Across the page from Ron Paul is old Fed hand Alan Blinder - taking a break from pushing QE4 -...

Across the page from Ron Paul is old Fed hand Alan Blinder - taking a break from pushing QE4 - to argue for more federal intervention to ease the foreclosure issue. Ignore Rick Santelli, he says - push ahead with mass refinancings, principal reduction and government loans to those who would convert vacant homes into rentals.

Comments (17)
  • Financial Insights
    , contributor
    Comments (928) | Send Message
    "Ignore Rick Santelli" How about we start a petition to get him fired?
    20 Oct 2011, 05:52 PM Reply Like
  • Mobywhite
    , contributor
    Comments (409) | Send Message
    Why? I rarely agree with him but I like to hear what others are thinking.


    Do you want to hear from people who only think like you do?
    20 Oct 2011, 06:01 PM Reply Like
  • Financial Insights
    , contributor
    Comments (928) | Send Message
    I don't like hearing ignorant blowhards talk.
    20 Oct 2011, 06:51 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
    Isn't it fun to spend other people's money?
    20 Oct 2011, 08:01 PM Reply Like
  • radicall
    , contributor
    Comments (533) | Send Message
    QE4? Are we going to skip QE3 in favor of QE4?
    20 Oct 2011, 07:13 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
    Good grief - yes, if we just spend EVEN MORE MONEY - everything will be ok.


    where do they find such stupid supposedly smart people??


    Yes, lets let the government sell off mortgages to "preferred" investors - don't think there will be any funny business there - or deals that aren't available to the guy on main street - heck they'll probably guarantee a certain rent for the first five years!!!!


    Let the banks fail. Throw out the people that can't pay their mortgage - they signed the loan papers and took the money, they took out the equity when times were good. Move out, sell the house at auction for whatever the market will bring - don't care if its $20 to the guy down the street. Break up the large banks - bring back Glass-Steagall. Then cut all the government spending until our budget is balanced and THEN we can start to see things improve over time.
    20 Oct 2011, 07:22 PM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
    just curious ...why not a national refinance referendum .


    all mortgages under 1 million dollars automatically reset to the new 30 yr mortgage rate . this would be a stimulus of epic proportions .imagine the extra money in households .
    the fed would pay the banks the difference between the current mortgage rates and the new one set based on the 30 yr treasury.
    no discrimination ( everyone is in ) , eliminate operation twist , let the bush tax cuts expire for everyone. the banks would still get paid the difference between the new rate and the old rate.
    the banks would agree to hire all laid off workers to process these loans for 2 years .
    this would most likely end falling home prices and spur demand.
    20 Oct 2011, 10:43 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message


    How about we try this?


    Your responsible for your actions!!!!


    And what do you mean no discrimination? How about discrimination against my child and my grandchildren to pay for people's personal decisions. Yeah, my kids and grandkids should have another 2 or 3 trillion in debt to pay off because a bunch of folks wanted granite countertops, or beachfront access, or water views.


    Thats not to mention people like myself that still live in our normal homes - DEBT FREE! - why? Because we are responsible and live well within our means.


    Want a new housing program - lets try the free brown boxes program.......... and GET THE HELL OUT IF YOU CAN'T PAY YOUR MORTGAGE!!! Learn your lesson and live the rest of your life responsibly.


    The only people I have sympathy for are those senior citizens that owned the homes outright and were conned by mortgage brokers to take out loans. The government should hunt those crooks down and charge them with fraud.... but then again they should have charged Fuld, Mazzillo, etc with fraud and that isn't happening.


    It never ends - thats why the banks shouldn't have been bailed out - homeowners shouldn't be bailed out. NO ONE!!!! Its unbelievable how many people we have in this country that are not willing to take responsibility for their own actions and lives.
    21 Oct 2011, 12:05 AM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
    the problem is the BANKS did get bailed out . if this did happen then why should the banks get a free ride .


    this argument of your kids paying someone elses mortgage is a catch phrase . no one is asking you to do that .


    im still stating a way of stimulating the economy thru interest rates that get down to everyone . i understand this does not effect you because your mortgage free ...happen for you .


    most in this country carry a mortgage.


    why should a hard working family with a job not be allowed to refinance at the lower rates . if hes got a job and his rate is 7-8% why should he not be allowed to refinance ? this is not a bailout , its sound business practice . its either that or you push more into default.


    looking for ideas not the righteous stick.
    21 Oct 2011, 02:04 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
    How is it sound business practice? It might be sound for those getting more "free" money from the government. Its not sound for my children that will pay for it!!!


