MrBuzz

I.O.U.S.A.

Pete Peterson: Blackstone ? Not sure he was part of Black Rock!

I knew Pete when he was Secretary of Commerce. His views have grown as he has become more knowledgeable as have mine. But, he sees the vision that the United States needs to start paying its bills. And making hard decisions on paying down the National Debt & not meaning the current budget deficit. That also needs be a surplus not a deficit. The end game will be a disaster of our own making.

I do not think The Congress or Obama have the guts to actually tackle the problem. Both parties and Obama are willing to spend like drunk sailors (not fair to slight drunk sailors but it works). At the expense of the future of the nation and its people.

Are U.S. Home Prices Reasonable?

My opinion is that the average American worker making between $15,000 and $50,000 a year cannot buy a house over $85,000. I actually only make $9.74 per hour now. Work for the biggest media company in the world but can't afford even the deposit to get new apt. Let alone a house. And not a kid, 54 now. And doubt I will own a home again.

If homes are not between $85,000 and $125,000 (max). Then they are out of reach for normal working American's. The size or cost of square foot makes no difference ... Its final price that does. And most homes are out of reach of hourly working US Citizens. Its a shame on the American Dream. Taken away the hope we once had.

Alt-A Loans Spiraling Downward

There is about:

$1,000,000,000,000 in outstanding ALT-A loans - Most will default if not yet
600,000,000,000 in outstanding Option ARM loans - about to hit deadline.

This on top of the 1 trillion in sub-prime. Andyou see end in sight in next year. Thats foolish talk. Like living in a dream world.

It can be fixed. We can let "primary" homeowners who live in home to stay. One of the reason they are in trouble is the ARM reset. Well the Fed has rates much lower then back then. Now reset to the FED prime and make it for 30 year fixed. No more f....ing with the poor homeowner and public.

Lets make real decisions. Fix real problems with real soutions.

Time for the American Government and People To Confront Reality

The current crisis is just "wake up call" for the bigger disaster when the US Government files for Bankruptcy. The National Debt - $53 trillion !

There will not be medicare or drug benefits because there will not be any federal money to pay for this. Cut now, cut everywhere possible. Go back to as pure capitalism as possible. Otherwise, just keep pilling it on so your kids have to pay & deal with it ... not you!