Comments on: Full Text and Details of the Proposed $700 Billion Government Bailout Bill – Draft Submitted Sunday Evening http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/ Helping a unique generation achieve financial independence. Thu, 18 Mar 2010 18:56:53 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: ivonne heather http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-89107 ivonne heather Sat, 04 Oct 2008 12:43:11 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-89107 I need help my house was being repossed for 7 months of back payments I was supposed to be out September l, then Coountrywide called and said I could keep my house if aI sent them 5000 dollars and lowered the payment to 5,600 a month they gave two months to make it since I had been always paying on time before and due to an illness I am paralyzed, I accepted the terms thinking I could bring my business back but the turn on the economy made it impossible. I would like to be one of the homes that is saved what should I do. THis is all I have now. Thank you Ivonne I need help my house was being repossed for 7 months of
back payments I was supposed to be out September l, then
Coountrywide called and said I could keep my house if aI
sent them 5000 dollars and lowered the payment to 5,600
a month they gave two months to make it since I had been
always paying on time before and due to an illness I am
paralyzed, I accepted the terms thinking I could bring my business back but the turn on the economy made it impossible. I would like to be one of the homes that is
saved what should I do. THis is all I have now. Thank you Ivonne

]]> By: Anthony http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88938 Anthony Thu, 02 Oct 2008 23:09:16 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88938 This is, and always has been the plan of the Federal Banking System. This "Bailout" has happened numerous times in the past, and is the surest way to Devalue our dollar and is a COMPLETE backwards TAX. Read the book "The Creature From Jeckel Island" to understand fully what is REALLY happening. This is, and always has been the plan of the Federal Banking System. This “Bailout” has happened numerous times in the past, and is the surest way to Devalue our dollar and is a COMPLETE backwards TAX.

Read the book “The Creature From Jeckel Island” to understand fully what is REALLY happening.

]]> By: Ryan http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88922 Ryan Thu, 02 Oct 2008 21:22:39 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88922 I guess I will add my two cents. Here's the bottom line, the finger points in too many directions to put blame in one group. The "bailout" will only cost the TAX PAYING tax payers more money that they will never benifit from. This country is in the crapper and we the people have no control over it. I guess I will add my two cents. Here’s the bottom line, the finger points in too many directions to put blame in one group. The “bailout” will only cost the TAX PAYING tax payers more money that they will never benifit from. This country is in the crapper and we the people have no control over it.

]]> By: Brian http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88769 Brian Wed, 01 Oct 2008 19:32:52 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88769 I have not read the bill, but on the surface, I don't like it. I have been responsible with my finances, and own a home. Why should I pay for someone elses mortgage and help finance a business when I will see no direct benefit. This will cost the working class via taxes. Even if and/or when the money is re-couped, it will go to paying down the national debt. We will never see this money again. We need to stop bailing our private industry and failing homeowners. Government is overstepping their bounds by intervening in private affairs. Let the free market take care of itself and it will work out in the end. Everyone needs to start taking personal responsibility and stop relying on others to fix their problems! If you live on the edge, you have to expect to fall off sooner or later. If you didn't have a safety net, then you suffer your own fate. I have not read the bill, but on the surface, I don’t like it. I have been responsible with my finances, and own a home. Why should I pay for someone elses mortgage and help finance a business when I will see no direct benefit. This will cost the working class via taxes. Even if and/or when the money is re-couped, it will go to paying down the national debt. We will never see this money again. We need to stop bailing our private industry and failing homeowners. Government is overstepping their bounds by intervening in private affairs. Let the free market take care of itself and it will work out in the end. Everyone needs to start taking personal responsibility and stop relying on others to fix their problems! If you live on the edge, you have to expect to fall off sooner or later. If you didn’t have a safety net, then you suffer your own fate.

]]> By: adam smith http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88710 adam smith Wed, 01 Oct 2008 03:49:13 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88710 As long as there are serious tools for helping homeowners (Not all of whom were deliberately gaming the system) I can get behind this bill. I don't like it, and we definitely need to pass a better one down the line, but this would stabilize the system top and bottom while we sort out the mess. If however homeowners are not given assistance, under the mantra of 'they got into their own mess, they should get themselves out', bailing out Wall Street for doing essentially the same thing, then it's time to man the barricades. Seriously; bailing out wall street but telling mr. and mrs. homeowner to 'tough it out' is the worst kind of elitist class warfare, and at that point it's time for torches and pitchforks. As long as there are serious tools for helping homeowners (Not all of whom were deliberately gaming the system) I can get behind this bill. I don’t like it, and we definitely need to pass a better one down the line, but this would stabilize the system top and bottom while we sort out the mess.

If however homeowners are not given assistance, under the mantra of ‘they got into their own mess, they should get themselves out’, bailing out Wall Street for doing essentially the same thing, then it’s time to man the barricades. Seriously; bailing out wall street but telling mr. and mrs. homeowner to ‘tough it out’ is the worst kind of elitist class warfare, and at that point it’s time for torches and pitchforks.

