….is still God-awful. But it’s a lot better than it could have been had John McCain not done the unexpected by sticking up for House Republicans in his otherwise disastrous attempt to intervene in the Wall Street b[uy]out negotiations: A……

CC

Eligible recipients of grants from the states are organizations and agencies (for-profit and non-profit) that demonstrate 1) the experience and capacity to produce the kind of housing the program calls for, 2) the financial capacity to undertake the eligible activity, and 3) familiarity with federal, state, and local housing programs.

Although the program prohibits money going for political purposes, it does not prohibit organizations with a political leaning from getting the loot.ie; if the money goes to housing the organization can use other funds to do its political work….ie; La Raza or ACORN

I found today that my senator was not even aware of this. He was told the language had been removed from the new draft. Just who ate the ‘Housing trust fund’ and ‘Capital Magnet Fund’?

I smell scam

It also suspends mark-to-market rules and requires a study on their effects on the collapse.

That represents the bulk of the liquidity problem. How about suspending that rule, and waiting a few weeks before pushing the rest.

How can you not make the case for a conspiracy on this?

Economic terrorism against the United States.

Chakra Hammer on September 29, 2008 at 6:33 AM

On this? How about this:

Oppose oil exploration
Oppose drilling
Oppose nuclear
Oppose dam construction
Oppose military
Oppose business (taxed to be non-competitive in the world)
Oppose business (regulated to be non-competeitve)
Oppose rational and fair taxes for citizens
Oppose treatment of war prisoners as war prisoners
Oppose regulation of their ATM (Fannie/Freddie)
Oppose rational credit standards for mortgage companies
Oppose free markets
Oppose free speech

Name ANY other country on the planet that has an internal political party that seems to be working so hard to destroy their own country.

Funding sources:
Soros ($811 million invested in offshore drilling in Brazil)
Sanders (sold Golden West to Wachovia… which is sinking it)
Wall Street (getting their credit default swaps bailed out)

Voting sources:
The 40% of the population that pays no taxes

What conspiracy would you be referring to?

CC

As I said earlier, ACORN, mortgage modifications, tax items and a number of other things where just dressing for the Dems to “negotiate” away to get Republicans on board. They were never seriously part of the bill. See this.

As far as someone getting tried for treason… never happen. As a matter of fact, I’m very sure that Dodd, Frank, Pelosi and Reid will all be reelected quite handily.

Here in southwest Florida; we occasionally have phenomena known as “Red Tide”. It makes the water toxic to fish… it kills the bait in your bait well. The only way to deal with it is to avoid it completely until is dissipates. Our “Red Tide” is the $60 trillion of credit default swaps. From the indications of Asian and European markets this morning, they know the “Red Tide” still exists.

CC

CapedConservative on September 29, 2008 at 5:51 AM

How can you not make the case for a conspiracy on this?

Economic terrorism against the United States.

As far as someone getting tried for treason… never happen. As a matter of fact, I’m very sure that Dodd, Frank, Pelosi and Reid will all be reelected quite handily.

Here in southwest Florida; we occasionally have phenomena known as “Red Tide”. It makes the water toxic to fish… it kills the bait in your bait well. The only way to deal with it is to avoid it completely until is dissipates. Our “Red Tide” is the $60 trillion of credit default swaps. From the indications of Asian and European markets this morning, they know the “Red Tide” still exists.

CC

Does anyone know which politician had inserted these dumb slush fund languages into the bill?

Kaitian on September 29, 2008 at 2:32 AM

That person needs to go to tried for treason or at least go to jail.

I found this over on FR…

If you have an extra couple of minutes I would suggest taking a look at it.

Obama & ACORN

Great for those trying to get into the mood for Halloween, it’s positively frightening.

Dorvillian on September 28, 2008 at 11:20 PM

Wow. That’ll get you in a panic.

Is there not a single honorable journalist in the mainstream? Is there not one??

Is that the Woman that wants to “Socialize” our Oil Industry?

http://www.youtube.com/watch?v=GqjFBiPMmBE

Chakra Hammer on September 29, 2008 at 12:57 AM

Why yes. Yes it is.

The complex mortgage backed securities were always based on blind trust in the institutions that issued them, and the assumption that real estate never goes down. Since both of those assumptions were wrong, there will be unavoidable losses.

What the government should do is focus on buying the tranches backed by the top 50% of payments, and then pass a law stating that if a homeowner facing foreclosure so desires, they can rent the foreclosed property for 50% of what the 30-year fully amortized mortgage payment would have been, plus taxes and insurance and a payment into a maintenance reserve account in the amount of 1 month’s rent every year. The person could stay as long as they wanted, and to the extent they treated the property well, they would get money back when they move. Provisions could be added giving them an option to buy at a slight discount to market after a time, or giving them a portion of profits if, after a time, the government wants to sell the property and the new owner wants to occupy.

This would give relief to people who honestly wanted to live in the house they bought, but just got caught up in the (Fed-Fannie-Freddie induced) bubble and overpaid. Extra provisions could be added which would limit new non-housing debts as a percentage of income, and a requirement that if the rent dropped below 3/8ths of income, the difference between rent and 3/8ths would have to go into a 401(K) or be used to pay down other debts still outstanding.

This is the economic equivalent of a bankruptcy mortgage modification, without having to amend pooling and servicing agreements, and without poisoning the entire financing market for primary residences with Obama’s bankruptcy provision, which, if adopted broadly, would instantly raise interest rates for all homeowners and reduce the value of their homes accordingly.

This solution also creates desirable and stable investment properties for small investors who have been starved for product during the entire boom. And to the extent the newly rented houses sell as investments, the government would recover nicely, as the foreclosure proceeds came in and paid off the first tranches of the mortgage backed securities. Of course, the people holding MBSs know that, and are going to try to dump the worthless lower tranche MBSs on the Treasury, while keeping the upper tranches for themselves.

http://www.americanthinker.com/blog/2008/09/memory_lane_lynching_franklin.html

reshas1 on September 28, 2008 at 6:30 PM

Is that the Woman that wants to “Socialize” our Oil Industry?

http://www.youtube.com/watch?v=GqjFBiPMmBE