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  • Morning Bell: Another $275 Billion Down the Drain

    The House of Representatives is set to vote on a bill today that would round out the legislative authority necessary for President Barack Obama to institute his $275 billion mortgage bailout plan. Taken together the plans three main components (enabling some select borrowers to refinance their loans through Fannie Mae and Freddie Mac, enabling other select borrowers to modify their loans at the cost of taxpayers and lenders, and changing bankruptcy law to allow mortgage cram downs) will bailout the most irresponsible borrowers, raise the cost of borrowing for honest and prudent home buyers, and do nothing to stop the inevitable and necessary correction in housing prices.

    • Bailing Out the Most Irresponsible: Obama’s mortgage bailout bestows new and costly benefits on those who took on more debt (including credit cards, auto loans, and mortgages) than they could handle. Worse, the value of the benefits vary in direct proportion to the degree borrowers were financially irresponsible. Borrowers with as high a debt service payment to income ration of 55% will be eligible for the taxpayer bailout.

    For over a year, first the Bush Administration and now the Obama Administration, have been throwing billions of taxpayer dollars at a problem that does not have a big, invasive, government solution. The road back to economic prosperity lies in an honest assessment of our future spending liabilities, cutting spending, and not raising the tax burden on the American entrepreneurs who have always been the true source of our economic growth.

    Quick Hits:

    Posted in Economics [slideshow_deploy]

    51 Responses to Morning Bell: Another $275 Billion Down the Drain

    1. Bob4232, Chicago says:

      Why do you want to stop the housing price correction? The problem was in part caused by prices for ordinary homes that ordinary folks can't afford. Also, with average wages declining to meet international competition the problem will only get worse as time goes on.

    2. K Webb, Phoenix says:

      Just a suggestion – why don't you help us organize a nation-wide peaceful protest? I'd do it myself but I don't have the organization or the contacts to do it.

    3. Virgil Bierschwale says:

      I have been dilgently reading your articles since I was first exposed to them and the more I read of them, the more that I realize you are way out of touch with what the real problem is, which is our corporations sending our jobs offshore and putting our people out of work.

      Effective immediately, I will be unsubscribing from your email mailing list because I do not believe you actually have the American peoples interests at heart.


      Virgil Bierschwale

    4. Suzanne, Texas says:

      I am so disgusted with the proposed housing bailout which rewards the welfare idiots who bought houses through Freddie and Fannie without having to produce verifiable information about income, employment, and debt history. And let's not forget that they did not even have to produce a social security number which led to, if the figures I have read are correct, over five million illegal aliens buying houses, as well.

      If 72% of citizens are protesting this bailout, why aren't the House and Senate listening to us and acting accordingly? I am simply maddened by the whole thing. Hello Socialism!

    5. Jim Wicker, Punxsuta says:

      Forget everything else. Go back to step one and that is, eligibility. He is an American African and not the other way around. The male that is ruining this country is not even a natural born citizen. Find the proof and this house of cards will tumble.

    6. rebecca kaminski says:

      We, our nation, need to be on the same team. We NEED to support our president 100%. Are you more interested in keeping your pulseless party going by any means/spin over the welfare of our country? Really?

      Any viral marketing expert will conclude that what you are doing is fetching nominal results. It's a new era, hardly anyone buys your old rhetoric. Your sabotage in the name of what, heritage, is working? Seriously?

      BIG HUGE strategy!!!! Why not get all your obscenely wealthy supporters together on pitching in (they will still be wealthier than is ethically just) to get this country out of debt. I bet it would become soooo doggone popular it could resurrect your dying click. Think about it. Reason it. Live it and then talk some of that empty talk. Maybe it wouldn't be so empty then. Just maybe people would stop disdaining you.

      You know, the masses who spoke loud and clear a few months ago? Taxation of the wealthy is morally just. That is, unless, greed is the driving force of the farce of disent.

      Instead of trying to beat up on Obama (real dumb, geese) get your by-the-side-with-the-goal-to-get-this-country-out-of-peril-NOW game going! Sincerely, for our nation's sake, switch it up!