]]> By: John Babu http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88663 John Babu Tue, 30 Sep 2008 16:54:34 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88663 To all, There is consensus that there should be some form of capital infusion for current banking crisis either through tax payer bail out or from private market. Since private market is not ready, the bail out seems to be the present options available. But every one talks about the Oversight, Tax payer protection, and limit on executive compensation but no one talks about the core issue that is buried under the SEC 102 (a) (3) EXTENT OF GUARANTEE.— Here it is. “Upon request of a financial institution, the Secretary may guarantee the timely payment of principal of, and interest on, troubled assets in amounts not to exceed 100 per cent of such payments. Such guarantee may be on such terms and conditions as are determined by the Secretary, provided that such terms and conditions are consistent with the purposes of this Act”. What it essentially means is that the holders of the Mortgage backed securities would get the face value of the note (Mortgage amount) including the potential accrued interest that they would otherwise get 5 or 10 years from now right way or may be in terms through this bail out. In other words, the tax payer pays the investment interests plus capital to the note holders right away. The payment of 100 interest on the note is unfair to the tax payer since investment involves risk and the investors should bear certain amount of risk. However, payment on the face value of the original mortgage amount (capital) without any interest or the US Treasury note interest may be fair to all the parties. If this Bail out bill goes into effect as it is stated, the holders of securities note not only get their initial capital but also the accrued interest. They tax payer gives the capital and interest to the investors right away and the investors do not have to wait for 5 or 10 years for the note to mature. There will be so much money in the money market and the banking system, the interest rate on the consumer borrowing has to go up significantly to curb inflation in the coming years. End result will be bad for average tax payers who are already troubled by heavy interest and taxes. If the bail out does not involve any interest, there will be some serious crumbling from the note holders, but they will be happy that they at least get their capital back. The tax payers pays very little for borrowing the $700B. Further, the bail out should specifically eliminate Hedge Funds if it needs to fair for Tax payer. Not sure if the Hedge Funds are covered under the term “Financial Institutions”. Would like to know the input. To all,
There is consensus that there should be some form of capital infusion for current banking crisis either through tax payer bail out or from private market. Since private market is not ready, the bail out seems to be the present options available. But every one talks about the Oversight, Tax payer protection, and limit on executive compensation but no one talks about the core issue that is buried under the SEC 102 (a) (3) EXTENT OF GUARANTEE.— Here it is. “Upon request of
a financial institution, the Secretary may guarantee
the timely payment of principal of, and interest on,
troubled assets in amounts not to exceed 100 per
cent of such payments. Such guarantee may be on
such terms and conditions as are determined by the
Secretary, provided that such terms and conditions
are consistent with the purposes of this Act”.

What it essentially means is that the holders of the Mortgage backed securities would get the face value of the note (Mortgage amount) including the potential accrued interest that they would otherwise get 5 or 10 years from now right way or may be in terms through this bail out. In other words, the tax payer pays the investment interests plus capital to the note holders right away. The payment of 100 interest on the note is unfair to the tax payer since investment involves risk and the investors should bear certain amount of risk. However, payment on the face value of the original mortgage amount (capital) without any interest or the US Treasury note interest may be fair to all the parties.

If this Bail out bill goes into effect as it is stated, the holders of securities note not only get their initial capital but also the accrued interest. They tax payer gives the capital and interest to the investors right away and the investors do not have to wait for 5 or 10 years for the note to mature.

There will be so much money in the money market and the banking system, the interest rate on the consumer borrowing has to go up significantly to curb inflation in the coming years. End result will be bad for average tax payers who are already troubled by heavy interest and taxes. If the bail out does not involve any interest, there will be some serious crumbling from the note holders, but they will be happy that they at least get their capital back. The tax payers pays very little for borrowing the $700B. Further, the bail out should specifically eliminate Hedge Funds if it needs to fair for Tax payer. Not sure if the Hedge Funds are covered under the term “Financial Institutions”. Would like to know the input.

]]> By: Steve Olson http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88658 Steve Olson Tue, 30 Sep 2008 15:34:20 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88658 Juan, This logic is dangerous. Who's to blame is material. If we don't learn what/who caused this mess, we will probably create a poor solution and be forced to repeat the mess again. It is likely we will make it even worse. To form a decent solution we must know what is happening, why is it happening, and who's decision caused it. Then we can find a solution. Just doing anything to do something is foolhardy and reckless. Juan,

This logic is dangerous. Who’s to blame is material. If we don’t learn what/who caused this mess, we will probably create a poor solution and be forced to repeat the mess again. It is likely we will make it even worse. To form a decent solution we must know what is happening, why is it happening, and who’s decision caused it. Then we can find a solution. Just doing anything to do something is foolhardy and reckless.

]]> By: Juan http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88597 Juan Tue, 30 Sep 2008 01:56:01 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88597 Who's to blame of the financial mess is immaterial. The point is, we're in it and must figure a way to get out of it or minimize the pain. We have got to quit fixing blame and start fixing mistakes and ensure we don't make the same ones again. CEOs responsible should be fired and politicians voted out of office. For instance, one who oversees or help write the tax code for the American public and claims he/she didn't know he/she had to pay taxes on certain real estate property and actually didn't pay the tax have no business being in congress. This individual should either resign or be voted out of office. Who’s to blame of the financial mess is immaterial. The point is, we’re in it and must figure a way to get out of it or minimize the pain. We have got to quit fixing blame and start fixing mistakes and ensure we don’t make the same ones again. CEOs responsible should be fired and politicians voted out of office. For instance, one who oversees or help write the tax code for the American public and claims he/she didn’t know he/she had to pay taxes on certain real estate property and actually didn’t pay the tax have no business being in congress. This individual should either resign or be voted out of office.

]]> By: wayne http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88594 wayne Tue, 30 Sep 2008 01:30:26 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88594 What about the fact that it's not eligible for judicial review? Seperation of powers anyone? What about the fact that it’s not eligible for judicial review? Seperation of powers anyone?

]]> By: Jeremy http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88556 Jeremy Mon, 29 Sep 2008 19:43:04 +0000 http://genxfinance.com/2008/09/28/full-text-and-details-of-the-proposed-700-billion-government-bailout-bill-draft-submitted-sunday-evening/#comment-88556 I guess it's all a moot point now since it didn't even pass the House. Guess we'll just have to wait and see. I guess it’s all a moot point now since it didn’t even pass the House. Guess we’ll just have to wait and see.

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