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Stop pointing the finger !!!!! We screwed up !!!!

The Constitution of the United States of America

"We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America."

The source of this preamble was found here : http://www.law.cornell.edu/constitution/constitution.preamble.html

common sense

Politics at its best... right? I really don't like to talk about politics and religion. But I needed to voice my opinion because there has been to much finger pointing and accusations. I am also tired of how we can't get along on Capital Hill. It's either the Democrats fault or the Republicans fault. The Republicans come up with a plan or good idea, yet the Democrats shoot it down, even if it would help our economy. Now, this goes on from both sides. But how about the real proof, so the general public can make its own mind up and not with these slandering remarks. What about those individuals that are to firm and true to their political parties and not the truth. Are we that naive? Stupid? What happened to common sense? Please, someone explain this to me before we slide into the shitter, a deep, dark hole. Or is that right around the corner or has happened??

Overall, I have read many blogs in the last week about this sp-called bailout. I held off on this for one main reason. It wasn't finalized as of yet. So many people complaining about this and that.... and for what? Congress is in an emergency session now, to see what they can scrape together. My opinion? I have a few.... but Norma Toering said it best here..... Life Goes On.....

panic

This is not the time to panic. Yes, easier said than done. But what I mentioned above, "We the People".... or is it "we the (our) pocket books"?? This is not funny, yet beyond serious. I am also tired of how the media keeps playing this down, talking about doom and gloom. I was born with a brain and common sense. I have seen this coming for more than 2 years and talked about it in here, regarding a recession.

Let's look at some proof.... Who is at the top of the list for high payouts in regards to Fannie Mae and Freddie Mac?? How about Chris Dodd and Barack Obama to name a few. And again, I am not here to attack a specific political party. But it does make you wonder, those that have cried and those that have been the loudest crucifying others.

What about going back the last 10 years to see the real problems that got us to the point that we are at now? Yes, this can be debated...it's just my knowledgeable opinion.

solutions

SOLUTIONS...... gee, this could be a longer list than what I gave Santa Clause when I was 5 years while looking at the kids section of a Sears catalog.

But what about starting at the top? As I mentioned, I really tried to stay away from any blogs or anything written in the paper about the proposed "bailout" until now. There was a part of me that didn't want it to happen. Yes, shoot me. In some sense, we need to let the market correct itself. But we do need some help now.

I will say this, Lenn Harley wrote a very well written post on this topic. The Loss of Consumer Credit. She stated ... "WALL STREET vs. MAIN STREET"

Because of my comment, Lenn made this reply. "The consumer pays over and over for credit impairment. The Wall Street executive is PAID for his failure."

Solution # 1 ..... How about those that knowingly made false statements, reports, cooked the books, etc, etc, just to make sure that they received their bonuses based on performance. How about going after the companies that handle the accounting for such major banks and lenders that also knew about this. Yes, this is starting to happen a little on Wall Street. But how come it's not front page news? How about those CEOs and CFOs and the million dollar bonuses? Why is the Enron crisis being repeated again? Why can't we learn from these mistakes? What will it take? Because of the news that this plan was not approved, the stock market lost over 700 points. Do I hear panic? Again, we need solid solutions....

#2?? Keeping more paying jobs in the U.S., and not selling our soles overseas for cheaper labor. Yes, they have been working on tax breaks for years, but it just doesn't seem to happen.

#3.... How about using our resources and produce more oil and gas locally? Yes, this has been talked about, but why now? Why not 10 years ago? 20 years ago? Why do we have to wait until it's an issue or crisis?

If this is the time to be United... to stand up for what we believe in... and to put our political indifferences aside, this is the time to do it. NOW... We don't need another 9/11 to be united and we surely don't need a financial crisis. But the second part is a little to late. So, again, let's start at the top and also look at the last decade, which in my opinion, has created a large part of this mess.

Before I leave.... again, please read this by Norma Toering... Life Goes On....

Overall, I wanted this blog to be based on a fact and a solution. Paige Rausch described a lot more of this in detail, which is what I wanted to do. But that would have been a chapter of a book. Please read her blog about the failed bailout plan. She makes some excellent points.

