chomerics Posted February 26, 2008 Share Posted February 26, 2008 Can I be the first in line to watch the hanging??? To blame the government for lack of foresight and piss poor management is complete nonsense. Oh wait. . .I thought these people are the ones that are against welfare???? Oh yea, it is only welfare when you give to a poor person, when you give billions to a rich white man, it is "helping out the economy" what a frigging joke. Link to comment Share on other sites More sharing options...
GibbsFactor Posted February 26, 2008 Share Posted February 26, 2008 Can I be the first in line to watch the hanging??? To blame the government for lack of foresight and piss poor management is complete nonsense. Oh wait. . .I thought these people are the ones that are against welfare???? Oh yea, it is only welfare when you give to a poor person, when you give billions to a rich white man, it is "helping out the economy" what a frigging joke. I don't think anyone in this thread thinks this is a good idea. The problem is similar to the welfare problem. Do you let the bank fold? I for one want BoA to suck it up. What does that do for the people with loans with them and Countrywide? Do they lose their homes? I always thought that if you can't pay your bills you lose your asset. What precedent are we making here simply because it's a few million? It's very similar to welfare. Both are encouragements to be pieces of ****. The welfare nanny state in full effect, no personal responsibly anymore. Life's just too hard. Link to comment Share on other sites More sharing options...
Head Posted February 26, 2008 Share Posted February 26, 2008 You seem to be agreeing with me in this thread, so does that make us both on this issue conservative or liberal?:laugh:I think it is the former, welcome to the right side my friend. It's a good place to be Link to comment Share on other sites More sharing options...
RonJeremy Posted February 26, 2008 Share Posted February 26, 2008 .....The problem is similar to the welfare problem. Do you let the bank fold? I for one want BoA to suck it up. What does that do for the people with loans with them and Countrywide? Do they lose their homes? The loans are assets. They would be sold to another investor. The only ones who would lose their homes are the ones that don't pay their mortgage. Link to comment Share on other sites More sharing options...
Popeman38 Posted February 26, 2008 Share Posted February 26, 2008 I have too much banking on BoA (pun intended). I have been seriously thinking about switching all of my banking to USAA anyway. No time better than the present, I guess..... Link to comment Share on other sites More sharing options...
Predicto Posted February 26, 2008 Share Posted February 26, 2008 You seem to be agreeing with me in this thread, so does that make us both on this issue conservative or liberal?:laugh:I think it is the former, welcome to the right side my friend. Clearly, we are closer in our views now. I think it must be our shared belief in Barack Obama, the one who can unite this torn nation. Here's to better days to come under the Obama administration! Link to comment Share on other sites More sharing options...
MurrayH81 Posted February 26, 2008 Share Posted February 26, 2008 Everyone one of those financial industry pukes knew those sub-prime loans were excrement. They got de-regulated so they could make money right quick while no one was looking and now they want taxpayers (i.e. the people they probably screwed with the subprime mortgages and their neighbors) to float their failed business model. When businesses fail like this (like Enron and Worldcom), they should eat it and everyone should hold these people accountable for their lack of (either) morals or intelligence (possibly both). Confiscate every bit of personal assets from those who created this mess, then give all those fat cat scumbags an M1 carbine and send them to Iraq without body armor. Let them bail themselves out economically on a soldiers pay. We'd either have no more wars, or no more mass industry failures when their asses were on the line. Link to comment Share on other sites More sharing options...
chomerics Posted February 26, 2008 Share Posted February 26, 2008 I don't think anyone in this thread thinks this is a good idea. The problem is similar to the welfare problem. Do you let the bank fold? I for one want BoA to suck it up. What does that do for the people with loans with them and Countrywide? Do they lose their homes? If BoA folds, someone else will take over their assets, but the people who own homes through them are fine as long as they pay their mortgage. Here is the gist of their issue. . . They gave out loans to people who they should not have. They gave out loans in arms, and exotics which varied with the interest rate, and dumb people bought them. The bank now owns the notes on all of these houses that people can't afford mortgages on because the interest rate is up. Now they want the US government to bail their sorry arse out of trouble because they will be stuck with all of these houses in bankruptcy, in a down turning housing market and lost out on all the interest they would have made on the notes they sold. Tough luck. They made the bad investment, the people who bought the house made a bad investment, they both should suffer for being morons. The government did not hold a gun to BoA and tell them you HAVE to give these people money, the bank is the final decider in who gets a loan and who does not. if they were stupid enough to shell out $750 Billion on people they knew were not going to be able to pay them back, then they SHOULD suffer the consequences. Link to comment Share on other sites More sharing options...
