So what’s the best conservative solution to this financial crisis? Do nothing, but maybe pass some sort of placebo bill so the panicky segment of the American public think we’re doing something?
18 Comments
I still think stocking up on guns and ammo is the best bet. And moving to Idaho. Of course, you and SK already took care of both of those, but some of us are a bit behind on it.
And since China is doing so much space testing, we should go ahead with nuking the moon, just to pre-emptively remove the temptation for the Chi-Coms to co-opt lunar soil for their own nefarious purposes.
Doing nothing would be better than committing an unknown but astronomical number of dollars this problem. The ultimate cause of this problem is corruption — the government strongarmed lenders to give mortgages to people who they knew would not be able to pay, and told the lenders it would be okay because the government would take these obviously bad loans off their hands through the auspices of Fannie and Freddie. Nobody considered the secondary and tertiary effects when these mortgages got bundled and sold as securities, which were then used as assets for any number of financial institutions. The problem now is that these mortgage-backed securities are all over the world and although they’re not worthless, nobody has any idea what they’re worth, and that causes a huge number of headaches.
I seriously doubt that the same snake oil salesmen who caused this problem will solve it.
The best thing to do would be to suspend sales and transfer of the MBS’s, arbitrarily assign all the suspect MBS’s a value of maybe 50% of their face value for a short time just to keep the financial world moving, then hire an independent, non-governmental accounting firm to examine each individual MBS so that its real value can be established.
I realize there’s a lot more that will have to be done, but it doesn’t matter since nobody’s going to listen to me anyway.
Well, if you believe what they’re saying about the broader credit markets, Frank, money is already drying up. That needs to be remedied. After that, since money is now fully ‘politicized,’ yeah, maybe you’re right, an anti-panic placebo bill would be acceptable. And after that, I plan on living even more independently than ever.
This social train we’re on leads to the ‘Bridge To Nowhere.’
Eliminate the capital gains tax for a few years to encourage investment and vote out all members of Congress who used their position to force banks to lend to people who can’t afford to pay back the debt.
I don’t know. I would think the first thing that should be done is to get back the billions of dollars skimmed off by the upper management and their cronies.
Then figure out how many of these loans were taken out by illegals and take them over immediately if not sooner, shipping said illegals back to where they came from.
Then maybe those in Washington could be forced to sacrifice their favorite pork project saving money there.
How about we cut off the retirement package for politicians in congress unless they actually retire after 20-30 yrs and put in term limits. (takes care of that problem) These folks should have to look forward to living on Social Security like the rest of us. I’ll just bet things would change in short order.
No more 300 dollar hammers. Everyone will just have to economize.
No more disaster money everytime the wind blows, only for inferstructure. People are supposed to have insurance. That’s why it’s there.
Put Washington on a 4 day work week and close everything down on Sunday. Maybe then the Lord would be more willing to take an interest in what’s happening here. (or not, we’re probably too far gone as it is.)
seanmahair, you’ve got to come up with something Congress will do. They created the entities in the first place and now they gotta fix ’em. I know, sure.
BTW, you still haven’t fixed your gravatar. It’s different, but definitely wrong for you. See, I just changed mine to reflect a bad mood.
2) begin hearings to have Barney Frank and Chris Dodd explain why they shouldn’t be arrested…then arrest Frank and Dodd (Frank will enjoy prison life anyway).
Do nothing is the best idea. We live in the era of the internet. The economy should rationalize much quicker than in 1929. Whilst that took 12 years and a world war to resolve this will probably resolve in 3 or less untouched by gov’t. And capitalism will be left intact. If this thing passes don’t think the unDemocrats will not use it at their leisure. Its a huge intrusion into the free market.
This is the time when the fiscally responsible get their reward of being able to buy up real estate cheaply because of the debacle of the dufasses. Yet the bailout rewards the duface and disincentivizes the savvy saver.
Along with Frank & Dodd being frog marched out of congress ACORN should be under a RICO prosecution with half the brokers and bankers along for the ride.
4. After arrest, ship Dodd and Frank off to Venezuela (they could use some housing, too). Oh wait, Hugo is already doing his own social engineering down there… perhaps Myanmar???
5. Send Danny Glover and Michael Moore with them as their “escorts” via parachute drop.
I still think stocking up on guns and ammo is the best bet. And moving to Idaho. Of course, you and SK already took care of both of those, but some of us are a bit behind on it.
And since China is doing so much space testing, we should go ahead with nuking the moon, just to pre-emptively remove the temptation for the Chi-Coms to co-opt lunar soil for their own nefarious purposes.
