Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

[bart]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

If you'll note the number of your post in this thread it reminds me of the only Chinese (meaning language) that I know: Tu can chu.

Yes indeed, and a bonus rimshot too... ;)

[bart]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

Love it!!!

Now all we need is an August 31, 2007 update. Put a little smirking Bush face in the cockpit. Now the picture is becoming a little more clear. Bernanke provides the printing press. Bush provides the helicopters.

I think this one is from a guy with good Photoshop skills on DR that's closer. The sort of glee of insanity look on Ben's face is almost poetic






I better get back in my cage now before someone accuses me of hijacking a good thread.

[Finster]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

Be careful about encouraging me... ;)




(created by a nut on cometgold.com )

Love it!!!

Now all we need is an August 31, 2007 update. Put a little smirking Bush face in the cockpit. Now the picture is becoming a little more clear. Bernanke provides the printing press. Bush provides the helicopters.

[Jim Nickerson]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

Be careful about encouraging me... ;)




(created by a nut on cometgold.com )

If you'll note the number of your post in this thread it reminds me of the only Chinese (meaning language) that I know: Tu can chu.

[bart]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

There generally is so much "bad" stuff that gets posted on these pages, it is great, Bart, when someone interjects a bit of humor that results in my feeling more like I do than I did.

Be careful about encouraging me... ;)




(created by a nut on cometgold.com )

[Jim Nickerson]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

Not me... and everybody who believes in telekinesis, please raise my hand... :eek:

There generally is so much "bad" stuff that gets posted on these pages, it is great, Bart, when someone interjects a bit of humor that results in my feeling more like I do than I did.

[bart]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

Everybody who believes it will stop at 80,000 please raise your hand.

Not me... and everybody who believes in telekinesis, please raise my hand... :eek:

[Finster]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

Originally Posted by ny times
The officials said Mr. Bush would call for the Federal Housing Administration to change its federal mortgage insurance program in a way that would let an additional 80,000 homeowners with spotty credit records sign up, beyond the 160,000 likely to use it this year and next.

i've read numbers like 2million foreclosures ahead. 80,000 won't cut it.

Everybody who believes it will stop at 80,000 please raise your hand.

[jk]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

The officials said Mr. Bush would call for the Federal Housing Administration to change its federal mortgage insurance program in a way that would let an additional 80,000 homeowners with spotty credit records sign up, beyond the 160,000 likely to use it this year and next.

i've read numbers like 2million foreclosures ahead. 80,000 won't cut it.

[Finster]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

Refinance problem loans with FHA insurance.
Market the paper a little at a time establishing a market price with insurance, taking losses as dictated by the market followed by liquidity injections time to time preventing deflation and a catastrophic market crash.

We'll "prevent deflation" all right! If by that you mean goose prices of everything we all buy. Basically the US government would be bailing out lenders by converting a lot of their subprime paper into the equivalent of US Treasuries at taxpayer expense. Well, not quite, because rather than actually raise taxes they'll borrow and print. The markets already recognize that, having bid up the prices of crude and virtually every other commodity just since the news broke. Thus, while the bailout will be made to appear "free", we'll pay for it at the gas pump and grocery store.

[bill]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

Refinance problem loans with FHA insurance.
Market the paper a little at a time establishing a market price with insurance, taking losses as dictated by the market followed by liquidity injections time to time preventing deflation and a catastrophic market crash.

[Finster]

A Present For Bill

http://www.bloomberg.com/apps/news?p...d=aN.IOmnqhS04

Bush to Expand Government Role to Deal With Subprime

(Update5)

By Holly Rosenkrantz

Aug. 31 (Bloomberg) -- President George W. Bush today will announce steps the administration says will help people with subprime mortgages keep their homes.

Bush will let the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, guarantee loans for delinquent borrowers, allowing them to avoid foreclosure and refinance at more favorable rates, according to an administration official, who spoke on condition of anonymity...

A present for Bill. And for Wall Street. A gift to hedge funds, banks - including Chinese banks, French banks - brokerages - financial firms around the world - from the US worker and taxpayer.

All wrapped up with a nice little bow and card that says it's "to help people keep their homes". Now if that's what you want to do, there are lots of different ways you could do that. Some of them just help people keep their homes. Others do it by funnelling money to the lenders, these financial firms who helped create the problem in the first place. Which do you suppose the Bush administration is favoring here?

[Finster]

Mr. Practical Weighs In

http://www.minyanville.com/articles/.../index/a/13850

More Bailouts Could Bring Disaster Down the Road

Mr Practical

Aug 23, 2007 3:50 pm

...

In my humble opinion Mr. Gross is right about only one thing: that Mr. Bernanke is unable to eventually stop a destructive housing deflation. At least now the pundits are admitting that a housing deflation is at the heart of the economic problems. That is a watershed event.

But for the “government”, which I thought was using taxpayer money (except for the $9 trln in debt it has borrowed), to bail out malinvestment is only to increase the problem. If you don’t punish your child for playing with matches, he may one day burn the house down.

...

We have to at some point start thinking about our kids. We may escape a disaster now by more bailouts, but ... that robs their standard of living tomorrow so we can live better today. So enough of the bailouts. Let’s think of our children and what we will leave in our wake.

...

[Spartacus]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money

I bet Gross didn't hire Greenspan, just G's rolodex & connections.

not shocked that greenspan would accept employment from whomever had the bucks. shocked that gross wanted him.

[jk]

Re: Pimco's Gross Urges Bush to Bail Out U.S. Homeowners... with taxpayer money