    Its not a catchphrase! You yourself say: the fed would pay the banks the difference between the current mortgage rates and the new one set based on the 30 yr treasury.


    And who will pay off that money????? My kids and grandkids.


    And no its not happy for me that I have no mortgage - its my personal decisions made over years. You decided to buy electronic gadgets and lease new cars every two years and pay the minimum on your mortgage. Your choice - I hope you enjoy it. I chose to pay down my mortgage as fast as I could so as to not be in debt. I SACRIFICED and LIVED WITHIN MY MEANS!!!!!!


    Can't pay the mortgage - MOVE OUT OF THE DAMN HOUSE!!!!!!!!!!!!!!!!!...
    21 Oct 2011, 05:33 PM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
    i also said let the bush tax cuts expire .....this keeps everything revenue neutral.


    i buy gadgets , lease new cars and pay my mortgage so how are your kids somehow the sacrificial lamb . if no one had a mortgage and spent no money you would still be watching black and white tv shows. research and development has a cost to make everyones life better not everyone wants to live the life you live.


    my only problem with your argument is you are so self righteous on passing judgement on the people who are now in tough positions due to no fault of their own .


    explain the sanity of the lehman , bear sterns ,bac , c , jpm , cap one employee who worked 30 years religiously and woke up one day with no pension or everything cut in half . then he gets fired and now has a health bill and mortgage payment that hit a default rate of 12 % all while having his tax dollars bail out the guy that fired him .fuld , mazillo and the crooks of wall street get a free pass ?
    in what world but bizarro land is this justice ?


    in some countries this doesnt happen because the public brands its own form of justice . you think any of the wall street crooks are roughing it ? why should these guys spend YOUR KIDS money for stealing from the employees and tax payers.
    21 Oct 2011, 09:48 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
    Who says I support Fuld, Mazzillo, etc. They are crooks and as far as I'm concerned they should be doing hard time for the rest of their lives. I didn't support TARP nor the "stimulus". Create a resolution trust authority and sell off all the banks that are broke. Bondholders lose, shareholders lose not taxpayers. And I've been extremely consistent on that.


    We are 14 Trillion in the hole. Now you want the government to spend another 500 billion? 1 trillion? However much - that means we are further in the hole.


    Your arguement is bascially two wrongs make a right. Since it was wrong to bail out the crooks instead of prosecuting them for fraud (which I am all for), then we should bail out the irresponsible folks that bought too much house and CHOSE to take on ARM's, big mortgages, or just blow their money on whatever.


    And your right - There is a right way to live and a wrong way. And I have no issues calling a spade a spade - those that chose to spend and spend and live above their means lived the wrong way - and now the bill has come due. And I'm not interested in having my kids pay a dime of it. Bought a 500K house and lost your job - that is your own problem not mine. Move out and rent an apartment. Start over. Next time maybe you'll save and buy a 150K house with 75K down after working and saving for 8 years instead of leveraging yourself to the hilt. It IS their fault that they owe money that they don't have. No one else signed those mortgage papers. Life isn't fair and if you want to put blinders on and believe it is thats their choice but I'm not interested paying for their naiveness.


    We need to get rid of the Bush tax cuts to start paying down the 14 Trillion, not for the next handout.


    Its called personal responsibility.
    21 Oct 2011, 10:03 PM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
    although i disagree with you i can respect your rational thought .


    i just have to remind you that karma is unkind . any one of us who have lived a so called perfect fiscally responsible life can be dealt an unfair hand . its easy to say they should not have bought a house or paid more down or saved more just in case .......we are all one incident away form being on that side of the fence.
    21 Oct 2011, 10:11 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
    I haven't lived a perfect financial life. I've failed many times. I learned many things that hard way.... and thats just the point.


    We have far too many people who believe there is some "guarantee". "I went to college", "I showed up for work", "its not fair". Blah Blah Blah


    I once had to sell off over half of the inventory at my business at a loss to cover a "life event". I didn't live so well the rest of that year and well into the next year. I worked, ate, and slept - I took on odd jobs to help cover cash flow. Ate out zero times, bought zero clothes, SACRIFICED to get back on my feet. And I've picked up a few "unfair hands" over the years, I didn't sit around crying, I picked up the next hand and kept going.