    7. Andrew Luck - Phoeni says:

      It is time to stop the spending especially on Pork Projects. I do not believe the government should be using our hard earned dollars this way. Congress remins me of a quesion my daughter asked me when she was about 7 years old "addy what do you mean we do not have money for it you still have cheks in your checkbook?" I had to explain to her how check books work. Maybe Congress needs the same teaching my daughter needed at 7?

      I will say the $200,000 for gang tatoo removal by Representative Berman should noe considered Pork but Stimulus. (I NEVER THOUGHT I WOULD BE SAYING THIS!!!" Gangs cause great financial destruction and deaths throughout our society and the gang tatoos are like a language between gangs. Less gang violence will stimulate our economy somewhat. Keep in mind the drive by shooting death of a father, a single mother with children will not be able to go to work and may becomes wards of the state and we will pay for their neds. Gang violence has also caused many "mom and pops" operation to close down due to the violence of the gangs directed toward them or the neighborhood.

      The election is over and President Obama is our President, as Nancy Pelosi and President Obama reminded the Republican members of Congress, so we all should give him our support and question him when need and hld him accountable to his PROMISES. His first month has raised a lot of questions. Since liberal media when not adress questions of concern we must get off our butts and do so ourselves. We have email, mail, and phone numbers we should be using to voice our concerns. Let's be different than the liberals let's not reduce ourselves to name calling and mean spirited. I did not vote for resident Obama but I do believe in Country First. Let's claim our Country back. Ask yourself rhe question why does Oback bring up the names of Rush and Sean so much? Is he truly thin skinned

    8. henry USA says:

      How Can we get that Man out of the White House and not let him, have authority over anything that has to do with Money.

      God Help USA

    9. Sliver Wisconsin says:

      Like I said before REVOLUTION, REVOLUTION & REVOLUTION. the 55% of us that are paying taxes will support the other 45%. He wants to take our 401k to support social security so the losers and illegal immigrants can sit on their ass, we will have high energy costs where the government tells you what to drive, eat and where to live. HELLO 1984. For those of you idiots that haven't seen the movie I suggest you watch it because that is what you voted for.

    10. Mark Y Durango,Co says:

      How much are they going to waist? How much have they spent so far? This is ridiculous. How much has Obama,franks,and dodd recieved from fanny & freddy? How much did Frank Raines recieve in 6 years. How much did Frank's boyfriend recieve? Where did the money go from the fist 2 bailout packages go? Why do they need a bailout? If the Obama administation wants to help the people give them the money.If he wants to help out the folks who gave him campaign contributions, then give them the money. The American People are not as stupid as the Obama administration would like to think.They complain about waistful wallstreet spending, while he is incresing the deficit 4 times.9000 earmarks is waistful also. Let's complain about that.

    11. Bob in St. Louis, Mi says:

      Geez…when will this nightmare end??!! Are these congressmen out of their fricking minds? When will the republicans stand up to this tyrant called President Obama and the likes of Pelosi, Reid and all these other clowns??!! I'm outraged as a taxpayer!! I fully expect this phoney smoke and mirrors balogney to stop immediately!! In less than a month, Obama has racked up around 3.7 trillion dollars of debt for us to pay back!! This guy needs to go and he can take all of his socialist friends with him back to Chicago where they belong!!

    12. Bob in St. Louis, Mi says:

      Or better yet..how about putting all the democrats in the house and senate on a boat to France where "Socialism" rules supreme!!

    13. Grace, Florida says:

      I will not support our president 100% until he starts making some sense. He is out of touch and he is not governing. President Pelosi is running this country.

      He'll get my support when he starts living up to the promises he made. He's shown me nothing other than he is a liar and a pawn for the Democratic party.

      The spending has got to stop!!!!

    14. Kent, Virginia says:

      The fascist left has always needed new crises in order to operate. Their god is the state (big government) and their ideology is power. So long as they hold the power, principles don't matter. Their speeches are full of 'we're all in this together' rhetoric but what they really want is everyone following THEIR direction and THEIR dictates. It has been so since the 'New Deal.'