Dictator Posted February 26, 2008 Share Posted February 26, 2008 If BoA folds, someone else will take over their assets, but the people who own homes through them are fine as long as they pay their mortgage. Here is the gist of their issue. . . They gave out loans to people who they should not have. They gave out loans in arms, and exotics which varied with the interest rate, and dumb people bought them. The bank now owns the notes on all of these houses that people can't afford mortgages on because the interest rate is up. Now they want the US government to bail their sorry arse out of trouble because they will be stuck with all of these houses in bankruptcy, in a down turning housing market and lost out on all the interest they would have made on the notes they sold. Tough luck. They made the bad investment, the people who bought the house made a bad investment, they both should suffer for being morons. The government did not hold a gun to BoA and tell them you HAVE to give these people money, the bank is the final decider in who gets a loan and who does not. if they were stupid enough to shell out $750 Billion on people they knew were not going to be able to pay them back, then they SHOULD suffer the consequences. Jesus Christ. I actually agree with you on something. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted February 26, 2008 Author Share Posted February 26, 2008 ahhh....I found the connection to the poster and the blog he is quoting.The last sentence which he left out of his post: Yeah, I purposely left that last sentence out because I felt that it would skew the issue to politics when I really wanted to get discussion going on the crux of the topic. Other than that, there is literally no connection for this blog and myself. It was the first time I had ever seen it. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted February 26, 2008 Author Share Posted February 26, 2008 It's pretty awesome for me to see people from both the left and right all agreeing in their opinions of this action. heartwarming and encouraging! Link to comment Share on other sites More sharing options...
isle-hawg Posted February 26, 2008 Share Posted February 26, 2008 It's pretty awesome for me to see people from both the left and right all agreeing in their opinions of this action. heartwarming and encouraging! I think the same, many of us here on ES Tailgate have different ideological opinions but none of us are "total" idiots (can't be and a Redskins fan too). Let's see BoA buys out slimy Countrywide with all their slimy loans, pretends to be the good guy for about 2 months then asked the Feds for a bailout. :mad: F*** BoA (sorry stock holders you choose poorly). Link to comment Share on other sites More sharing options...
Duncan Posted February 26, 2008 Share Posted February 26, 2008 Let's see BoA buys out slimy Countrywide with all their slimy loans, pretends to be the good guy for about 2 months then asked the Feds for a bailout. :mad: F*** BoA (sorry stock holders you choose poorly). I would wager that the board members were planning on this move when they bought Countrywide. If it works the gamble pays off and taxpayers eat another excrement sandwich. Link to comment Share on other sites More sharing options...
isle-hawg Posted February 26, 2008 Share Posted February 26, 2008 Clearly, we are closer in our views now. I think it must be our shared belief in Barack Obama, the one who can unite this torn nation. Here's to better days to come under the Obama administration! Funny! Somehow I think you may be a little more optimstic than me with Obama. He appears to be the next PRES IMO regardless, hopefully you are correct with your last statement and he keeps us from going even deeper debt (Thanks GW). But I doubt it. Link to comment Share on other sites More sharing options...
isle-hawg Posted February 26, 2008 Share Posted February 26, 2008 I would wager that the board members were planning on this move when they bought Countrywide. If it works the gamble pays off and taxpayers eat another excrement sandwich. No doubt, these guys are making millions, like them or hate them (they may be evil) but they are not stupid. This was planned from day one of the buyout IMO. I prefer to pass on the **** sandwich. hopefully enough of us pay attention to this, and vote out of office any of our elected officials that would vote for this corporate bailout. Link to comment Share on other sites More sharing options...