Doing nothing would be better than committing an unknown but astronomical number of dollars this problem. The ultimate cause of this problem is corruption — the government strongarmed lenders to give mortgages to people who they knew would not be able to pay, and told the lenders it would be okay because the government would take these obviously bad loans off their hands through the auspices of Fannie and Freddie. Nobody considered the secondary and tertiary effects when these mortgages got bundled and sold as securities, which were then used as assets for any number of financial institutions. The problem now is that these mortgage-backed securities are all over the world and although they’re not worthless, nobody has any idea what they’re worth, and that causes a huge number of headaches.
I seriously doubt that the same snake oil salesmen who caused this problem will solve it.
The best thing to do would be to suspend sales and transfer of the MBS’s, arbitrarily assign all the suspect MBS’s a value of maybe 50% of their face value for a short time just to keep the financial world moving, then hire an independent, non-governmental accounting firm to examine each individual MBS so that its real value can be established.
I realize there’s a lot more that will have to be done, but it doesn’t matter since nobody’s going to listen to me anyway.
Too late. We are f’d in the a.
Watch this video, get pissed, and get some people to vote before it is too late. You want more financial ruin? Vote Obama.
http://www.youtube.com/watch?v=H5tZc8oH–o
Well, if you believe what they’re saying about the broader credit markets, Frank, money is already drying up. That needs to be remedied. After that, since money is now fully ‘politicized,’ yeah, maybe you’re right, an anti-panic placebo bill would be acceptable. And after that, I plan on living even more independently than ever.
This social train we’re on leads to the ‘Bridge To Nowhere.’
Pass a bill that bails out the states that vote for McCain in November.
Eliminate the capital gains tax for a few years to encourage investment and vote out all members of Congress who used their position to force banks to lend to people who can’t afford to pay back the debt.
I don’t know. I would think the first thing that should be done is to get back the billions of dollars skimmed off by the upper management and their cronies.
Then figure out how many of these loans were taken out by illegals and take them over immediately if not sooner, shipping said illegals back to where they came from.
Then maybe those in Washington could be forced to sacrifice their favorite pork project saving money there.
How about we cut off the retirement package for politicians in congress unless they actually retire after 20-30 yrs and put in term limits. (takes care of that problem) These folks should have to look forward to living on Social Security like the rest of us. I’ll just bet things would change in short order.
No more 300 dollar hammers. Everyone will just have to economize.
No more disaster money everytime the wind blows, only for inferstructure. People are supposed to have insurance. That’s why it’s there.
Put Washington on a 4 day work week and close everything down on Sunday. Maybe then the Lord would be more willing to take an interest in what’s happening here. (or not, we’re probably too far gone as it is.)
seanmahair, you’ve got to come up with something Congress will do. They created the entities in the first place and now they gotta fix ’em. I know, sure.
BTW, you still haven’t fixed your gravatar. It’s different, but definitely wrong for you. See, I just changed mine to reflect a bad mood.
Here’s some common sense on the mess.
http://www.daveramsey.com/etc/newsletters/company/092608.cfm?ectid=cnl0809_06#1
Try this one, too:
Burning Down the House (YouTube)
Invest in a copy of “Free to Choose” by Milton Friedman and spread the good word to others?
1) Fire the jackass Paulson
2) begin hearings to have Barney Frank and Chris Dodd explain why they shouldn’t be arrested…then arrest Frank and Dodd (Frank will enjoy prison life anyway).
3) No $700,000,000,000 bailout.
First, admit the Iraq War was wrong.
Do nothing is the best idea. We live in the era of the internet. The economy should rationalize much quicker than in 1929. Whilst that took 12 years and a world war to resolve this will probably resolve in 3 or less untouched by gov’t. And capitalism will be left intact. If this thing passes don’t think the unDemocrats will not use it at their leisure. Its a huge intrusion into the free market.
This is the time when the fiscally responsible get their reward of being able to buy up real estate cheaply because of the debacle of the dufasses. Yet the bailout rewards the duface and disincentivizes the savvy saver.
Along with Frank & Dodd being frog marched out of congress ACORN should be under a RICO prosecution with half the brokers and bankers along for the ride.
And community organizers too.
I keep waiting for them to come out and tell us of a bridge that’s for sale…………..
I agree with Bob – add the following to his plan:
4. After arrest, ship Dodd and Frank off to Venezuela (they could use some housing, too). Oh wait, Hugo is already doing his own social engineering down there… perhaps Myanmar???
5. Send Danny Glover and Michael Moore with them as their “escorts” via parachute drop.