      The mortgage crisis was spearheaded by the two largest lending institutions in America–Freddie Mac and Fannie Mae. They were then run by two Democrats from the Clinton administration who encouraged their people to write high risk loans. They tied salaries and bonuses to the number of loans written. They are all multi-millionaires now. When the Republican in Congress tried to put an end to this dangerous practice the bill was defeated with a filibuster. Now we have a 'mortgage crisis' in America and American taxpayers are being told 'we're all in this together' while taxes yet to be collected are being funneled into Freddie and Fannie and the cost to American taxpayers will be felt all across the social spectrum. And the only people who will benefit, besides the Liberals who made millions on risky loans, will be the people who behaved the most financially irresponsible. Sounds cockeyed to me. Obama talks about all the good and positive things in our 'national character' and proceeds to reward the greedy and negative with American tax dollars! I do not think we can stand too many more crises from these Liberal Fascists. Time to insist on TERM LIMITS for all elected public servants! Kick out the career politicians!

    15. russell acocelli,boc says:

      Why should the American tax payers, the responsible ones that did not live above their means, pay for the ones that bought houses,cars,and ran up their credit cards.These people need to take responsibility for their own actions, and stop blaming the government for the situation they are in. This is not what the Greatest Generation would be happy with. Our grand parents that are no longer with us, would be so disappointed in what is taking place in America today."Stop Blaming the The Government for you ignorant actions" and take responsibility for your actions!

    16. TC South Carolina says:

      Rebecca is under the illusion that "wealthy" and Republican" are one in the same. Her Democrat leaders are fulfilling their objective – deflecting attention from themselves by pointing an accusing finger and hollering loud enough about the opposition that they begin to look like the only ones guilty. Does she not know that the richest woman in America and possibly the world, Oprah, is in her corner as is Soros, Buffet, the major news anchors, who have multi-multi million dollar contracts, and the countless number of Hollywood entertainers who make millions. She needs to understand that there is greed everywhere, it's just that greed among conservatives is always "wrong and must be stopped", but greed among liberals is called something else and is always tolerated.

    17. Michael Bellocchio says:

      We need to have some way to end this, instead of comments to vent our anger and contacting our leaders, we need a way to start a movement to recall the people in charge of creating this destruction of the American way of life. I don't want a socialist country and many I talk to don't.our country needs to have leaders that honor the constitution this great republic was founded on.many people died in many wars defending that . it is amazing what a free nation will do to stay that way. give us our country back."Give me liberty or give me death:.

    18. Michael - New York N says:

      American people need to begin a movement: first:

      Any family making over $250,000 per year will abide by new financial principles to counter act Obama’s oppressive tax and tax policies on the wealthy:

      No more charitable contributions, they stop completely,

      No more purchases of government bonds, purchase foreign government bonds,

      Reduce disposable spending and save in tax free shelters,

      No more purchases of houses, as Obama wants to curtail the sacred interest tax deduction….

      No more stock purchases, invest in gold.

      No purchases of American built automobiles, buy foreign.

      Do not invest in America As America under Obama does not believe in you,

      We get your message Mr. Obama, now get ours.

    19. Jonathan Seid, Willi says:

      One of the aspects of our economy that will change is the

      Black Market. It will grow. Add up the contraband market in

      estimated dollars and the off-the-books/Black Market (which is already available) and the Treasury will be short billions of dollars. I operate 100-% in cash now, except for checks to pay mortgage and household bills. No Credit Cards. No new loans.

      I am a better consumer now. I wait until I have the cash to buy.

      I see the expanding Black Market/off-the-books business as good and a positive part of my economy. The less business I do with the Federal government, the more dollars I can keep. Remember the rule: It's not how much you make but how much you keep. Every time I pay tax I do business with the blood suckers in D. C. They are untrustworthy, they are thieves.

