TARP money misused

[Pauls' Revere]

What more proof does the American public need!?!?

http://biz.yahoo.com/ap/081223/financial_meltdown.html

From Article:

Barney Frank, chairman of the House Financial Services Committee, said Monday he is preparing legislation to require that some of the bailout money be spent for specific purposes, such as stemming foreclosures and reducing mortgage rates. Frank is pushing to get the second half of the $700 billion rescue fund released next month, before President-elect Barack Obama is inaugurated

Yeah, I'm so happy to hear they want specifics AFTER the bill passed!

From Article:

Last week, the Bush administration used the final piece of the initial $350 billion to provide loans to automakers General Motors Corp. and Chrysler LLC. The Treasury Department has earmarked $250 billion to buy stock in banks and provided $40 billion in capital to insurance giant American International Group Inc.

Lawmakers have criticized Treasury for not using any of the initial $350 billion to prevent additional home foreclosures. Up to 2.25 million Americans could lose their homes to foreclosure this year, Federal Reserve chairman Ben Bernanke has warned.

Nationalization of our industries and NONE of the TARP money has gone to save foreclosures!

GENERAL STRIKE ANYONE?

[Agent CSL]

Is grass green? Is the sky blue? TARP funds misused! Oh I never saw this coming! Never.

[cheapseats]

What more proof does the American public need!?!?

None.

GENERAL STRIKE ANYONE?

Strategic boycotts will be more damaging to isolated Bad Guys and less harmful to the general population.

Divide and conquer, it's a strategy as old as dirt. Note that the Bad Guys systematically and effectively use it against the People -- who remain busily hating each other over fine points of ideology that will never be relevant in daily living.

[cheapseats]

I believe that Henry Paulson, Neel Kashkari and a number of others should be brought up on charges as Traitors.

Moreover, I am a proponent of death by firing squad for Traitors.

[ihsv]

Shocking!

[Pauls' Revere]

I'm not surprised...(however)

Can they be brought up on charges for mis-appropriation of funds?

Is there no legal recourse for the taxpayer?

Where/Who is/are the legal team for the public?

Where is the Attorney General on this?

F****!

[jonahtrainer]

Shocking!

No kidding. Who would have thought this could happen!? It is completely unpredictable and unexpected. We should give another $700B to figure out why and stop it from happening again.

[Pauls' Revere]

All this $$$ dumped into circulation and I go into the local Savmart and see a regular Foster Farms whole chicken fryer (uncooked, unseasoned) for $9.00!

[Primbs]

Even Democrats like Brad Sherman voted against TARP. Congress voted for no oversight.

[ihsv]

Even Democrats like Brad Sherman voted against TARP. Congress voted for no oversight.

Even if they had oversight, it would be like the mafia making sure the mafia is above board and honest.

[HOLLYWOOD]

Barney Frank is a SILVER-TONGUED DEVIL!

The Crooked Cronies of Congress selected Barney Frank to be the PR front man for manipulative theft against the TAXPAYERS. If Nancy Pelosi tried scamming the public it would be very difficult.

Barney Frank puppet to the Masters of Banks, Wall Street, and Real Estate.

One of the Founders of System Manipulations... Killer of FREE MARKETS!

[PatriotG]

I believe that Henry Paulson, Neel Kashkari and a number of others should be brought up on charges as Traitors.

Moreover, I am a proponent of death by firing squad for Traitors.

Our forefathers had the right idea.
Public Exectuion for treasonous individuals. Firing squad is OK by me.

Im partial to public stonings myself.

[sdczen]

Nationalization of our industries and NONE of the TARP money has gone to save foreclosures!

GENERAL STRIKE ANYONE?

Money cannot be used to "help" foreclosures. The price of these homes need to come down in order for them to be affordable. It's simple math and this is what the talking heads and politicians are always spouting off about; "saving foreclosures". It's the most nonviable plan out there.

House prices in many areas from 2001 to 2006 grew at an alarming rate. In some areas they grew upwards of 20% per year. If you do the math over a 5-6 year time period, that is anywhere from a 100% to 120% increase in home prices over that time frame.

Now, if the home prices have only declined around 20% to 25% over the last 1 1/2 years, we still have a long way to go. Also, the pendulum usually swings past the point in which it began. Meaning, the home prices may fall further than the 120% in which it grew.

I like to play a simple game to illustrate this point, follow the steps:

1 - Find the median income for the area in question.

