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« Vote of no confidence? | Main | Google4GSO »

Feb 24, 2010

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Spag

Brad Miller voted for TARP. Therefore, Brad Miller has no credibility on this issue.

Should the homeowners principal increase if the market value goes back up?

Beelzebubba

Brad Miller is palming the card. It works for the proles for a few reasons:

mark to make believe accounting

toxic assets removed from balanced sheets

the FED has been handing out cash for depreciating assets

Banks could be sitting on a trillion cash but they're gambling that 2.5 trillion in debt will "go back up."

Thank god the banker bonuses might make its way into the economy or the cash flood to the banks would go stale.

While he palms that card he plays a pretend game. He pretends that toxic assets still have their full value while they're in market to make believe land and they will regain their pre-pretend value(whatever that is).

The Fed and the Treasury gave their swords to banks last fall. Miller and McCain voted for it. These guys are still walking around giving speeches with their thumbs up. They are domestic enemies.

Bubba

"Banks could be sitting on a trillion cash but they're gambling that 2.5 trillion in debt will 'go back up.'"

Ya think?

And yet there are those (particular locals, who shall remain nameless to protect the mis-informed) who don't believe the current economic difficulties qualify as a crisis of confidence in any way.

Fred Gregory

The truth about the finacial meltdown can be found in the movie

Generation Zero

JC

Is Miller really dense enough to believe this is a good idea?

Good of him to leave out the governments very real responsibility in the housing crisis, while claiming government alone can come to the rescue.

Ed Cone

History doesn't repeat itself, but it rhymes.

In this case, there are echoes of the Great Depression, in which an unregulated Wall Street also played an enormous role.

Kind of hard to blame that one on those darn kids, though.

Beelzebubba

it's great that someone finally made a film about 38 years of Republican debauchery with 12 years of Democratus heinous interruptus...a snuff film about the elimination of the middle class. I'll get some value added popcorn from the Coliseum and watch it.

JC

"there are echoes of the Great Depression, in which an unregulated Wall Street also played an enormous role."

No doubt one of the causes of our current situation. AS ARE bad lending programs established and pushed by Congress. Miller conveniently leaves those out.

"The new HOLC should only buy mortgages on owner-occupied homes, and should refuse to buy reasonable mortgages that homeowners can afford."

In layman's terms, the government should buy houses for a fraction of the original price or current value that in many cases people should have never bought/been sold, lower the mortgage (and by doing so potentially lower the value), and allow the original purchaser to continue to live in the property at a significantly reduced rate and payment. What part of this is a good idea?

This guy needs to go.

Thomas

"What part of this is a good idea?"

Maybe the part that stops/slows foreclosures and bankruptcies? Didn't the piece say this worked before?

JC

Thomas, did you actually read the article?

Some pretty big differences between what worked then and what is being proposed by the Congressman.

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