Category Archives: mortgage crisis

Help Me Out Here On Obama’s Second Press Conference?

Clearly everything Geithner’s bailout programs are doing is intended to “fix the credit markets,” which is to increase lending/borrowing to businesses and consumers. Geithner/Obama’s programs are to increase mortgage lending, and consumer and small business borrowing. There are special programs to increase lending for new cars, and to securitize credit card receivables so that consumers can spend on new cars and every kind of credit card borrowing.

At the same time these programs create  trillions of government debt, truly massive debt, but that is OK because the purpose is to make credit more available. Doesn’t that boil down to getting businesses, consumers and the government deeper into debt?

Help me out here. Isn’t excessive borrowing and excessive debt what got us into this mess?

Is increasing consumer and business debt the way to cure the problem of excessive consumer, business and government borrowing? What am I missing?

Here is text from Obama’s second press conference, cut and pasted exactly, courtesy of Associated Press:

At the end of the day, the best way to bring our deficit down in the long run is not with a budget that continues the very same policies that have led us to a narrow prosperity and massive debt. It’s with a budget that leads to broad economic growth by moving from an era of borrow and spend to one where we save and invest.” BH Obama March 24, 2009.

Well, clearly all the government programs contradict the words of our President about “moving from an era of borrow and spend…”

Let us examine the last part where Obama says: “to one where we save and invest.”

Exactly how does Obama stimulate saving and investing? The interest that savers can earn from the banks or from investing in Treasury securities range from one quarter of one percent to two percent, the lowest in my lifetime. How does Obama encourage people to save when he artificially forces the return on savings down to nothing?  I feel like I am being punished for saving.

My interest income has been destroyed.

But Obama wants to raise my taxes on income from savings and investments. How is increasing taxes on income, and on capital gains from savings and investing going to increase savings and investing?

Then the hypocrite will take the tax fruits from punishing savings and investing, and give it to people who borrowed and spent. Isn’t that rewarding “borrow and spend” while punishing, disincentivizing “where we save and invest?”

Help me out here. How are Obama’s lying, false words “by moving from an era of borrow and spend to one where we save and invest” not an even meaner, more cruel  joke than “Change you can believe in?”

We must decide whether Obama truly has no idea about what he is reading from the teleprompter and is merely another brainless idiot President, even dumber than the one he replaced, or whether he is bipolar and his evil side wants to destroy America. Because that is exactly what his policies are doing.

Ten Obama Dollars for a Gallon of Gas

France is a socialist nation, but even they are complaining that Barack Obama is spending way too much in his insanely bloated stimulus package combined with his budget.

Even Communist Russia and Communist China are not fooled by Obama’s use of the word “investing” to misrepresent his “spending” to pay off all the interest groups of the Democratic Party Machinery that got him elected.

All the major nations of the world are uniting to demand a new currency to replace the Obama Dollar that everyone with half a brain realizes is about to become inflated and lose value dramatically.

The oil producing nations, led by Russia and Saudi Arabia, and yes, Hugo Chavez, do not want to accept Ten Worthless Obama Dollars for a gallon of their gas.

We had no idea that “Change you can believe in” meant that our currency was about to become an international joke because our welfare baby President was about to spend money as though he never had to work for a dollar in his life.

Oh! Come to think of it, he never did!

Obama, the King of Looting City Governments, Admonishes Mayors Not To Loot His Stimulus Porkfest Or He Will Get Mad

Obama rose to prominence in Illinois after Obama the lawyer would write up the proposals for his crooked friends like Rezko to get hundreds of millions of City of Chicago Taxpayer Dollars to build public housing projects, all of which were substandard.

 Once Obama had proven him selve to Mayor Daley, the most corrupt politician in America, as being capable of looting gadzillions without attracting the FBI,  Obama became Mayor Daley’s darling. It was Mayor Daley’s brother William, Clinton’s Secretary of Commerce, who got Obama the speaking position in the 2004 Democratic convention.

The Daley machine corruption got Obama the Senate seat and then the Presidency.

So this incredible hypocrite passes the $787 billion 100 percent pure pork fest bill and has the “Audacity of Hope” to go on national television with a straight face and tell his fellow Democratic Mayors not to spend his pork as pork?

He thinks we are stupid enough to swallow this.

Obama’s stimulus package is all pork, and he must have fallen all over the floor doubled up with laughter after speaking the comedy that his Democratic supports should not sped his pork bill as if it were pork.

