The People Have Spoken- Accountability Now!

The squeaky wheel gets the grease! You have spoken loud and clear not only to your representatives! They forgot that it was your money, your children’s and yes, your grandchildren’s money! While we all realize we need to do something. We also realize that it needs to be on the side of us. The American people. How do they do they get it on our side? Rewrite the bill as a lending authority, a work out bill. Get rid of the Golden Parachutes…no Nancy, you did not get rid of them. The bill voted on today exempts New people on board from getting a Parachute! The ones there now still have them! When the American people really understand these bills, especially the first one..Katie, bar the door!

We do know that many were illegal immigrants, many had no income, nothing down, many clearly did not qualify. You were the ones that made the bad loans, The Banking Community took the risk, we don’t want to pay for your greed! With that said, did our representatives make sure those kind of loans would be hindered in any way? I doubt it. This is about a lot more than houses.

WHAT CAUSED THE FINANCIAL CRISIS? You have got to click this link below by Always on Watch

CONTINUE READING…. This will take you to a video that you don’t want to miss.

The Democrats don’t need the Republicans to vote on this bill. They are the majority. They don’t want to take the heat if it does not work..and people there are no guarantees that it will work. Thank God 133 of the Republicans and 95 Democrats had some common sense. Thank God that some Republicans balked at the first bailout bill and got some changes in there. Maybe there is still hope that we may have some statesmen left in Washington.

When 165 Economists say “wait a minute, let’s look at this a bit harder, it pays to listen. Link below at bottom of page:

Most families have a budget they have to work with, to live on. We know money does not grow on trees as you have been led to believe. We expect the government to live within their budget. How can you ask us to sacrifice when you are continually putting pork or earmarks in bills? Nothing seems to get passed unless it’s a ‘you scratch my back and I’ll scratch yours.’ Compromise is important. Bi-partisanship is important. Greed and stupidity is not!

We know we are having a cardiac arrest in the financial realm. People are soon going to be suffering. Get on with it. Find something that works but make sure it does not bleed us and our children’s children dry! Make sure you think of us when you are voting. PUT YOUR COUNTRY FIRST for a change instead of who you owe favors. Get rid of the Pork. We had to a long time ago.

The real story is you. You have made your thoughts heard. Your reps were afraid to vote against you today. 95 Democrats and 133 Republicans heard. The rest wanted to hurry with the vote. They wanted to play politics.. the blame game. They were more interested in that versus bipartisanship. They made me want to barf. Sorry we know who is to blame and we are just about ready to fire the whole gangI They don’t want to lose their jobs so they blame each other. There were apparently 95 Democrats that got their feelings hurt too.Sorry Pelosi,they did not go for this particular bailout either! 12 of the 37 on Frank’s own committee did not go for this either. It was the American people that were and are ready to have a Boston Tea Party. Except we were going to throw out the bums we elected! Guess what Pelosi and Frank, those reps went with the people. That’s a good thing too Martha!

One good thing Acorn is now missing from the bill. Whoo Hoo! As far as Golden Parachutes go, they are not gone from the existing bill.It will only eliminate new ones that come on board. Did you owe them a thank you? Did those companies or executives contribute to your campaigns?

Of course, now they are saying that they did not ‘market it well enough to the American people’. Guess they need an expensive ad to convince us?

Read the excellent links below, excerpt from Craig Smith.

Why are we turning to the very perpetrators for the answers to the problems they caused in the first place? Are we crazy? Go back to the same folks who broke it for a fix? Craig R. Smith says accountability required NOW

Free markets works when they are operated under accountability. The only effective help the government can offer would be to immediate halt wasteful spending and begin to reduce the national debt. Fiscal responsibility at the government level would do more to instill confidence than any bailout a bureaucrat can offer. Bureaucrat bailouts are designed to bring new contributions into their campaigns. That is a huge part of the problem. Bailouts do not work unless they are accompanied with accountability.

It would be easy enough to kid ourselves and allow the government to throw huge amounts of taxpayer dollars at the problems and pass it all on to future generations. But that would be like putting a band-aid on a gaping wound. The patient will still bleed to death, just at a slower pace.

Accountability, not blame, is required NOW. Sacrifice, not politics, is the necessary cure. I know it isn’t a popular message but it is reality. Americans are willing to do what it takes to strengthen the country if they know they will not be burned once again by politicians who are more interested in power and position than they are about what is best for America.

It is time for the speaker of the House to drop her blame game and do what is best for America. It is nauseating to listen to the speaker lay blame at the feet of the current administration when she knows all too well that her democratically controlled Congress blocked all attempts to regulate the industry. Why can’t both sides stop the attacks and start with the bipartisan cooperation they allegedly desire?

