"Representative Barney Frank, a Democrat from Massachusetts and chairman of the House Financial Services Committee, reiterated today that he intends to introduce a bill to deter lenders from offering consumers mortgages they can't afford." http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ai0NF1.Z3P9M These people are fking insane. Its like saying "From now on we proclaim airplane pilots are prohibited from crashing their own planes" "We declare a federal crime badly managed hedge funds losing money and going bust" I say let the lenders colapse, if they wanna do stupid things let them do it. Only the best ones will survive. If people are stupid enough buy houses they cant afford they are getting what they deserve. Worse still most of them are liars and these incompents wants to protect them as if they were the victims of 'greedy business man' when they are the ones LYING
Is it not ironic? They bought something that they could not afford, and should never bought in the first place, causing ridiculous rises in RE prices, and yet they are poor victims. As far as stupidity, I do not think it is that. Politicians will do a lot to appear as white knights to get the votes.
I guess the 'creative financing' and the greed of the 'business man' induces people to lie and be dishonest and act like irresponsible children at a toy store with a credit card(a special credit card that temporarely has the lowest interest rate in fifty years as a special gift from the Fed)
Awe that's nothing and not to be a topper but read what Pelosi is saying/dreaming: Take a good hard look at what she wants. Take special note of the last paragraph. Nancy Pelosi condemned the new record highs of the stock market as "just another example of Bush policies helping the rich get richer." "First Bush cut taxes for the rich and the economy has rebounded with new record low unemployment rates, which only means wealthy employers are getting even wealthier at the expense of the underpaid working class". She went on to say "Despite the billions of dollars being spent in Iraq, our economy is still strong and government tax revenues are at all time highs. What this really means is that business is exploiting the war effort and working Americans, just to put money in their own pockets". When questioned about recent stock market highs she responded "Only the rich benefit from these record highs. Working Americans, welfare recipients, the unemployed and minorities are not sharing in these obscene record highs". "There is no question these windfall profits and income created by the Bush administration need to be taxed at 100% rate and those dollars redistributed to the poor and working class". "Profits from the stock market do not reward the hard work of our working class who, by their hard work, are responsible for generating these corporate profits that create stock market profits for the rich. We in Congress will need to address this issue to either tax these profits or to control the stock market to prevent this unearned income to flow to the rich." When asked about the fact that over 80% of all Americans have investments in mutual funds, retirement funds, 401K's, and the stock market she replied "That may be true, but probably only 5% account for 90% of all these investment dollars. That's just more "trickle down" economics claiming that if a corporation is successful that everyone from the CEO to the floor sweeper benefit from higher wages and job security which is ridiculous". "How much of this 'trickle down' ever get to the unemployed and minorities in our county? None, and that's the tragedy of these stock market highs." "We democrats are going to address this issue after the election when we take control of the Congress. We will return to the 60% to 80% tax rates on the rich, and we will be able to take at least 30% of all current lower Federal Income Tax tax payers off the roles and increase government income substantially/ We need to work toward the goal of equalizing income in our country and at the same time limiting the amount the rich can invest." When asked how these new tax dollars would be spent, she replied "We need to raise the standard of living of our poor, unemployed and minorities. For example, we have an estimated 12 million illegal immigrants in our country who need our help along with millions of unemployed minorities. Stock market windfall profits taxes could go a long ways to guarantee these people the standard of living they would like to have as 'Americans'." ------------------------------------------------------------------------------
Daal, it's not just the demo's that are that way. every election i have to try to find the lesser of two evils...
You'd rather let the lenders fail periodically and pay out a couple of hundred billion to stabilize the system than regulate? Not conservative economics in my book...
What the hell?!?!?!?! I didnt realize she was such a die hard communist, my god!!! Cant wait for those 60-80% taxes, since im one of those "rich" guys, just because I make over, ummm, 50K a year? LOL. Isnt that what the democrats define as rich these days? If they democrats manage to pull off that commie shit im moving to a different country because the US will utterly collapse. Tax the rich 60-80% and give it illegal immigrants - fucking brilliant. Too bad she didnt get beheaded while in syria.
I wish I was there and could ask a question. All I would ask is "Senator, can you cite me one example of a country at any point in history increasing its standard of living and decreasing inequality with a 100% capital gains tax?Thank you."