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Posted by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans on 09/29/2008 10:23 PM

Comments (16)

Mortgage Mess in the Mortgage / Finance Channel

mortgage mess, credit crisis, market meltdown, financial meltdown, wall street, mortgages, real estate

Originally posted at: FHA Mortgage Expert - Tri-State Area - New Jersey/PA/Delaware: Stop pointing the finger !!!!! We screwed up !!!!

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16 Comments on Stop pointing the finger !!!!! We screwed up !!!!

SEP

2008

Jeff,

" "

Bill

Jeff - I will preface this by saying I love your heart. And blame is for fools. We argue and post about money, it's ridiculous. We'll be fine... and think of another problem if money isn't one.

I have come to say this more often than I ever thought I would - It is what it is and this too shall pass and tomorrow we will have a new worry -

SEP

2008

BILL..... always nice to see you stop by. Just wish I could have gotten your honest opinion on this one... lol

JASON...... sure, we'll be fine.... or will we? I believe in keeping positive.... but it will get worse before it gets better. So many unturned stones still... many of which are in regards to the books being cooked. That is very scary.... in my opinion, that is just the beginning of it.

THESA...... in all honesty, I have used that saying maybe twice this year... and I absolutely hate that saying. Why? Maybe those in gov't use it more than they should and it's just a crutch that they can fall back and use that phrase.... these are some of the biggest problems that we have ever faced as a country.... sure, it can pass... but will it and how long will it take. What happened today will screw up consumer confidence and spending, no matter what the gov't says or days in the next several weeks. That is just my opinion... thanks

It would seem that the government is out to lunch on all the issues, yet both our presidential candidates keep saying the same thing. Just give us more money and we can fix it!

gla to have you weigh in Jeff... your insight is always appreciated

chris the implementer

Hear! Hear! I'm with ya! Jeff B for president. I ran for supervisor (equivalent to mayor) of our township a few years back. I lost, but had a good race. I hate more government and now that's exactly what we have. We have so much government now, that no one gets along or will cooperate with the others. They're there to serve and lead us not to quibble about who gets center stage.

I have to tell you that 'Life Goes On' sounds just like Thesa's quote. We want to praise one person for posting a 'life goes on' post but tell someone that you don't like their quote because she states that 'it too shall pass'. Sure, life does go on. Sure, we won't die from this. Sure, it will pass. But your response to Thesa was right on the money. When? How bad do we let things get before the Government steps up with a plan. Well, they did that. And sure, the plan could be revised, but it needs to be passed in order to avoid losing additional jobs.

As you stated, it should not be about 'democrat' or 'republican'. This should be about what makes sense for the people as a whole. Hopefully something can be agreed upon that makes the most sense, but in a timely fashion.

DALE aka Home Reality Group ...... . I don't think it's so much them saying give me more money. I know McCain has wanted to stop the spending and do some cutting... but that is irrelevant. It's the individuals in gov't that have allowed this to go on. I know McCain has tried to approve certain things in the past that was shot down in Congress. You just wonder who wants to help who, no matter what side they are on.

Overall, we need to be held accountable for what has happened and nobody wants to stand up for this. It's finger pointing..... what about the CEOs & CFOs that have manipulated the system and those that have cooked the books. Why aren't we going after those people? And if so, how come they aren't mentioned on the front page of the news?

CHRIS....... . thanks for the polite comment and for stopping by.

LARRY....... . I really can't stand our gov't. Sure, there is no easy fix... but what I have seen a lot more of in the last 3 to 4 years is that we can't get along in Congress. It's one side against the other, no matter how they actually feel. It's like the South against the North.... it's very sad and scary. And it makes you wonder what it will hold for us in the near future. Thanks for the vote of confidence, but I would need tons of money to even try anything, in regards to the political side of things... lol It's not for me anyhow...

JOHN....... . my concern is, what ever is passed, will it help? Do we need to spend that much money, when in reality, we need time to help correct this mess. Look what happened yesterday when this bailout was not passed. The whole world panicked. The Euopean market is very dependant upon us at this moment. It's just a mess....

And yes, we need people to come together as one and not as Republican or Democratic. This is something else that has hurt us drastically in the last several years. Thanks for your input.

I agree. When we do it, let's do it right the first time.