Our best years are ahead if we learn from the mistakes that have been made and not look to government for the answers to our problems. Government is not the solution to the problem; government is the problem. We must work together. We must allow free markets to punish those who did wrong, weed out the weak borrowers and reward those who borrowed honestly. If we don’t, we are headed for even more difficult times.

We can avoid those difficult times if we believe in less government, more personal responsibility and accountability from leaders in both the private and public sectors.

Yes, I understand we have to do something, but follow the money. How much went and is going to whom? This is about a lot more than houses. Maybe they will read it line by line and actually consider the cost. Just maybe they won’t feel they owe their big campaign contributors too much mercy. Just maybe the American people will get a fair shake! GET ON WITH YOUR JOB.
Find a good plan and stop playing Politics..don’t forget NObama can be reached by phone.

For the previous post:Bailout Fallout-

Fed takes fresh steps to battle credit crisis
Action intended to ‘expand significantly’ the availability of cash available
–Associated Press
WorldNetDaily
165 economists rip bailout plan
Contend administration proposal has 3 pitfalls
–WND

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11 Comments

  1. Being one of those out of work people, whose unemployment was caused by the real estate meltdown, I’ve spent considerable time educating myself on this issue. CNBC and Bloomberg became my textbooks along with other print mediums.

    Given that we are now in this financial mess, I don’t see a way out of it unless the federal government steps in. There are a few ideas being broached today about having the FDIC and Federal Reserve take a more active role in calming the financial markets, but everyone with any knowledge of financial markets agrees that it would be only serve as a stop gap. But as a compromise bill, this one ain’t half bad.

    What is needed to open the frozen credit market is to remove a good many of those bought and sold, sliced and diced, repackaged mortgage securities from the books so banks feel comfortable lending again. Right now, banks are hoarding their cash to show the FDIC that they’re liquid enough to stay in business as well as their being afraid to loan to other banks for fear of not getting their money back, given how many banks are on the threshold of being taken over.

    However, once the government purchases those securities — and no one knows what they’re really worth which is part of the problem — then the government can break up the packages, hold them until stability returns to the mortgage/real estate market, and sell the securities at the new market value. Potentially, the sale will bring money into the Treasury.

    For example, (very simplistically) the Government buys a mortgage security that was originally worth $250K but because real estate has dropped in value so much the security is now work $125K. So the Government buys it for $125K (or less at fire sale prices). The government then holds the security until the market returns to value and sells the security for the original $250K. The government just made a 100% profit (or more) on its investment.

    Now if the government buys up the so-called toxic securities, it means that the government is buying the foreclosures caused by bad, inappropriate loans. Those homes are selling at highly reduced prices so they, at this time, are worth considerably less than market value right now. For example, a $500K house might sell for $100K. These types of fire sale homes make up the toxic securities. Unfortunately, the toxic securities are mixed in with good securities. Therein lies the challenge for the Treasury. How do you price the securities packages accurately when they’re all mixed up? And who will have the authority and oversight to make sure the prices are accurately set when no one knows what the mix is or what the securities are worth? (Treasury or some other board? That’s a major sticking problem for Congress.)

    Nevertheless, that’s part of — if not all — of the argument against the mark-to-market argument in Congress. Mark-to-market means marking the price of something — a building or a security or some other asset — to the price it would get today, not sometime in the future or sometime in the past. Right now, banks assets, including buildings, are being assessed on a mark to market rule by bank examiners. Since real estate overall has decreased in value as well as their real estate mortgage holdings, banks are finding themselves with a less equity to liquidity (cash/deposit/profit availability) ratio than the FDIC wants them to have.

    But where does Congress draw the line? If mark-to-market is eliminated then any securities purchases would be much higher and not affordable. If kept, banks are stuck with not being able to provide loans because they need to hang onto their cash reserves to show liquidity.

    Otherwise the bill appears very sound. It provides all the oversight needed and punitive measures against the original speculators. It allows the government to take an equity position (hold stock) in the company that sells securities to the government, thus potentially realizing a profit from an increase in stock prices. It allows the government to hold onto the securities until the real estate market stabilizes. It allows banks to buy industry-paid-for insurance, covering their mortgage securities, rather than opt into selling to the government and hold onto them until such time as they can be sold at a profit or covering them if they lose money on the sale. It provides some relief to homeowners to renegotiate their mortgages. And in addition, if the government doesn’t make all its original investment back within five years, the government is required to go back to the original sellers of the securities for a “make good” on the price.

