I have no sympathy for the Bank CEO's, but having to listen to the grandstanding congress has to be a kick in the nuts. Maxine Waters, just asked the same question 5 times and when the BofA guy(maybe Wells Fargo) said he didn't know what she was talking about, she answered the question for him! Talk about a dumb *****! First they make senseless statements and when a question finally comes it's so open ended there is no good answer. Instead of Congress asking the questions, we, the people, should be asking Congress, why they didn't do more research b4 passing this ******** bill. If you don't set guidelines on what the banks can do with the money, wtf did government expect? I'm really starting to be worried about my country..I've tried to remain positive these last few months, but when I see some of the **** our elected officials have done and what they want to do in the future it depress me. And, it's not as if the bad people will be elected out of office..
Yes, the exchange between Waters and Ken Lewis was pretty damn entertaining. I don't know how Lewis didn't just get up and walk away after telling her she's the dumbest woman who's ever asked him a question. She seemed to be stuck on the idea that these guys somehow conspire to prey upon black borrowers that happen to be her constituents. Unbelievable! We're here trying to get answers to billion dollar questions, and she's worried about small stuff that's completely irrelevant to the situation.
So it appears to me from a very very simplistic view point this whole thing has gone somewhat like this Andrew Cuomo and others scream racism, etc about ledning practices of banks. Their claims are found meritless based on race, but valid in that poor people were denied loans based on incomes of all races. Poor peple can't afford homes, but they try and make it a race issue. Whatever. Government compels the banks via CORA and threat of limiting their bank charters, etc if they do not issue credit and loans to those who cannot pay them back Banks say fine. they issue the loans. package them with other assets and sell them in the market. Fannie and Freddie decicde to buy them nad insure them People begin to be unable to pay their loans as the various arms come due, lose their jobs, etc. This is what happens to people who live pay check to pay check Banks see they can make esy money by issuing credit to everyone and selling it down the river Government keep insuring and buying **** hits the fan and now we have congress who compelled these banks to issue the ****** paper brow beating them for following the regulations and directions from congress. It plays well. People want to hate the rich bankers. etc even if much of this was forced upon them by those now grilling them. It is a way for the politicians to deflect blame, and who better to use than the rich. It would be comedic if not so sad that this is what our society has become.
Waters has to be the dumbest member of the entire US Congress. Her grilling of the oil executives was even more entertaining. It is amazing and scary at the same time that this person represents millions of people and has no clue how an economy works.
Euro, so true. Remember all the people that thought they hit the jackpot on election night? They want to see the money! I have a friend that wants everything to pass before he closes on his house purchase in a week so he can get 7500 tax credit. He's not concerned one bit about anything else in the pacakage.
From the marketwatch article i read today the home rebate works for purchses made retro to 11/08. so tell you friend to read up on that a bit more and he can probably not wait. The worst part of all of this for me is the fact that teh same democrats that have bitched incessantly about privacy of phone calls are now going full bore into having the govt regulate each transaction with your dr. Not to mention the census thing. It is stunning to me that the democrats are not self-immolating with the heat from the burning in their heads from those actions alone considering all the fire W caught for actually using some minor privacy concerns to catch people who want to hurt others. not for the regulation of dr's or keeping the integrity of the census in order. WTF.
