The bailout loan... terms and conditions.- Page 2

[YouWantitWhen????]

Posted: 9/25/08 at 1:24pm

Thanks Besty - I do what I can, and this stuff is driving me nuts. I have a feeling that most of what I suggested will make it into the final bill, but who knows.

Here is some info about Glass-Steagall:

"The Glass-Steagall Act is the Depression-era law that separated commercial and investment banking. It was functionally repealed in 1998, when Travelers (the parent company of Salomon Smith Barney) acquired Citicorp. And it was officially repealed in 1999. But recent events on Wall Street-the failure or sale of three of the five largest independent investment banks-have effectively turned back the clock to the 1920s, when investment banks and commercial banks cohabited under the same corporate umbrella."

The Gramm-Leach-Bliley Act of 1999 - which some of you may know for its privacy provisions and information sharing disclosures (those little privacy notices you get from banks telling you how your information will be used) effectively repealed Glass-Steagall.

And, for the record, we have to do something to maintain liquidity in the credit markets. If money stops flowing, especially in the middle of a recession, then the downward spiral could be significant, long and very hard to come out of. With the interdependencies of foreign economies, if we go down, we take a lot of the world with us.

And Goth, I am not talking about some face time committee. I mean something that actually gets work done. Oversight has to occur, and not be political for this to really be palatable to most of us.

http://www.newsweek.com/id/159092 Updated On: 9/25/08 at 01:24 PM

[Reginald Tresilian]

Posted: 9/25/08 at 1:28pm

Goth, the "top talent" is what created this situation in the first place, no?

Maybe we should ditch the golden parachutes and go for the Miss Runner-ups; perhaps, being number two, they'll try harder?

[Gothampc]

Posted: 9/25/08 at 1:32pm

"Goth, the "top talent" is what created this situation in the first place, no?"

No, it was the Clinton Administration who started demanding that banks provide mortgages to low income people whose only source of income was food stamps and unemployment. We're in this mess because liberals want everything "fair".

[Yes, I'm Chance]

Posted: 9/25/08 at 1:36pm

BUT BUT BUT BUT CLINTON

[Reginald Tresilian]

Posted: 9/25/08 at 1:39pm

And conservatives, presumably, want nothing fair? Got it.

But walk me through this, Goth: Clinton was responsible, and the Bush administration has been powerless for 8 years to a) see that it's a problem and b) do anything about it.

Is that correct?

[Unknown User]

Posted: 9/25/08 at 1:42pm

Here's my advice- if this is looking likely (as it is now) put EVERY SINGLE PENNY YOU HAVE INTO THE MARKET because a $700 Billion cash infusion is going to blow the roof off the Dow.

[Yes, I'm Chance]

Posted: 9/25/08 at 1:43pm

Will this help my mutual fund? cause it's been tanking

[YouWantitWhen????]

Posted: 9/25/08 at 1:43pm

Goth, you are freaking delusional.

[Yes, I'm Chance]

Posted: 9/25/08 at 1:44pm

Hes a republican, it comes with the territory.

Reagan is god and Clinton is to blame for everything.

[Unknown User]

Posted: 9/25/08 at 1:46pm

Yes it will help your mutual fund.

[Yes, I'm Chance]

Posted: 9/25/08 at 1:47pm

HUZZAH. I can cash out some of it to pay off my credit card with out having to worry about it being gone the next day.

[YouWantitWhen????]

Posted: 9/25/08 at 5:22pm

For Goth, to help deal with his delusions:

President Reiterates Goal on Homeownership Remarks by the President on Homeownership Department of Housing and Urban Development Washington, D.C.

...

One of the things that we've got to do is to address problems straight on and deal with them in a way that helps us meet goals. And so I want to talk about a couple of goals and -- one goal and a problem.

The goal is, everybody who wants to own a home has got a shot at doing so. The problem is we have what we call a homeownership gap in America. Three-quarters of Anglos own their homes, and yet less than 50 percent of African Americans and Hispanics own homes. That ownership gap signals that something might be wrong in the land of plenty. And we need to do something about it.

We are here in Washington, D.C. to address problems. So I've set this goal for the country. We want 5.5 million more homeowners by 2010 -- million more minority homeowners by 2010. (Applause.) Five-and-a-half million families by 2010 will own a home. That is our goal. It is a realistic goal. But it's going to mean we're going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well.

And so I want to, one, encourage you to do everything you can to work in a realistic, smart way to get this done. I repeat, we're here for a reason. And part of the reason is to make this dream extend everywhere.

I'm going to do my part by setting the goal, by reminding people of the goal, by heralding the goal, and by calling people into action, both the federal level, state level, local level, and in the private sector. (Applause.)

And so what are the barriers that we can deal with here in Washington? Well, probably the single barrier to first-time homeownership is high down payments. People take a look at the down payment, they say that's too high, I'm not buying. They may have the desire to buy, but they don't have the wherewithal to handle the down payment. We can deal with that. And so I've asked Congress to fully fund an American Dream down payment fund which will help a low-income family to qualify to buy, to buy. (Applause.)

We believe when this fund is fully funded and properly administered, which it will be under the Bush administration, that over 40,000 families a year -- 40,000 families a year -- will be able to realize the dream we want them to be able to realize, and that's owning their own home. (Applause.)

The second barrier to ownership is the lack of affordable housing. There are neighborhoods in America where you just can't find a house that's affordable to purchase, and we need to deal with that problem. The best way to do so, I think, is to set up a single family affordable housing tax credit to the tune of $2.4 billion over the next five years to encourage affordable single family housing in inner-city America. (Applause.)

The third problem is the fact that the rules are too complex. People get discouraged by the fine print on the contracts. They take a look and say, well, I'm not so sure I want to sign this. There's too many words. (Laughter.) There's too many pitfalls. So one of the things that the Secretary is going to do is he's going to simplify the closing documents and all the documents that have to deal with homeownership.

It is essential that we make it easier for people to buy a home, not harder. And in order to do so, we've got to educate folks. Some of us take homeownership for granted, but there are people -- obviously, the home purchase is a significant, significant decision by our fellow Americans. We've got people who have newly arrived to our country, don't know the customs. We've got people in certain neighborhoods that just aren't really sure what it means to buy a home. And it seems like to us that it makes sense to have a outreach program, an education program that explains the whys and wherefores of buying a house, to make it easier for people to not only understand the legal implications and ramifications, but to make it easier to understand how to get a good loan.
Who Needs a DownPayment

[LePetiteFromage]

Posted: 9/25/08 at 5:49pm

Updated On: 1/13/09 at 05:49 PM

[p.s.]

Posted: 9/25/08 at 6:12pm

A "golden Parachute" ... is given to all executives at a company when they leave in spite of their performance.


I heard someone suggest, last night, that even the rich, non-performing, some-of-them corrupt executives are entitled to have golden parachutes.




p.s. But he was talking literally ...


from 18,000 feet.

[caitiesus1522]

Posted: 9/25/08 at 6:57pm

YWIW - your ideas and posts that were after are among the most intellectual and well thought out posts I have ever seen on this board. Thank you for the insight and the additional information!

I am interested to see what they did, I will be happy if even half of the things you proposed are in there!