    Where Congress is getting hung up is less on the faulty details than on figuring out how to sell the whole plan to their constituents. While a few, like Sen. Shelby, are adamantly opposed to any government intervention in the markets, most are probably weighing their jobs (re-election) against a negative public sentiment. And the public, apparently, really doesn’t understand what is involved. They only see Wall Street getting bailed out and made whole again at their expense. The truth could not be further from their perception, though.

  2. Valerie, While i understand the Federal Government has to step in. My point is that they have to make sure they are thinking of the taxpayers. They have to get out any earmarks, they did get rid of Acorn, so that is a very good step in the right direction.

    I am willing to do my part and I think the majority of Americans will. We have just lost faith in most of our elected reps and we don’t want to throw the baby out with the bath water.

    I regret that it has been more politics as usual (their concern about their positions) versus making sure we understand not only the seriousness of the situation but the possible economic collapse. There are no guarantees. The fact is, nobody knows what will work now. This should have been stopped a long time ago. If you read the bailout fallout, you can see that it goes way back as far as blame.

    It is time to get past the blame and get to work on the solution.

    I hope your situation improves soon. We have all been paying the price for far too long now. People are losing jobs and there will be more. I hope the new bill will work and they will get beyond their political pandering, or we will have a Depression in the near future.

    Thank you for your insight. I think the next time they may market it better. I use a lot of sarcasm to make my points but I do understand the suffering and I want something to work. I just want them to also remember who put them there.

  3. “They wanted to play politics.. the blame game. They were more interested in that versus bipartisanship. They made me want to barf.”

    I agree. Unfortunately you can’t have it both ways…You are the author of a blog that is completely inflammatory, yet you are angry that some Democrats dare feel the same way about your ideas? It’s the type of rhetoric that is displayed on your blog by both you and your commenters that discourages logical argument, and in fact, makes people come to expect their leaders to act in this way.

    And I’m not saying this is exclusive to the Republicans. Both sides are full of folks that would rather demonize their opponents rather than debate and get things done. And believe me, I’d defend your right to say assinine things. It’s just a little like the pot calling the kettle black.

    I hadn’t checked out your blog in awhile. Your quote above describes my reason.

  4. Of course they feel they are right and they feel I am a bigot and you know, I just don’t care.

    As long as I blog, I will vent and rant all I can. I still have that right.

    That is your perogative to not check it out. Totally up to you.

  5. You mean the politicians are listening to the people who voted them in, good grief! What next, they’ll be saying the voter is their master?

    The first good news i heard was that the bailout was cut in half, now it looks like it’s going to be trimmed even further. Either way those who caused this need to bear the brunt, just hope they don’t trim it so much that those who got caught up in all this through no fault of their own won’t be hung out to dry as well.

  6. I’ve watched over the past 15+ years as my friends have been living it up by using their homes as their ATM’s, buying homes that were ridiiculously expensive, taking expensive vacations on their credit cards, bying a new car every few years, etc. And what have I been doing? Living in a 1930 home which is paid for — no mortgage — and driving around in a used car for which I paid cash on the barrel head. Time and again, my friends urged me to jump into the stock market (I put in only what I could afford to lose), buy luxury vehicles, tap the equity in my home so as to demolish the house and build a new one, thereby taking on a mortgage. No dice! I remained careful and continued to put my spare money into a savings account.

    I resent that I may have to pay for the mistakes and profligacy of others.

    The first mistake the government made was bailing out Bear Stearns. Had that not happened mortgage securities might have been repackaged. Instead, our economy is in dire straits. Lest any here think that my household hasn’t been touched by the crisis, consider the following: my husband lost his job and the health insurance in January because of the downturn at his workplace, the number of my clients has dropped, and those private loans (smalll ones, of course) to friends and family are going unpaid, so we’ve cut this household budget even more, even thouigh our friends kept urging us to tap the equity in our home.

    The market (Wall Street and Main Street) has been in need of a correction for decades. So be it! The local governments need to tighten their belts too and quit gouging us for taxes.

    As you can see, I totally oppose the bailout bill which failed yesterday, Here are some facts about the bill: from a friend of mine who read the entire 110 pages:

    It literally socialized any industry one person wanted. The Treasury secretary could appoint someone to spend billions of dollars actually purchasing stock in individual companies they liked. There was no oversight. If the company went bankrupt, the company was supposed to pay back the government. Of course, once you’re bankrupt, good luck. It was a true socialist disaster. There weren’t even limits on what types of companies the government employee could buy.

