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 TARP and Paulson's remarks

Created by:
Eileen Landau,, Licensed Real Estate Broker,  Naperville-Downers Grove,  IL

Date: November 14, 2008, Number of Replies: 3


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Gloria,
I really think that our Big Guys (Bernacke and Paulson) knew there was a problem. I don't think that they recognized the extent of it. And, as such, they probably used the back of an envelope to develop their plan.
However, at least they admitted that they under estimated the problems and are trying another approach.
No question that the big stumbling block is the ever increasing number of foreclosures. Didn't we just get a figure that foreclosures are up almost 25% nationwide in year-over-year numbers.
One of the difficulties is that Bush is now a lame-duck president. He has two months left and may or may not do anything. Same with Congress which will meet this coming week. Will they attempt any corrections? Or will they just complain...and do some more "this is a sick economy." So, maybe they're going to give the economy 2 aspirins and call us when Obama takes office.
And as we're seeing the global effects of our recession, it merely points out that like it or not, we are affected by the rest of the world.
So, I'd hope that the new administration is writing out Plan A, Plan B and Plan C...because I think that we may need them.
Gosh, Econ 101 was never like this!
Eileen Landau, ABR, CRS, E-Pro
Over 800 Homes Sold!
Realty Executives, Pro/Team
Serving Naperville, Downers Grove
and Woodridge
630-961-2600 Direct
630-515-9500 Office

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Gloria Handley Licensed Real Estate Agent,  Chandler,  AZ

Date: November 14, 2008

Gloria,
 
I really think that our Big Guys (Bernacke and Paulson) knew there was a problem. I don't think that they recognized the extent of it. And, as such, they probably used the back of an envelope to develop their plan.
 
However, at least they admitted that they under estimated the problems and are trying another approach.
 
No question that the big stumbling block is the ever increasing number of foreclosures. Didn't we just get a figure that foreclosures are up almost 25% nationwide in year-over-year numbers.
 
One of the difficulties is that Bush is now a lame-duck president. He has two months left and may or may not do anything. Same with Congress which will meet this coming week. Will they attempt any corrections? Or will they just complain...and do some more "this is a sick economy." So, maybe they're going to give the economy 2 aspirins and call us when Obama takes office.
 
And as we're seeing the global effects of our recession, it merely points out that like it or not, we are affected by the rest of the world.
 
So, I'd hope that the new administration is writing out Plan A, Plan B and Plan C...because I think that we may need them.
Gosh, Econ 101 was never like this
________________________________________________________________
I agree with you Eileen that Bush is now ineffective not matter what he does.  A terrible thing has happened which may cost us dearly as a nation and individually.  If you read Steve's  post earlier today with the link to a most outstanding article you will get a much more clear picture of what happened.  It was a long read but very much worth the time.  Wall Street was the devil in this.. and Wall Street will never be the same because of it. 
 
There is an important meeting being held  tomorrow with the G-20.. World leaders discussing options and what will be done.  Many are pushing for a global currency and economy.... or at the very least a new world financial order.   Don't let this slip under your radar.  It would be easy to do considering our numerous crises' going on right now :) 
 
Gloria
Chandler/Gilbert AZ
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Robert King Licensed Real Estate Broker,  Saint Petersburg,  FL

Date: November 15, 2008

I find this response by Eileen to Gloria most interesting:

"One of the difficulties is that Bush is now a lame-duck president. He has two months left and may or may not do anything. Same with Congress which will meet this coming week. Will they attempt any corrections? Or will they just complain...and do some more "this is a sick economy." So, maybe they're going to give the economy 2 aspirins and call us when Obama takes office."

Why should Bush do anything?  The President Elect is going to exercise executive privilege anyway.  Besides Obama has a rubber stamp with the House and Senate, who needs Bush's opinion of how to solve the foreclosure nightmare.  The only thing that needs adjusting is the Judicial Court to get in lock step with the GOOD OLE AGENDA!.  I don't think it would be prudent for Bush to do anything now.  Lets face it the last 2 years of congressional leadership are more than capable of figuring out how to deal with a 1% prime rate.  Maybe they'll pull an old play out of the Carter Administration and raise the Prime rate!  Do you think?  One thing we can all be happy about is the majority of democrats were on board with Bush's 700 billion dollars bail-out to the lenders of plight . Both McCain and Obama were all on board with that bipartisanship.  I'm sure Obama and crew will find a distribution of funds to resolve our plight.  You can't trust Greedy Consumers who demand their rights.  It just isn't fair.  Maybe we can bring on the FLAT TAX then everybody becomes a contributor to the resolve.  Even those on entitlements can contribute from their entitlements.  Why hamstring the rich, why not redistribute all the plight equally across the board.

 

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Eileen Landau, Licensed Real Estate Broker,  Naperville-Downers Grove,  IL

Date: November 15, 2008

There is an important meeting being held tomorrow with the G-20.. said Gloria.

Yes. I watched some footage of the representatives meeting yesterday. However, there was a very interesting discussion that (John, this was referred to as Bretton Woods II) perhaps, it should be the G-2 meeting. Meaning that China and the U.S. should conduct the talks.

Although the BRI (Brazil, Russia, India) countries and other developing nations should have some input.

I suspect that what will come from this weekend meeting, is that they will all agree that we are in a severe financial crisis. And, that we must "band" together to resolve it.

Nothing new there. But, as Bush is now a Lame Duck President, I suspect that these other countries are just waiting for Obama to come into office.

And, also (in regard to Paul's statement about the bailout money)...apparently $290 billion
has been given out already to the banks. Yesterday, a New York attorney was proposed to head the oversight committee. Don't you find that interesting? They've already given almost half the money away...and now they're asking for over sight.

We have in reality four bailout programs currently in effect:
TARP $700 B
Autos 25 B (with more on its way)
Fannie/
Freddie $110 B
AIG $100 B

That's almost a TRILLION dollars!

A billion here, a billion there...


Eileen Landau, ABR, CRS, E-Pro
Over 800 Homes Sold!
Realty Executives, Pro/Team
Serving Naperville, Downers Grove
and Woodridge
630-961-2600 Direct
630-515-9500 Office

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