 

Hoo hoo, haa, haa, the joke is on the taxpayer

Obama Want Us To Save Less, especially for Retirement

Obama was on TV today Oct. 13, 2008 saying he wants us to take $10,000 out of our 401(k) and tax deferred retirement savings tax free to help stimulate the economy.

Simultaneously, he wants stimulus to credit card, car loan and business loan companies to lend us more money.

Duh! Isn’t too much debt and lack of savings what got us into this mess?

Barry, the reason there are tax penalties on early withdrawals from 401(k) and other retirement plans are twofold:

(1)  We are supposed to accumulate our savings long term so the money is there when we retire.The tax penalty on early withdrawal is to prevent people from doing stupid things like stealing from their retirement for current pleasures. There is a concept called Deferred Gratification, but Barry wouldn’t know about it because his entire life has consisted of charities and taxpayers fulfilling his every need everey day of his life. Barry took a four month trip around the world after his sophomore year in college without ever having worked a day in his life. Barry went to Indonesia, Pakistan and Africa with his Two Pakistani Muslim friends who today control his Presidential campaign finance. Where did the money come from for his “Round the Muslim World” sophmore trip, and where does the money actually come from for his current campaign?

(2) All retirement accounts are rstricted to investments which help build the economy. Retirement accounts are either banking deposits, stocks and other instruments which supply capital to build the capitalistic economy. In case you have not noticed Barry, the government is taking a trillion dollars of taxpayer money to increase the capitalization of the same companies that will lose capital when people withdraw $10,000 from their retirement accounts.

So with one hand Barry will take money out of retirement capital investments, while the other hand uses tax payer dollars to inject capital into the companies from which the withdrawals come/

This is economic insanity. But if Barry has never been part of the economy, how can we expect him to know anything? I gues I am unfair to Barry for exposing his insane ignorance of the economy. More here

 

The Obama Bear Market: Why Smart Investors Are Dumping Everything Before Obama Gets Elected

Yes, there was a credit crisis (which is separate from the stock market), but government announced effective plans to fix it. So why did the stock market crash afterwards?

There are four big reasons why smart investors are causing a stock bear market crash by dumping all their US stocks before Obama becomes President:

1. If by some chance, despite all the burdens listed below that Barry will place on companies, if you still manage to sell a stock for a profit, Barry will double the tax you pay on capital gains.

Therefore, smart investors who had any profits on stocks sold their stocks as soon as the polls turned in Barry’s favor, preferring to pay a smaller current capital gains tax today instead of Barry’s higher tax tomorrow. Even Kelsey Grammer, Frasier, was on TV saying he sold all his stocks as soon as the polls turned in favor of Obama. Don’t believe me? Look at the polling history. The week that McCain’s post-convention lead evaporated and Obama took the lead, the market crash began.

2.   Obama made a deal with labor unions to eliminate secret ballots when voting on whether or not to unionize. Also Barry will make the Union Steward the guy who walks up to you and collects your vote in front of him, so they can destroy your car in the parking lots if you vote against the union. This means all businesses will become unionized, further driving up costs, so you will pay a higher price for everything, yes EVERYTHING, and making it even harder for US companies to compete abroad. SO IMPORTS WILL INCREASE, AND EXPORTS AND JOBS WILL GO DOWN.

3. Obama is going to increase income and other taxes on business and eliminate all the loopholes, increasing companies’ costs and further decreasing companies’ ability to compete abroad.

4. Health care. Obama wants all health coverage to equal the health care that Congress has. Barry is such a stupid doofus that he does not realize that the insurance companies give Congress excellent coverage for very low premiums AS A BRIBE!!!! repeat as a bribe!!!

When the insurance companies have to include all those rich benefits in policies for everybody, the insurance companies will have to increase the premiums to cover the high costs, plus profit, plus commissions, plus the bribes/payoffs to Barry and the Democratic party for giving such a windfall proft to the insurance companies. And I guarantee you that Barry will not call for a windfall profits tax on the insurance companies who got him elected.

This will increase already out of control health costs by 30 percent, putting US companies at an even bigger disadvantage competing with foreign companies who have no health care costs at all, zero, because other countries pay socialized health care nationally, without stupidly putting the burden on employers. 

All four of these points add greatly, hugely to the costs of running every business in America, so every business will be forced to increase prices to pay for all of Barry’s added costs. That is called inflation. Barry says he will not increase taxes on moderate income families, but his four points above will make everything you buy cost more. Much more.

And given all of the above, there is no reason to own stocks in American Companies.

Obama killed the stock market.

Obama caused the stock market crash and long term bear market.

Obama will kill the US economy.

Barack will give us Change instead of our 401k’s. Pocket change instead of retirement savings.