    20. J.C. Hughes, Texas says:

      Is any seat-warmer on capitol hill reading blogs such as HF's? If not, they should be. The majority demagogs are dismantling all economic foundational supports and replacing these with a "HOPE" it'll fly magic carpet. Their stupid interventions are leading to a fall and hard crash.

    21. Ron, Rhode Island says:

      I wish we could organize a protest march on Washington against these wild spending bills. How about a protest petition?

    22. Jack Kyle, Lubbock, says:

      Nothing changed in Rome until Caesar crossed the Rubicon. The arrogance of unbridled power exhibited by the liberally- controlled congress causes many to believe that nothing will change in Washington until the threat of armed forces crossing the Potomac is projected. It would be welcomed by many at first, but the question of whether a free people can govern themselves would have been answered. Power once seized is hard to relinquish and we will never again enjoy the freedom and liberty that we have enjoyed since 1776.

      History has proven that free people can only govern themselves for a few hundred years. It looks like our time is getting close. It is not too late but the people of the United States need to realize that it is the “Money Changers” of the world that are driving the ups and downs of our economy. If we don’t once again take responsibility for our own monetary system, we will continue to rush headlong into the dust bin of history. We will never be able to borrow our way out of debt. Andrew Jackson understood the problem and is the only President to pay off our debt.

      I have never believed all of the conspiracy theories that have been put forth over the years, but because of actions taken by presidents in both parties, I am beginning to wonder. Why did President Bush, someone that I trusted completely, not want to protect our southern borders? Why did he want to make it easier for illegal aliens to become citizens? Why did he give in to the demands of the UAW and bail out the automobile companies without concessions? Why did he, at the eleventh hour of his presidency, ask the taxpayers of the United States to bail out mismanaged banks by creating debt so massive that our grandchildren will be the ones to pay for it? I find it hard to believe that he was president for 7 ½ years and was so uninformed about the imminent collapse of our economic system. He should have been standing on the steps of the White House screaming at the top of his voice.

      He grew up about 120 miles south of here, in West Texas, and he kept our country safe from further attacks for the past eight years. For this, we all should be eternally grateful.

      The present administration may have taken us, in the short span of 30 days, to the edge of a precipice that is past the point of no return.

      What is going on? Are “We the People” still in charge? Have we ever been? And if not us, who is?

      At 69, I fear that this is no longer the country that our fathers and grandfathers built.

    23. ella quinn kinston n says:

      Rebecca you are snowed on obama. wake up to reality.We will go broke under his adminstration.

    24. Kent, Virginia says:

      Thanks, TC, for responding to Rebecca. Too many people have bought into the rhetoric of this Neo-Democratic Party — a rhetoric that marginalizes and even demonizes those who pay the majority of taxes in this country (at both the state and the national levels.)

      We must be more careful in accepting such rhetorical nonsense, nonsense because in point of fact the Neo-Democrats are interested in power and money. Don't believe for an instant that they are truly on the side of the poor. They're only interested in the furthering of their power base.

      Obama's connection to old SDS members is frightening. Old SDS members gathered at Loyola University Nov. of 2007. It was chilling to watch the online video of that gathering. Laughing and luxuriating in the memory of watching Chicago burning. Recalling growing up with a portrait of "Uncle Joe" Stalin over the fireplace. Crowing over the recruitment of high school students. SDS has had decades in which to sow the seeds of a revolution far more chilling than that of the late 60s and early 70s. They've had time to organize, time to recruit, time to hide their true objective — their socialist agenda.

      I know them. I met them forty years ago. They deceive.

      Remember, Rebecca, that those with money DO IN FACT PAY THE MAJORITY OF TAXES IN THIS COUNTRY. They pay an unequal portion — more than they're fair share. In fact, they're willingness to part with their money means jobs for you and for me. If they leave this country, which their means certainly permit, my job and those of my children will disappear.

      AND DEMOCRATS are among those who are guilty of being incredibly, overwhelmingly, greedily (yes, Democrats are quite capable of greed) rich. Look at those who Obama has wanted to appoint! Look at the former head of Fannie Mae, the one who brought Fannie down. He came out of the Clinton Administration! He made millions upon millions through bogus mortgages — and now, Rebecca, he's taken his millions and you and I are left holding the bag.

