Wikinvest Wire

"Uh, Tom, I don't look at it that way"

Monday, September 22, 2008

Treasury Secretary Henry Paulson on Meet the Press yesterday.

Now, if you feel horrible after those two, have a look at Chris Dodd (D-Conn.) and John Boehner (R-Ohio) on This Week with George Stephanopolous.

Boehner: "I think the American people are looking to us to give the Secretary these powers as quickly as possible"

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kwark said...

Absolutely, freaking, incredible. BushCo and it's subsidiaries in CONgress see the writing on the wall and figure "we'd better make this power grab while we can". AND there's not a damn thing we can do about it except bend over and cringe.

Who could EVER have guessed that something like this could happen. Riiiiight.

Anonymous said...

Dick Cheney's last power-grab for the executive branch.

Will said...

“The Great Depression was Not accidental, it was a carefully contrived occurrence.
The International Bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.”
- Congressman Louis McFadden

This is another engineered Collapse.

Anonymous said...

One Response to “Jim Rogers: financial carnage far from over”
1. Hi Jim, I have been a mortgage broker for approx. 17 years. I live in a small town and see my client’s across my desk. I do not buy leads and have never offered an opt-arm (neg-am) loan in all my years of origination. I have done allot of 2 year fixed rate loans for people that could not qualify for a 30 year conventional mortgage. When I wrote these loans I counseled my clients on paying their bills on time and for me to pull their credit approx. 2 months before their loans adjust so I can take them out of it and into a 30 year fixed. I was very stern in telling them I can’t help you if you don’t keep your bills paid on time esp. their mortgage. Now, for me to help my repeat clients I need an FHA license. In order to get that you have to have 63,000.00 net worth with 12,500.00 liquid. 2 years ago I had that!! Now I don’t, however I still have a 776 mid credit score and current corp. tax returns (and I pay my taxes on time) as I am Inc. Why can’t the feds come into my office do an audit of my files (as they would see I don’t rip people and price my loans with no more than maybe a .50 ysp on my loans. Our association doesn’t help I quit paying dues 2 years ago as I don’t believe they represent the small broker shops. So, now they want all the small broker shops to sign up under a net branch (cause bigger offices have the net worth) they want the now loan officer, with little or no liability and the net branch manager is in another state just collecting their 10% of every loan you originate and for the loan officer (was a broker) now will not want to take a cut in pay just so they can write FHA and have to give 10% of every loan they write and also collect a 450.00 admin fee on every file. HELP. . . WHO IS PAYING FOR THIS FHA LIC.??? OH NO!!! IT’S THE CONSUMER ONCE AGAIN. . . AND THE LOAN OFFICER IS NOT BEING SUPERVISED!!!! Is this helping our industry?? I have seen LO’s make allot of money on FHA. . why don’t they restrict how much LO’s get paid on these loans. . ??? I still believe you should restrict LO’s from ripping clients by limiting the ysp on every loan!!! Also, let me state. . did you know that when I pull credit for real estate loans purposes the Credit Bureaus within 30 minutes have sold my clients info to a lead company and they are now harassing my client.. Oh and by the way I just spent 2 hours on a Sat. talking to them about their family and their kids sports and where they grew up . . and now some guy in a telemarketing room is calling them now to say “I really care about you and your family”. . you know the one that never shows up at the closing table . . #1 He is out of state and #2 that rate is higher and the fees are too. . and the person at the title company can’t get a hold of the loan officer. . ??????? Can we stop the bureaus from selling trigger leads. . why do I have to lock up my files behind closed doors, in a drawer. . where if you want to see you have to have my clients authorization. Please make the bureaus quit selling my clients info. for profit. . . I educate my clients and they don’t want to be bothered. . yes I know about opt out.. it takes time to take effect. . and in the meantime they can’t even put their phone done to eat dinner. . .!!
Also,, , now with the fed’s taking over fannie and freddie. . does this mean now that all loans are going to FHA. . and the FHA lic. requirement??? Regards, Angela
By Angela on Sep 22, 2008

Anonymous said...

Brokaw doesn't know enough about finance to ask intelligent follow-on questions. What a joke.

Anonymous said...

Wow. From Charles the third to Henry the first. Well done. Welcome back.

Interesting to see Paulson drop all pretense about the need to pass the bill "before the recess". He just wants it right freaking now.

Anonymous said...

Angela the mortgage broker's comment was very enlightening, and shocking. So much insider deals and top down stealing. (from clients to larger banks skimming fees).
Paulson said that these illiquid and unknown value assets we, the taxpayers, are buying, will be ours to sell in the future! Oh joy! And he added, as if it were a positive, that we are not getting any real estate, just the bad debt. He is acting like the entrepreneur he is and hoping the same system of betting that brought about this crisis will fix it. IT ain't gonna float but we, the taxpayers will be facing that too late as the boys who caused this will have the debt unloaded. Call Congress and demand more real value in return for this bailout. Create a United States National Bank for god's sake so at least we the taxpayers can be earning the interest on our loans to big business. We have been told for years that we as a nation cannot afford universal healthcare, why it would cost a half a trillion dollars maybe ( in return for the health of a nation) but damn, in a WEEK they can find a half a trillion dollars to bail out their friends in the investment world whose bets have gone bad.
Banks and credit card companies hold their customers feet to the fire in late fees, and huge adjustments if they can't pay, yet when they can't meet THEIR obligations they want a free ride from us. What goes round comes round. A nation run by chicanery is bound to come down. nationalize the banking system and nationalize healthcare. Let us all be the "shareholders" of this great country and reap the profits, financially and morally.
And I reject the notion I have heard on T.V. and radio so many times that "We the regular people can't understand all of this.." or " There are a lot smarter people up there in Washington than me..." 1. The overriding issues are NOT that difficult to understand, ( and we do not need to know how arcane financial instruments have operated in the past, it is enough to know that they have failed their Masters and the Masters are coming to us to pick their ass up off of the ground.)
2. Just because someone may be smarter than you does not mean that they are LOOKING OUT for YOU.

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