If I was in charge - Money Shenanigans

JeremyD · JeremyD's Garage

Number one - Paulson, Berneke, somebody needs to come out and be responsible - and in charge of what's going to happen/has happened. One dude.

Number two - Outside of their regular meeting - they need to cut the federal funds rate to 1% - Today - how about we be a little proactive instead or reactive for a change - It says we are in control of the money supply - we are concerned about lending - and we need to lower the cost of borrowing. I know that there are some inflationary pressures (most IMHO center around the rise in oil prices)

Nightly - Paulson, Berneke whomever needs to be on the evening news - every night until the financial CRAP subsides. Their goal should be to describe the events of the day and what the fed is doing about it.

Lastly - their needs to be some sort of financial law enforcement agency set up. There has to be some accountability for all this FRAUD that took place and the public has to see some sort of repercussions. Some of these people need to go to jail - some need to have their assets taken over and auctioned off.

What a mess!

legion · 09-29-2008, 07:13 AM

1) Cutting the fed funds rate to 1% will cause instantaneous double-digit inflation. It will be like the Carter years all over again or Japan during the 90's. We will have market uncertainty, tight credit and high inflation.

2) We already have the SEC, the Office of Thrift Supervision, the Secret Service, the FBI, the Fed...

gatotom · 09-29-2008, 10:10 AM

If I was in charge............ screw the banksters, they played the casino and lost, next.

For the rest of us, take the 700B and anyone who has a mortgage on their primary house gets up to 200k payoff. Banks now have those bad debts gone, you as a good citizen just got a great gift..........so now with that mortgage gone what do you do.

As a good American, well, you go back into debt but hopefully with lessons learned. So you go out and buy a new car, etc etc. A massive stimulas package that actually stimulated something. So go ahead and increase taxes, at least I got something for it.

Its a win win deal, banksters win and so do the joe sixpacks.

onewhippedpuppy · 09-29-2008, 10:17 AM

Quote:

Originally Posted by gatotom

If I was in charge............ screw the banksters, they played the casino and lost, next.

For the rest of us, take the 700B and anyone who has a mortgage on their primary house gets up to 200k payoff. Banks now have those bad debts gone, you as a good citizen just got a great gift..........so now with that mortgage gone what do you do.

As a good American, well, you go back into debt but hopefully with lessons learned. So you go out and buy a new car, etc etc. A massive stimulas package that actually stimulated something. So go ahead and increase taxes, at least I got something for it.

Its a win win deal, banksters win and so do the joe sixpacks.

????????????

So you take tax money (i.e. our money) and pay off EVERYONE'S house? WTF? What about those of us who aren't upside down? What about those of us that were responsible? I buckle down and make the payment on a 20 year fixed every month, and I damn sure don't want my tax dollars going to some over-leveraged idiot who thought they could afford a $1M house in SoCal with an IO loan making $50k per year.

MysticLlama · 09-29-2008, 10:23 AM

Conversely, what about those of us that didn't see continual housing appreciation as realistic given wages and decided to keep renting and put money elsewhere?

silverc4s · silverc4s's Garage

Quote:

Originally Posted by MysticLlama

Conversely, what about those of us that didn't see continual housing appreciation as realistic given wages and decided to keep renting and put money elsewhere?

You sir, are a voluntary taxpayer. Thanks...

Moses · 09-29-2008, 01:12 PM

IF (and that's a big"if") you want a bailout, then just extend the terms of those stupid short-term interest only sub prime loans indefinitely. It would keep people in their homes making payments and it would limit the taxpayers exposure.

Noah930 · Noah930's Garage

Quote:

Originally Posted by silverc4s

you sir, are a voluntary taxpayer. Thanks...:d

lol

the · 09-29-2008, 01:51 PM

Quote:

Originally Posted by gatotom

For the rest of us, take the 700B and anyone who has a mortgage on their primary house gets up to 200k payoff. Banks now have those bad debts gone, you as a good citizen just got a great gift..........so now with that mortgage gone what do you do.

That's actually fairly in line with today's thinking/philosophy.

Someone like me, who lives below their means, makes sacrifices, pays off his mortgage early, gets nothing! Only the good citizens with debt get the gift, bad citizens like me get a goose egg.

VaSteve · 09-29-2008, 05:03 PM

Quote:

Originally Posted by Moses

IF (and that's a big"if") you want a bailout, then just extend the terms of those stupid short-term interest only sub prime loans indefinitely. It would keep people in their homes making payments and it would limit the taxpayers exposure.

Yup, just like a student loan. You can't escape. If you lose your job....well the government will give you a job digging ditches or something. You can work shoulder to shoulder with the ex bankers. It's win-win.