      Rebecca, he's a DEMOCRAT. NOT A REPUBLICAN.

      Please. Look beyond the rhetoric! Look at history (NOT the revisionist, PC version.)

      Michael Bellocchio, I agree. We need to act. But how?

      Term limits? Yes. How do we get that enacted?

      We've contacted all our Reps. and Senators. They vote Yes when we want them to vote No — and send us emails full of pablum and rhetorical nonsense.

      Any ideas??

    25. George Pennsylvania says:

      Why for years was it not necessary to bail the banks out? What is going on in Washington? Getting your votes ready America!Lets show restraint but not at the ballot box. No earmarks! No only 8000 in the last bill.What did you say the meaning of is,is?

    26. Ireland says:

      KWebb there is a protest in the works for Phoenix. You can go to the Freedom Works website or use this link. They are looking for volunteers, this is your chance to make an impact. http://www.freedomworks.org/publications/the-taxp….

    27. Ireland says:

      For those of you who want to make Congress hear our outrage go to Freedom Works website and there are articles available written by Brendan Steinhauser for a modern day tea party to protest these Obama expensive taxes while giving us a $13.00 in tax cuts. Gee, now I can take the round the world trip. The list of cities that will participate in the Friday protests are listed. His campaign promise to give the middle class taxes cuts, I don't believe anyone asked how much, we now know its a campaign BS and a faction in relief. $8.00 and $13.00.


      They are working on a number of cities for future protest. These are the cities:

      Due to the overhwelming interest in this idea, we are working with local volunteers to start planning protests in the following cities:

      Irvine, CA

      Annapolis, MD

      St. Paul, MN

      Cincinatti, OH

      Dayton, OH

      Austin, TX

      El Paso, TX

      Jefferson City, MO

      Phoenix, AZ

      Naples, FL

      Scranton, PA

      Omaha, NE

      Albany, NY

      Springfield, MO

      Indianapolis, IN

      Rochester, NY

      Harrisburg, PA

    28. Mike, Phoenix says:

      Easy Conn Carol! Not every homeowner / borrower was irresponsible. Myself, a self employed mortgage broker / advisor for 15 years never carried any consumer debt, easily afforded my housing payments for years and saved my pennies. Although my standard of living did raise ever since I graduated college, the bubble years nettted me less income from all of the uneducated unprfessional sales people getting into my industry leaving me with less market share. Now I find myself just like everyone else. Declining income for the first time in my life has left me buried in consumer debt, depleting my liquid assets and unable to sell a house I cannot afford anymore after putting down $140K (20%) down on it over 5 years ago. I'm a big boy and I'm not looking for handouts, so foreclosure/ short sale here I come. It's sad my children won't be able to grow up in the same house, but this is reality. The only way this will sort out is to let it sort itself out; Capitalism at its finest. Let Wall Street continue to learn it's lesson as well as the Lenders that sold their products as well as the Realtors that sold overpriced homes as well as mortgage brokers that obtained loans for those that shoudn't have as well as the CONSUMER that was buying more than he could afford. Time to take responsibility for our actions, let the thing blow up and see where the dust settles, we will have a better educated, harder working society based on stronger values in the end. All the goverment is doing is stringing this thing along and dragging out the inevitable. In the meantime they are wasting a lot of money and setting up our dollar to be a laughing stock across the globe, not to mention the inflation that will come screaming out of this once we turn the corner. Let's all grow up here and stop pointing fingers.

    29. Pingback: Heritage Foundation: Another $275B headed for the drain. « HoodaThunk?

    30. Robert Glaser, Massa says:

      These self-righteous liberals are incredible. They can't spend other people's money fast enough. When are they going to learn that rewarding irresponsible behavior only perpetuates that behavior? People like Barney Frank and Chris Dodd are largely responsible for the housing crisis. Now they are pointing fingers at others and telling us that they can solve the problem. What a joke. What we need is personal responsibility, not higher taxes and more government control. The plans coming from the Obama Administration will only exacerbate the situation.