  7. Angie,
    And thanks for the link to the video! I’ll be blogrolling you.

  8. Excellent post and roundup, Angie. I fear for the American people who are going to suffer under this. So many don’t deserve it. Pelosi has been the witch at the top of this pyramid presiding over the proceedings. Sorry if that doesn’t sound real scientific, but the whole thing smacks really bad. Apparently large numbers of economists warned them not to go ahead with this thing. And considering the morality of Democrats (or the lack thereof), what amazes and alarms me is that so many Democrats even didn’t support it. I wonder what it is they know that we don’t. God help us.

  9. MK, yes they were afraid they would be thrown out so they actually decided to listen to those who put them there in the first place. LOL! Don’t know if it is being trimmed in half. What I am reading is a lot of junk in there like money going for a lot of earmarks. We will see. All are having a tough time getting through the House with email, server seems to be swamped and down. Too bad. I am proud of the way Americans are letting their views be known to their reps. Whether or not they will do the will of the people is up for grabs at this moment. They will vote tonight.

    AOW. I can totally relate with what you are saying and up against. I too have lived below my means when it comes to housing. Thank God it is paid for. I have been so tempted to do otherwise but now glad I did not go in that direction of borrowing to have what we could have had with a lot of debt piled on. I also understand all too well about the Insurance and have tried to save with what little there is left over. It is almost a slap in the face to the ones who have tried to live within or below their means and save a measly amount to have to pay for these bozos in Washington and greed on Wall Street and the banking system, not to mention those that live far far above their means and we have to pay for it! I am very distressed with the attitude of those that expect government to ‘balil them out’! You are so correct about Bear Stearns, that was when they should have stepped up to the plate and stopped the party! Wall Street and Main street have needed a correction for far too long. So true. If we get THE NOBAMA, I read recently that we might have 38 cents left in our dollar left over. That’s another post. LOL!

    Aurora, thank you, I too fear that any bill they do will only prevent us from bleeding too badly for about a year. Seems they are choosing to gamble with this in hopes of a miracle during the next year. 5 years of pain, 10 years, but let’s fix this right now for at least awhile seems to be what they are saying. I have read 400 economists and then 165, have warned of this bill. The Dems listened to their constituents. I hope that our leaders will put us first versus putting a patch on it for awhile. They are all being pressured and McCain is so bi-partisan while Obama (different motive,) is basically saying the same things as McCain..both are wrong on this bill. Yes, God help us!

  10. I took the pledge – Have you?

    Well the congress has done it.

    As of the morning of the bail out vote in the House of Representatives, polls showed that the American people were 74% against any bail out for the Wall Street fat cats. We wanted a fix from the bottom up and not from the top down. Fix ‘Main Street’ not Wall Street we told them. They didn’t do it.

    However they did agree with the bloated $700 billion the Senate passed for their greedy Wall Street friends with another $150 Billion of Pork. So now our children are on the hook for at least $850 billion and no one can tell us if it will work or will be the last.

    Meanwhile, ‘We The People’ continue to lose our jobs and homes.

    Our elected representatives have chosen to ignore us, ‘We The People’ whom they swore to represent.

    They think we are stupid. They think we don’t have the guts to clean house. They think ‘they know better’ than we on ‘Main Street’ do.

    So…

    I have taken the Pledge:

    I, (put your name here), will NOT vote for any incumbent in the upcoming election regardless of party or who the opposition may be. I intend to do my part in ‘throwing the bums out’ in Washington that continue spending my money on those that have wrecked our economy rather than the people who sent them there. This is my solemn pledge.

    Mail this to your Representative and Senators, to all your friends and all news media, both local and national. Email this to all the talking heads on the cable outlets, Lou Dobbs, Bill O’Reilly, Keith Olbermann, Chris Matthews, Alan Colmes, Sean Hannity, Rush Limbaugh and with every blog and talk show host you know of.

    Urge everyone you meet to take the Pledge.

    This the only way we, the American People, will ever take back our own government.

    They keep telling us that the only power we have is the vote. So… For once let’s use it!!!!!

    Believe me… if we turn them all out THERE WILL BE CHANGE!!!!

    Do we have the guts? Do you???

    If not, then you don’t have any right to complain if they continue to screw us over.

  11. You know, i hear you and I will post this tomorrow. We should all let our reps and talking heads at the MSM know about this.
    Now help me here, are you saying to not vote in the Nov election for President? Or are you saying to throw out the house and senate members that voted for this?

    Both pres candidates are Senators that voted for it. I can do all of it except the Presidential one.

    I feel Obama is too dangerous to get the highest position in our land through default of our displeasure with a bill that he is as much responsible for as any other. For me to not vote McCain-Palin would be like a vote for Obama. Personally, I would prefer Palin. just sayin…let me know soon…I will post it and email it.

    Thanks


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