out to China, Saudi Arabia, etc. over the years with deficit spending. Now they want to sell us off some more to rescue those who have bought them off. The American People will do nothing about it. They are distracted by the Media into a zombie-like complacency. Those of you who think one party or the other will rescue the situation are truly delusional."

"We've been sold out by our elected representatives."

Apparently the bailout meeting turned into a congressional brawl. They should make a Prime Time Reality show. I'd like to see Paulson and all the other "financial and economic experts" on their knees. I find their pleas uncompelling since it was THEIR JOB TO BE SMART ENOUGH TO CREATE SOUND FINANCIAL POLICY!!!!!! This is not a surprise and if they are supposed to be smart enough to hold a top economic job in this country they should be qualified- and qualified means you don't let Wall Street and NAR and Mortgage Lenders and Banks run amok and then ask for the taxpayers to mop up your mess!

"The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support."

"It was an implosion that spilled out from behind closed doors into public view in a way rarely seen in Washington."

"House Republican leader, John A. Boehner of Ohio, surprised many in the room by declaring that his caucus could not support the plan to allow the government to buy distressed mortgage assets from ailing financial companies."

"Mr. Boehner pressed an alternative that involved a smaller role for the government, and Mr. McCain, whose support of the deal is critical if fellow Republicans are to sign on, declined to take a stand."

"As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market."

"The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion."

"Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July."

"The downfall of WaMu has been widely anticipated for some time because of the company's heavy mortgage-related losses. "

"WaMu ran into trouble after it got caught up in the once-booming subprime mortgage business. Troubles then spread to other parts of WaMu's home loan portfolio, namely its "option" adjustable-rate mortgage loans. Option ARM loans offer very low introductory payments and let borrowers defer some interest payments until later years."

1 Comments:

At 9/26/2008 07:39:00 AM , Anonymous Tom Stone said...

Wamu "didn't cost FDIC a dime" however they did owe FHLB $58B a few months ago,and likely more when they failed.JPM got the Deposits (Liabilities) and the Loan Portfolio (Assets) for $1.9B.Since JPM will now take the losses on the loans,their cost will be higher,likely $25-$30B,maybe more.But Taxpayers eat $58B."Blood in the streets" will not be a metaphor too much longer.

 

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