Jeff, very well written and thought out. In my opinion we are all to blame. Many of us saw it happening but we kept rolling with it. Extending credit to those who were not credit worthy eventually was going to bite us in the butt. Allowing people to walk away from their homes without any tax consequence well it just set up the current environment of people doing just that. The market was beginning to to work things out between lenders and borrowers, although the lenders reacted a little late, through loan modifications.

The problem I see is that our elected officials try to make legislation base on a well intentioned thought but don't think about the consequences. In the short term they saved the day but in the long run they have prolonged recovery at the taxpayers expense while the executives make millions. Gee, I wonder why people think it's okay to tax the rich more, because they look at them as villains.

We have to get back to what our founding fathers' intentions were and that's a free nation. We need a smaller government and less taxes. We have gotten accustomed to these bail outs with what guarantees. When did the government get into lending business? We are the greatest nation on the face of this earth. If we fail the global community fails. We have a huge influence of entrepreneurs and capitalist. Somebody will step in if these companies fail. I'm seeing some properties being gobbled up by investors because they know that rental market is strong and so these properties are paying for themselves. We will get over this and we will learn some new lessons (hopefully).

Jeff - I think it is right around the corner. I think the bottom may be closer than many think. I also think the bottom will be a crash landing where many businesses and consumers will not make it. Maybe that would be best for all. Hit the bottom, suffer the loses and get on with life. Thoughts?

GO SKINS! MARYLAND MORTGAGE EXPERT

OCT

2008

if anything, it would be nice to get a clear future direction. It would put an end to (not all) of the end of the worlds doomsayers

OCT

2008

Jeff, the best thing that politicians do is spend money. The second best thing they do is spend money. The third best thing they do is blame someone else for spending the money. I keep saying that politicians should be changed often, just like diapers and for the very same reason. I know, it is an old joke, but it is so right on. Thanks for the insight.

About 60% of the Saudi Arabian global investments are in the US, much of it Citigroup mortgage paper. South Korea, UAE and Kuwait are also heavily invested in Citigroup. There were issues with itchy foreign investors when Bear Sterns went out. If these investors pull out, it will have a devastating effect on our economy and the our ability to recover. Having said that, do we really want to sell out to keep that from happening? Will the sell out work?

I think we need to slow down, let the new administration take over, appoint their cabinet, in the meantime figure out how deep the mess really is and what other options might exist to resolve the mess.

I fail to see how many of those pork add-ons will help solve the problem....wool studies? How will that help? I can live with the tax breaks. But 3.3 billion in funding for rural schools should not be part of this bill! Neither should mental health benefits, tax benefits to commercial fisherman due to the Exxon spill, a tax break for producers and importers of wooded arrows used for toys, or a tax break for rum distillers in the US Caribbean territories which expired nearly a year ago!

I would love to see one bill addressing one item only and not all these tacked on items that over-complicate things. How about term limits so Congressional Lifers don't exist only to owe so many favors that pork spending is needed to pass a clear and concise bill? Government service was never meant to be a life long job!

On to the House....

Nice post,

Solution #1 ...perhaps the new SEC accounting rules will actually help alleviate this issue. I do agree, anyone who was paid huge bonuses for mediocre to flat out "cooked book" performance should be prosecuted. If your going to throw ole Martha in the slammer, then these CFO's and CEO's need to worry about similar accomadations.

Solution #2... Your close to sounding like a supporter of Tariffs. The problem is our capital gains and corporate tax rates are too flipping high in our country. Reduce them so you can compete with Central America, Europe, and Asia, and you'll see more US money staying ashore. You'll also see more investment in American technology and manufacturing. Second, the genie is out of the bottle in terms of cheap manufacturing. I'm sure your going to fight a losing battle if you desire to reintroduce the manufacturing super giant of yesterday, but I think if we're smart, that we can be the "new" manufacturing giant of tomorrow. In other words we produce the worlds "high tech" products in America, and allow China to produce cheap electronics. Big tax breaks for tech savy companies need to be offered to US companies to keep them in the good ole USA.

Solution #3...100% support this solution. Why transfer wealth to these Arab's that would just as soon slit our throats. We need to start buying American energy, and to do that we need to produce allot of it and do it NOW!! Drill baby drill!

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