    31. Tony Hollick, Bristo says:

      It certainly is true that these "bail-outs" mostly benefit those who got us into this runaway train crash — profiteers and speculators.

      It seems that most of our "Crony-Capitalist" apologists could nver recognize the basic problems, first and foremost the deliberate fomenting of gigantic "bubbles" in equities and property designed to make it look as if "Reaganism" and "Thatcherism" were "successful" (the gulf between rhetoric and performance was and is astounding).

      As the Hoover Institution's Robert G. Wesson wrote so wisely, ALL ideologies are covers for unconfessable motives and deeds and interests.

      David Stockman describes how he was summned to a meeting of Reagan's "Kitchen Cabinet" to offer up a contrived "free-marke" apologia for the hand-outs they wanted to give to their rich already-rich friends ("The Triumh of Politics").

      In Britain, much housing is provided via Housing Truss and Municipal Councils. They are able to bulk-borrow almost unlimited sums at very low scheduled repayments, over 70 year mortgage periods, to finance the purchase of land and the construction of inexpensive quality housing.

      They then let out the properties (mine is a lifetime tenancy, which can be passed on to my partner) at modest rents (typically, 20% of "free-market" rents sufficient to repay the mortgages, wih inflation eating away at the principal and the properties appreciating in real value.

      Better-off tenants cross-subsidize the less-well-off tenants, while still paying much lower rents for a secure home. It seems that everyone is better off in voluntary transactions. Lenders get a secure long-term investment which is as good as they can apparently find.

      Along came hatcher, throwing a spanner in the works. She was advised that individual home-_owners_ were more likely to vote "Conservative", so she ordered the sale of properties to their occupants at half price, while statutorily prohibiting the previous owners from nvesting in new inexpensive housing. Instead, they were forced to invest billions into long-term low-interest Government bonds…

      Housing prices for sale and rent skyrockeed, of course, making it look like a great idea. Since it became almmost impossible to rent long-term anymore, families HAD to buy houses. Prices skyrocketed some more. People started buying second, third homes on a "later-fool" basis ("foreseeable" house-price bubbles were simply taken for granted).

      It would, of course, have been sensible to permit houses to be built on undeveloped and unused land (houses scattered amid woods in the countyside). But that was prohibited by Planning Laws which preserved the "countrified views" of the Landed Gentry… Even the Adam Smith Institute couldn't sell Government on THAT!

      I have the building plans for beautiful geodesic water-proof (seamless ETFE-covered) fully self-sufficient and inexpensive homes of various diameters, which can be erected on fifty-foot diameter circular foundations, surrounded by a ten-foot-wide moat with the door lowering to serve as a "drawbridge", set in hundred-foot diameter clearings in the woods. These are beautiful, functional, nice to live in, with low running costs. Environmentally acceptable.

      10,000 a pop to create around here. See:


      set in a former quarry in Cornwall, England.



      for what Spencer Heath McCallum's "proprietary communities" can actually look like.

      So there's no real obstacle to financing, buying and/or building 8 million inexpensive homes in the presennt circumstances. Rented and/or Rent-to-Buy. Except for the Government(s)…

      As always, all that is lacking is the will.

      Best Wishes,

      Tony Hollick

      PS: Planners are starting to grant much less rigouros approval for these homes and villages now). Better late than never…

    32. oscar says:

      Yes, someone needs to organize the American voice the American way of doing business. Unfortunately, the Bush years allowed great greed and we said nothing except complained alittle at the gas pump, but we did not do much – we just let it happen. It is time to get together FAST, Mr. O is so fast at changing things I am amazed at the "loop" holes in our Government – - what happened to "for the people by the people". We allowed this over the years, because it only pinched, now it is really cutting in. We allowed large % of our country to be bought up by people of other countries. How can laws and guidelines be changed over night….any thing goes?