    My family has experienced health issues. We sacrificed to ensure we could provide. The first year I earned 100K I didn't live in a house, didn't go out and buy a house, didn't drive a nice car, didn't own much of anything but my businesses. I've made very bad business decisions - and lost money. Thats life.


    Most of the folks crying aren't even suffering. I've seen true poverty. Having to move out of a 500K home you can't afford isn't a tragedy. Moving out of a 100K home you can't afford isn't a tragedy. I see all kinds of job openings when I travel around. Was in Texas a couple of weeks ago - say all kinds of signs "drivers wanted, rig operators wanted, technicians wanted" Good solid wages on many of those signs (65K, 85K) - I DID NOT SEE the rush of men driving to Texas to do this hard work!!! And I think that is a disgrace.


    IAre things tough, yes. Things were also tough in 1980-81-82. They were tough in 1991. They were tough in 2002. They are tough today. The difference is that today we don't deal with the truth at all! Just keep spending government money that doesn't exist. Bail out the fraudsters that have bought off the politicians and the complicity of the bureaucrats. Its a disgrace. Government spending and the level of debt is, in and of itself, the biggest economic problem. Balance the budget - force people to pick themselves up and live responsibly. As long as you give the handouts there will just be more competition to see how big of a handout they can get!!!


    The next bailout call will be for all the folks BK because they paid 100K for internet degrees, 80K for culinary degrees, 200K for 3rd tier lawyer degrees, etc, etc. We have totally lost the concept of personal responsibility - you make the decision you live with the results.


    Freedom and Liberty come with personal responsibility.
    21 Oct 2011, 11:13 PM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
    what makes you so sure that the people we are mentioning dont live by those same standards .


    i see many signs for work as well ....granted its minimum wage and wont carry a family of 4 but there is plenty out there. i will not pass judgement on whether a person takes that job .


    i just think personal responsibility doesnt stop at a certain income bracket .
    ceos getting 50 million parachute packages is not my idea of personal sacrifice or responsibility . maybe im bitter about how everything has unfolded but i also think we cant just ignore what happened.
    i live a very fortunate life , but i tend to understand the peoples frustration on how the terms of the social contract have played out.
    21 Oct 2011, 11:28 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
    Because I see all kinds of decent jobs that are going UNFILLED because people think they are "beneath" them. How can energy companies need 65K/year drivers and not be able to find them with 9% unemployment???


    How? Because we have a certain percentage of people that think things should be given to them. They got a degree, therefore they shouldn't have to break a sweat to earn a living. They have X years experience, therefore they will only accept a certain title. Lots and Lots of folks that think "there are no jobs", because they will only consider a job in the town they live!!! I was told recently (and I can't confirm it) that there are currently about 20,000 overseas positions available for people that will teach English - requirement - be a native English speaker. Now is that my idea of the "ideal" job? No, but its a job. Why are they vacant? We've got millions of unemployed English speakers! And how many recent college graduates are out protesting (which I fully support their right to protest as they'd like) that there aren't any jobs for them when these 20K exist???


    I agree that things aren't good in this country compared to what should exist. I blame government, I blame the financial elite, I blame the bureaucrats, I blame politicians. I don't blame people who were laid off for the fact they were laid off, but I do blame them when they start wanting the government to spend more and more money to GIVE them something they haven't earned.


    Every time I faced adversity in my life I could have "blamed" someone and just sat and waited and kept "blaming" and I bet I'd still be sitting there feeling sorry for myself. So go ahead and blame and vent - I certainly do - and in the next breath I'm off doing something to better my business and take care of my family. Time that others in this country do the same.
    22 Oct 2011, 12:46 AM Reply Like
  • PoorBrokeGraduate
    , contributor
    Comments (30) | Send Message
    Wolverine, your plan won't happen because it makes too much sense and would help too many Americans. Anyone with above average intelligence would be able to solve our crisis, unfortunately this excludes all 545 members of Congress and our Prez.
    Therefore this train wreck continue in slow motion while all of us watch in amazement from the sidelines. All we can do is try and protect ourselves from their stupidity.
    21 Oct 2011, 02:43 PM Reply Like
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