Comments on: U.S. Announces $85 Billion Bailout Of AIG

Federal Reserve Makes Emergency Loan To Keep Global Insurance Giant Afloat, Avoid Deepening Financial Crisis

[whatithink1]

joule3,

No, it was McCain. He didn''t show up related to the issue that you are saying "he cared so much about."

[whatithink1]

joule3,

The bankers TOLD the people that home prices will always rise and they can live in the house for 3 years at an appreciation of 20% or 30% per year and sell the house at a huge profit. Many of those with little education believe it. After all, we are graduating students who can''t even read and write. There was a case where a guy was given a loan and he was technically mentally retarded. The banker received a HUGE BONUS nonetheless and NOBODY IS ASKING FOR THIS MONEY BACK!

If you are talking about leverage, this is exactly what we''ve allowed corporations to do. Corporations are working with the equivalent of making $17K a year and having $800K in debt.

[whatithink1]

McCain is full of ...

[whatithink1]

joule3,

Funny that McCain was so worried about this issue three years ago that he didn''t even show up to vote on it!

[whatithink1]

"Posted by whatithink1 at 07:05 AM : Sep 17, 2008

Funny you don''''t mention Obama''''s advisors who are from the banking and mortgage companies.


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Posted by joule3 at 07:14 AM : Sep 17, 2008"



Obama''s advisors did not write the bill that created this mess. One of Obama''s mortgage industry advisors is Warren Buffett... I trust him more than Phil "Nation of Whiners" Gramm.

[whatithink1]

"I said home buyers needed to exercise some basic math skills. If they did not earn the 3x to 4x the house value, then THEY should have passed.
Posted by joule3 at 07:11 AM : Sep 17, 2008"


Again, they wouldn''t have had the option to take it or pass if the bankers weren''t giving the money out like candy. You expect more from people who don''t understand basic math than you are from people with PhDs in mathmatics. Bankers, before this silly securitization, would have never given an $800K loan to someone making $17K a year...and NOBODY would have faulted them for it.

[whatithink1]

"Within a year Congress had a chance to vote on legislation which would have prevented further abuses and curbed predatory lending practices which have helped create the foreclosure epidemic. Again McCain publicly talked a good game, and promptly voted to help the GOP kill the legislation. Anyone who got sucked-in with a bad sub-prime mortgage since 2005, has McCain and his party to blame for letting lenders and consumers continue to lead one another into temptation. For the lenders who folded this year, McCain and the Republicans who have gridlocked efforts to end the insanity let that happen too, and did nothing. The taxpayer has footed the bill, now, for billions in bailouts that should never have been needed. The economy is indeed, like a giant ship, hard to steer quickly, but there was ample time to intervene in a number of ways before total economic collapse of families, small businesses, and even many of the oldest and most stable financial institutions in the world. In 2005, McCain had another chance to help pass a badly needed reform to fix the Federal Housing Administration''s (FHA) lending practices, in spite of being in town, he did not even show up for the vote, helping to kill the bill without having to be on record with a "no" vote if things went to hell, which they soon did. "

[whatithink1]

"McCain has talked before about cleaning things up in the financial industry, but talk is all that he has done. Time after time, John McCain will make a lot of noise about being the crusader, and then bail out when the time comes to back it up. His career is characterized by mostly sound and fury signifying nothing. Four years ago, the indications were that there was trouble brewing in the mortgage industry due to the elimination of the common-sense rules that had once protected consumers, and lenders alike. "

[armydog2]

85 billion dollars astronomical amount to borrow and aig will pay this back by passing it on to the consumer. I live within my means, if I want something I save for it, my house is paid for and my car is paid for. I save for my children and grandchildren. So we get it on both ends our tax dollars going to bail these f#ckups out and higher prices for their services. Anyone who does business with this company should pull everything out and go elsewhere. I wouldn''t trust them with my money.

[whatithink1]

joule3,

You can say whatever you want about what McCain tried to do, what I see is his record. What I see is that his economic advisor is the same person who de-regulated the banking industry. If he was so concerned three years ago, why pick someone in the last year to be your economic advisor who went completely for what you were supposedly against?