    33. Denise Amundson says:

      Mike in Phoenix,

      Anyone who screwed up should be paying the price!! GM couldn't be saved with a bailout and those responsible knew it. I, like you will be upside down in my house if my husband cannot find a new job. He was let go last week…But I am like you, let the irresponsible simply fail and maybe, just maybe learn from the mistakes. Forget the hand-outs. It's just BS. We'll do what we have to, but it won't be pretty.

    34. Mike Sheahen, Hickor says:

      Sure you know that, and I know that (re: the article above).

      Alas, the fact is, those of us humans who have ever witnessed or experienced being in a state of denial and the consequences of it, such as that of Obamanites (followers of the Obama personality cult), we also know how that makes it so incredibly possible and easy for such leaders to not only get otherwise intelligent people to "jump off a cliff", like proverbial lemmings, giving up their power, freedoms, rights, and prosperity to them, but also get them to believe that's the thing to do, especially at their leader's behest, be they Communist/Socialists leaders such as Marx, Lenin, Stalin, Hitler, Mao, or Obama.

      Indeed since such lessons of history are being ignored, forgotten, and denied as such, and even as ever having happened, we are in fact experiencing, witnessing, and having to endure history being forced to repeat itself, this time at the hands of such as Comrades Obama, Reid, Pelosi, Ahmadinijad, Bin Land, and their accomplices, both here in the U.S. and around the world, in academia, the media, and elsewhere.

      At any rate, the thing is that to Obama, Reid, Pelosi and their comrades and accomplices, another $275 Billion dollars, even "down the drain", are another opportunity and tool for more Socialist Left government elitist money and power-grabbing.

    35. daniel says:

      these policies are destructive, we must stop them

    36. Michael Lambe, Gold says:

      What does it matter! Gov. is not going to listen to the People anymore. They have their own agenda. I've lost faith in the Gov. and this country. My 16 yr old boy even knows you can't spend your way out of trouble. This is getting rediculous. When are the people going to say enough already. The Constitution is being picked apart. These elitist in Washington, State and Local governments just worry about what they can get. It's not about you and me anymore. It's about control and power. Thomas Jefferson was right, "A little Rebellion now and then is a good thing" When are we going to take back our Gov?

    37. Robert singer,new Yo says:

      Why doesn't the govt place LIENS on all homes they are bailed out.why should this bad behavior be further rewarded by allowing homeowners to pass their estates on to their children or sell them for a comfortable retirement."take the bailout LIEN the property"

    38. Barb -mn says:

      This is what happens when there is a former welfare recipient running a free country! He knows not what responsibility is, he knows not what accountability is. All he knows is that he has many fictitious excuses to ruin the lives of many that paid his way throughout his life…the taxpayers.

    39. ella quinn kinston n says:

      It seems good to hear all of your comments. I know we are on the same wave link.We want our country back.Let the democrats leave and we stay.I read you comments every day. You all seem like freinds now.Keep them coming. I know we are not alone.We will not give up.

    40. gene,minnesota says:

      Well maybe if we just quit electing all of those rich lawyers you pepole always vote for things would get better. When is the last time we had good government in this country. I guess to me it seems like a long time. Both of these parties are nothing but a bunch of crooks. I rather buy a car from a used car sales man, then to trust one politician. I liked Bush the frist four years after that it seemed he went liberal. Right now I do not like republicans or liberals to many wakco on the liberal side to many rinos on republican side. Well like I said maybe we should start electing carpenters and plumbers,instead of these rich elites.

    41. TedN, St. Petersburg says:

      Your statement: "There is simply no way the existing industry has the capacity to refinance another 8 million homeowners in time to stop the market correction." Even if possible, all that it does is postpone the inevitable and does little supporting the economic "value" of the home. Especially if the same terms are not available (unlikely) at the time the current owner goes to sell the property.

      The inept economic policies we are implementing will do more to destroy home values as the cost of funds will rise signficantly in the next few years similar to the Carter Administration. Amazingly, few appear to have forward looking capacity more than next week. Total incompetence.

