Jimmy Higgins
Contributor
- Joined
- Jan 31, 2001
- Messages
- 53,356
- Basic Beliefs
- Calvinistic Atheist
The bailing out was also an issue for home owners because the foreclosures were past tense. It wasn't as if the first home went down due to a subprime mortgage was immediately followed by the crash. That was working its way through the system and just how fragmented the free market really managed to make the securities. RVonse is using google AI to dictate their argument about 10 million home losses that Obama didn't save! 10 million home losses were between 2006 and 2014.It would have been smarter to just bail out the homeowners by sending payments directly to the banks in the borrowers' names. But that didn't happen.If what you say is true, what steps have the Democrats you are defending enacted making certain such a banking failure would not happen again? I guess I never heard that Glass Steagall had been enacted again. I would think the Democrats of all people would be worried to death about how bad it got and how close it was to going back to gold trading for services.Actually, it was a shit ton of loan. In order to thaw the freeze, the big banks had to trust the other big banks had money. So the Government said you are taking this, shut up, you are paying interest back on it. It is clear you have absolutely no idea just how bad it got. Had the Government done nothing, everything was lost. In fact, I'm not even certain anyone would have known how to dig out of 'letting them fail', because the solvent banks would have become as insolvent as the insolvent banks became. Yes, the physical gold hoarders would have finally had their day, but there would not be anything left to buy.
Furthermore, what I said still applies. He could have bailed out the home owners and saved everyone. Like when they cut checks during COVID and printed the money for it all.
2006 had 1.2 million foreclosures (700k homes)
2007 had 2.2 million foreclosures (1,100k homes)
2008 had 3.2 million foreclosures (2,330k homes).
TARP Passes, aiming to buy up poison securities
System collapses on October 10th.
TARP gets partially repurposed to manage the currency freeze
4 million homes are down already before Obama gets in the door. This is why the investments are failing. It is already too late to have Obama buy the homes. Could Obama rescue homes in '09 onward? Quickly? No bleeping way! And I've got to doubt the possibility of that even passing the Senate.
You mean even during the gold standard? *shock*The man you supported THRICE for the Presidency wouldn't have done bailed out homeowners. So what exactly is your beef?
If you read Howard Zinn's A People"s History of the United States, you'd learn that the Federal gov't has always been in the pocket of the elites to some degree since the founding of the USA. Hell, our venerated founding "fathers" were elites.