2 - Find the median sale price for a home in the same area.

3 - Using this simple mortgage calculator: http://www.mortgage-calc.com/mortgage/simple.php, calculate monthly payment on median home price. Take note of the result.

4 - Find the property tax rate & insurance (estimate $3,500 & $500 respectively) and estimate the current debt load (average American has over $10K in credit card debt), be sure to include all loans.

5 - Using this calculator http://www.mortgage-calc.com/mortgage/qualify.php, plug in the information. You can play with the down payment section. Given that many people won't have 20% down, you can use a different number, however, by doing so it doesn't mean that they will qualify for a loan.

6 - You will see in many locations, the median home price and the median income do not match up. Given the new(old) lending standards, this makes things much more difficult for home buyers. 20% down payments and for many people their credit rating is destroyed, compounding the problem.

7 - The conclusion with the economic downturn, layoffs, rising debt, increasing lending standards, low credit scores, no down payments, over abundance of home inventory and everything else factored in. The home prices still have a ways to fall.

[Primbs]

Money cannot be used to "help" foreclosures. The price of these homes need to come down in order for them to be affordable. It's simple math and this is what the talking heads and politicians are always spouting off about; "saving foreclosures". It's the most nonviable plan out there.

House prices in many areas from 2001 to 2006 grew at an alarming rate. In some areas they grew upwards of 20% per year. If you do the math over a 5-6 year time period, that is anywhere from a 100% to 120% increase in home prices over that time frame.

Now, if the home prices have only declined around 20% to 25% over the last 1 1/2 years, we still have a long way to go. Also, the pendulum usually swings past the point in which it began. Meaning, the home prices may fall further than the 120% in which it grew.

I like to play a simple game to illustrate this point, follow the steps:

1 - Find the median income for the area in question.

2 - Find the median sale price for a home in the same area.

3 - Using this simple mortgage calculator: http://www.mortgage-calc.com/mortgage/simple.php, calculate monthly payment on median home price. Take note of the result.

4 - Find the property tax rate & insurance (estimate $3,500 & $500 respectively) and estimate the current debt load (average American has over $10K in credit card debt), be sure to include all loans.

5 - Using this calculator http://www.mortgage-calc.com/mortgage/qualify.php, plug in the information. You can play with the down payment section. Given that many people won't have 20% down, you can use a different number, however, by doing so it doesn't mean that they will qualify for a loan.

6 - You will see in many locations, the median home price and the median income do not match up. Given the new(old) lending standards, this makes things much more difficult for home buyers. 20% down payments and for many people their credit rating is destroyed, compounding the problem.

7 - The conclusion with the economic downturn, layoffs, rising debt, increasing lending standards, low credit scores, no down payments, over abundance of home inventory and everything else factored in. The home prices still have a ways to fall.

That is the way many professionals look at which areas to buy in.

Job compensation tends to determine property values. If jobs compensation drops in an area then real estate should follow. If job compensation goes up then real estate prices should rise.

[Thrashertm]

I believe that Henry Paulson, Neel Kashkari and a number of others should be brought up on charges as Traitors.

Moreover, I am a proponent of death by firing squad for Traitors.

Oh goody. Can we tar and feather them before they are shot? Pretty please?

[cheapseats]

Barney Frank is a SILVER-TONGUED DEVIL!

Barack Obama is silver-tongued. Barney Frank is garble-mouthed.

Barney Frank puppet to the Masters of Banks, Wall Street, and Real Estate.

THAT, he is.

[cheapseats]

I believe that Henry Paulson, Neel Kashkari and a number of others should be brought up on charges as Traitors.

Moreover, I am a proponent of death by firing squad for Traitors.

Our forefathers had the right idea.
Public Exectuion for treasonous individuals. Firing squad is OK by me.

Im partial to public stonings myself.

Oh goody. Can we tar and feather them before they are shot? Pretty please?

Sorry, fellas. Stonings and tar/featherings speak to sadism and revenge. While both impulses are understandable, there is no room for them on the Noble Path.

Execution by firing squad is unambiguous, purposeful and efficacious. So very much money has been made through traitorous fiduciary malfeasance, I sense that nothing short of Execution will deter the up-and-coming generation of slick, insincere executives from literally and figuratively following Suit.

I DO believe that, for our run-of-the-mill Corrupt Officials, Public Stockades should be brought back into fashion.