Paulson:
(paraphrased)
Taxpayers got put on the hook by the system in place.
Don't need oversight.
Don't need transparency.
We can talk about reform later, we need bailout now.
Those homes owners that can afford to stay in their homes can stay and get help. Those that can't, can't and won't get help.
Bernanke:
(paraphrased)
The housing correction is the root cause of the current crisis.
Stabilize housing market.
*****************
Un-*%($*^%-believable! No additional oversight or transparency. No reform. Just give us our %&*$(%! money. That's what is being said. And the financial crisis is due to a housing correction. Not one congressman asked why there was a housing correction....not that it would be answered honestly but at least we could hear Paulson and Bernanke hym and haw as they lie their way through an answer or deflect it entirely. Can we not see what is happening here? Business as usual. Take the money and run. And this is why this bailout isn't going to do anything but prolong the inevitable, probably just until after the elections. Either our congressmen/women are too stupid to see it or they're too corrupt to care. I don't know which but both spells bad, long times ahead. And there isn't going to be any help to the American people. No, we're being told right now that we're going to take it up the @#$.
Question: If the problem is the housing correction, then wouldn't the most effective method be to assist homeowners to pay their mortgages? Wouldn't that turn around the balance sheets and improve lender's abilities to lend money? Wouldn't that prop up the market sufficiently to stop the drop in housing prices if people weren't being forced to sell their homes for less than they owe on them?
(paraphrased)
Taxpayers got put on the hook by the system in place.
Don't need oversight.
Don't need transparency.
We can talk about reform later, we need bailout now.
Those homes owners that can afford to stay in their homes can stay and get help. Those that can't, can't and won't get help.
Bernanke:
(paraphrased)
The housing correction is the root cause of the current crisis.
Stabilize housing market.
*****************
Un-*%($*^%-believable! No additional oversight or transparency. No reform. Just give us our %&*$(%! money. That's what is being said. And the financial crisis is due to a housing correction. Not one congressman asked why there was a housing correction....not that it would be answered honestly but at least we could hear Paulson and Bernanke hym and haw as they lie their way through an answer or deflect it entirely. Can we not see what is happening here? Business as usual. Take the money and run. And this is why this bailout isn't going to do anything but prolong the inevitable, probably just until after the elections. Either our congressmen/women are too stupid to see it or they're too corrupt to care. I don't know which but both spells bad, long times ahead. And there isn't going to be any help to the American people. No, we're being told right now that we're going to take it up the @#$.
Question: If the problem is the housing correction, then wouldn't the most effective method be to assist homeowners to pay their mortgages? Wouldn't that turn around the balance sheets and improve lender's abilities to lend money? Wouldn't that prop up the market sufficiently to stop the drop in housing prices if people weren't being forced to sell their homes for less than they owe on them?