Brad_Edwards_Fan Posted February 27, 2008 Share Posted February 27, 2008 My only concern is that if this bailout doesnt happen, is BOA going to crumble...my concernt isnt for the board or the bank, my concern is the wider effect due to thousands of people losing jobs. To me the only reason i would do this is to avoid several thousand people in the unemployment offices and the subsequent effect this would have on the local economies that would be hardest hit with the job losses. Link to comment Share on other sites More sharing options...
isle-hawg Posted February 27, 2008 Share Posted February 27, 2008 My only concern is that if this bailout doesnt happen, is BOA going to crumble...my concernt isnt for the board or the bank, my concern is the wider effect due to thousands of people losing jobs.To me the only reason i would do this is to avoid several thousand people in the unemployment offices and the subsequent effect this would have on the local economies that would be hardest hit with the job losses. There will be negative fallout should BoA not get bailed out. Allot of good people will looses their jobs, stockholders will loose money (just like ENRON). But what is the alternative? Prop up a slimy lending practice insttution (one of the largest in the world) so the CEO and board member keeps his job and the stock holders don't loose out? Should BoA declare bankruptcy, another institution will pick up the loans and take their place. Hopefully they will institute practices that do not ask for bailouts from us. In the end though I fear the CEO and his cronies will make out regardless, the little folks (workers and patrons of BoA) will get ****ed.:mad: Should the Feds bail them out we all get ****ed! Link to comment Share on other sites More sharing options...
Burgundy Burner Posted February 27, 2008 Share Posted February 27, 2008 Next industry to ask for bailouts? The auto industry. GM has more than $500 billion in debt and Ford is carrying more than $300 billion in debt. Billion - with a "B". Link to comment Share on other sites More sharing options...
isle-hawg Posted February 27, 2008 Share Posted February 27, 2008 Next industry to ask for bailouts? The auto industry. GM has more than $500 billion in debt and Ford is carrying more than $300 billion in debt. Billion - with a "B". The good news keeps on coming.:doh: Link to comment Share on other sites More sharing options...
Sarge Posted February 27, 2008 Share Posted February 27, 2008 Clearly, we are closer in our views now. I think it must be our shared belief in Barack Obama, the one who can unite this torn nation. Here's to better days to come under the Obama administration! :puke: Link to comment Share on other sites More sharing options...
Sarge Posted February 27, 2008 Share Posted February 27, 2008 Next industry to ask for bailouts? The auto industry. GM has more than $500 billion in debt and Ford is carrying more than $300 billion in debt. Billion - with a "B". Time for a few tarriffs Link to comment Share on other sites More sharing options...
Thiebear Posted February 27, 2008 Share Posted February 27, 2008 Can anyone assume all the countrywide loans? Half the others have folded and the rest are treading water also. I work for First American MLS (Multiple Listing Site) I can't see anyone rushing in to grab what sunk CountryWide. Link to comment Share on other sites More sharing options...
isle-hawg Posted February 27, 2008 Share Posted February 27, 2008 Can anyone assume all the countrywide loans? Half the others have folded and the rest are treading water also.I work for First American MLS (Multiple Listing Site) I can't see anyone rushing in to grab what sunk CountryWide. I don't get your point?:whoknows: Link to comment Share on other sites More sharing options...
techboy Posted February 27, 2008 Share Posted February 27, 2008 I don't get your point?:whoknows: Excuse me, I speak Thiebear (and Jive). Allow me to provide a Thiebear to English translation: As a quick perusal of the various news services makes clear, Countrywide Financial got itself into financial difficulty by making high-risk loans that many customers are unable to make the payments on. This caused a great number of losses. Are there any other banks that are large enough and willing to assume the risk of these loans? Many of the other large lenders are also in difficult financial straits. I work for a company that is affected by these problems, so I have some first-hand knowledge of their effects. Given the new climate, I find it difficult to believe that any responsible bank would assume those loans, with the accompanying risk of ending up in similar financial trouble to Countrywide. Link to comment Share on other sites More sharing options...
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