I found this one on Obama’s secret executive experience: http://ngoldfarb.wordpress.com

Both Obama and McCain Idiots Support Bloated, Larger Gigantic Bailout

The original bailout was ONLY $700 billion, and everyone with a brain warned that it would grow because there are $5 trillion of mortgages larger than the value of the underlying homes.

Now the Senate is trying to “IMPROVE” the bill. This why we need a Constitutional Amendment banning anyone who has ever been a Senator from becoming President.  Being a Senator permanently, irreversibly damages your mind. Oh, both candidates are Senators, so we are in real trouble because they are Senators and their minds have been permanently infected with “SENATORITIS” the chronic, terminal disease closely related to Alzheimer’s.

Because they have SENATORITIS, both candidates support the IMPROVED Senate version of the bailout. The IMPROVED Senate bill is what Senators think will make it more attractive to more voters and therefore more likely to pass. It proves the old joke that a Hippopotamus is a mouse designed by Congress.

The Senators are totally oblivious to the complaints voiced by 95% of voters that the original bill will (1) cause inflation, (2) bust the budget, (3) cause the value of the dollar to drop, creating even higher gasoline prices, (4) require a huge tax increase.

The SENATORITIS “improved” the bill by ADDING Senator Obama’s (of course the moron is a Senator) (1) $64 billion earmark for ACORN and LA RAZA, (2) $40 billion to repeal the AMT, and (3) $68 billion in alternative energy tax credits. These increases total $172 billion more costs to the taxpayers.

The $17 billion is $1,700 per household increase, and raises the total bailout to more than $8,720 per household, and it is still growing. It will end up costing way more.

These increases/improvements total $172 billion in additional tax increases required to pay for them.

These increases/improvements total $172 billion of inflationary pressure on our rapidly inflating currency, wiping out the value of our savings and investments.

These increases/improvements total $172 billion in the budget deficit that we have to borrow from China.

These increases/improvements total $172 billion that are being passed with no hearings open to the public, with no voice of the people. THE BASTARDS ARE RAMMING THIS DOWN OUR THROAT IN TOTAL DISREGARD OF THE EMAILS AND PHONECALLS FROM THE VOTERS OPPSING EVERY FORM OF THE BAILOUT.

The bailout has grown from $700 billion to $872 billion in less than one week. Imagine what it will really cost? Congress just increased the limit on our debt ceiling by more than twice the size of the bailout, indicating that the bastards intend to spend double the amount of the bailout.

Stop this destruction of America by clicking on the following link, enter your zip code in the box on the left to find your Senator, and cut and paste the following message into the message box to both of your Senators:

We do not want any form of mortgage bailout, no matter how much you increase it, change it or rename it. Repeal the CRA Community Reinvestment Act and abolish Fannie Mae, Freddie Mac and the FHA. NO BAILOUT OF ANY KIND! NO BANKRUPTCY JUDGES REWRITING MORTGAGES. No assistance to freeloaders who got a house for no money down and won’t pay their mortgages. No cash to cities to buy foreclosed homes. NOTHING! Let the FDIC and Fed take over failed banks and eliminate mark to market, but no government interference in the working of the free markets, or we will impeach you! Got it? We mean it!

THE LINK   http://congressorg.capwiz.com/congressorg/directory/congdir.tt

 

Bill Clinton Passed CRAp, Hillary and Kerry Want to Wipe Up After Him

Bill Clinton passed the Community Reinvestment Act or CRA although it really was CRAp. Clinton’s law says banks must make a percentage of their mortgages to “nontraditional” homebuyers, or people who could never and should never get a mortgage. You know, the ACORN crowd. Billy said banks could get a commission for writing CRAp mortgages and selling them to Fannie Mae. By selling the CRAp, the banks no longer had any risk. Let a banker earn unlimited, risk free  commissions writing CRAp, and you get where we are today.

All the toxic assets that today’s bailout plan wants to buy are nothing but big packages of Bill Clinton’s CRAp.

As soon as Congress rejected bailing out Bill’s CRAp, Hillary Clinton and John Kerry (two who lost any chance at being President and are now mad at the American people for not choosing them) announced that they would revive the bailout in the Senate, hoping that if the Senate passed it, they could twist enough arms in the House to ram it through.

Actually, Hillary Clinton and John Kerry want to ram it up our A**es, with even higher tax increases than even Barry O wants, a weak dollar (which takes more dollars to buy oil – $10 a gallon gas), and inflation that will raise the price of bread to $20 a loaf. See the truth at http://ngoldfarb.wordpress.com