    42. Eugene Hoffman, Hous says:

      As usual the injured party in the housing debacle is the hardworking middle class citizens that SAVED the 20% down-payment and put forth whatever collateral that was necessary to negotiate a mortgage rate that they could afford. This same citizen, (or couple, or entrepreneur), also had to provide documentation of their nationality, and legitimate credit history complete with up to date employment documents. If this party, because of unforeseen acts of God, or other nations, or the economy does not make their payments will lose their homes. We cannot reward those who have no risk in the game with our MIDDLE ClASSES hard earned tax dollars. What is going on is revolting.

    43. Janet Lure, New Jers says:

      Has anyone been able to determine if there is a provision in the "mortgage cram down" that would allow the PROPERTY TAXES (normally a part of a mortgage payment) for these errant borrowers to be forgiven by the judges and"crammed down"to the rest of the municipality/county to the residents who pay their mortgages & taxes on time?

    44. Allen, South Carolin says:


      Obama, Biden, Pelosi, Reid, Frank, Dodd, Schumer and all of his socialist appointees must go. Stand up Consertatives and take our county back. Let's band together and do it soon. Obama rushed the stimilus package on purpose and the other bills he wants to pass just as quickly so that everything he is doing will FAIL and bankrupt this country and cripple us all. He wants us to FAIL on purpose. We can not let up until we get our Consitutional System back in place.

    45. Barb, Ohio says:

      The bottom line is this: The Liberals are not interested in a solution that will benefit anyone but themselves. If they really wanted a solution they would have called in the best economic advisors we have, held a genuine economic summit BEFORE they voted to strap us in more debt. Think about it. Why was it so important to rush this bill through? Oh the urgency of it! Then Obama amd Pelosi leave town to celebrate.

      It's not even WHAT they say that's so aggravating it's HOW they say it. They have such arrogance like as if they are the only ones with the answer.

      WE need to remember the trick of the magician. Dont focus on what the right hand is doing because it's got us so spurred that their left hand is going for the jugular: Liberal judges, freedom of speech, union control, census tampering,gun control, 3 million man internal security. Hmmmm….

      I would venture to guess that if they are successful in 10% of their radical agenda they will have accomplished more than they had ever dreamed. The " stimulus"is only the icing.


      Watch the UN-Acorn.

      Also beware of the revolution. An emergency situation allows Obama to declare martial law. Thanks to an executive order (dont remember the #)

      he can confiscate property, cancel elections, close any business or anything else he deems feasible to bring about order. Yep! All he needs is the crisis.

      And he gets to define the crisis.

      I try talking to people and reasoning with them. More often than not I'm viewed as an alarmist. I hope they are right!

    46. Corey - Orlando says:

      For the idiotic commenter named Virgil who commented the heart of the problem is jobs going oversea's.

      Seriously, if you think that is the real problem here, then why not look at the root cause of it?

      Jobs are leaving the USA in record numbers because of extreme punishing tax the government has levied on business…. Why pay our 39% corporate tax rate (4th largest in the world) when they can move operations oversea's and pay half as much or less.. it is a no brainer companies will move oversea to preserve their business and wealth…. thank a democrat the next time you see one.

    47. Bettyejane-Missouri says:

      We need to make sure that the ones in congress know we are behind them if they are behind us.I'm a shamed of the greed we have let run amuck for so long,how about real term limits on these guys?

    48. Wallyblu, Zion, IL says:

      They talk about people who got into trouble through no fault of their own. If this is the case then anyone who put less than 10% down on their home or did anything but a fixed rate mortgage after 2002 should not get a bailout. If you didn't follow the rules of wise borrowing you should suffer the consequenses.

      If the problem is unexpected sickness or job reversals then we could understand some sort of help.

    49. Grace, Florida says:

      They have stopped listening to the people. They do only what benefits them. If the majority of people are against bailouts then they should stop. Figure out another way – but start listening to US.

    50. Pingback: Morning Bell: Bonus Outrage You Can Believe In | The Foundry: Conservative Policy News.

    51. Pingback: Morning Bell: Government, Inc. | The Foundry: Conservative Policy News.

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