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Reply #39: And which Congress, pray tell, is going to appropriate the money to do this? [View All]

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ThomWV Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-23-11 09:39 AM
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39. And which Congress, pray tell, is going to appropriate the money to do this?
Where does this fool think the President will get the money? The President has no stash of cash that could accomplish this and if the President were to try it you would see the next "Continuing Resolution" go un-passed and Government would come to a near complete halt within the week.
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  -Congressman: Obama should unilaterally refinance every home mortgage boston bean  Oct-23-11 08:34 AM   #0 
  - Does the President actually have the authority to pull this off?  Firebrand Gary   Oct-23-11 08:45 AM   #1 
  - According to Rep. Moran, he does. nt  boston bean   Oct-23-11 08:46 AM   #2 
     - Moran is dead wrong  ProgressiveProfessor   Oct-23-11 09:02 AM   #6 
        - What is the exact reason Obama can't do this? nt  boston bean   Oct-23-11 09:07 AM   #7 
        - There are many...  ProgressiveProfessor   Oct-23-11 09:12 AM   #9 
           - The majority are backed by Fannie and Freddie. nt  boston bean   Oct-23-11 09:18 AM   #13 
           - Not relevant to existing mortages.  ProgressiveProfessor   Oct-23-11 09:21 AM   #15 
           - I want to know why Obama can't do it? Exact reason why please.  boston bean   Oct-23-11 09:23 AM   #19 
              - Already answered. What part of it do you not understand?  ProgressiveProfessor   Oct-23-11 09:26 AM   #22 
                 - Jim Moran says he can, your answer is not a real reason why he cannot.  boston bean   Oct-23-11 09:29 AM   #25 
                    - If Contracts and Constitutional Powers 101 are not enough for you, what would be?  ProgressiveProfessor   Oct-23-11 09:33 AM   #32 
                       - Jim Moran made the distinction in the video. Did you watch it?  boston bean   Oct-23-11 09:35 AM   #36 
                       - See post #43. Moran made a classic pol statement and you are misreading it  ProgressiveProfessor   Oct-23-11 09:55 AM   #46 
                       - I didn't add any personal opinion in the OP. In fact, I have barely had a personal opinion in this  boston bean   Oct-23-11 09:57 AM   #48 
                       - What is in it for the OWs  selah775   Oct-23-11 01:48 PM   #86 
                       - Here is the rub as I see it.  reformed_military   Oct-24-11 10:45 AM   #104 
                       - What part of the Constitution prevents him from doing it? Contracts are ruled null and  Exilednight   Oct-23-11 07:33 PM   #90 
                          - By the judicial branch at the request of someone who has privty of contract  ProgressiveProfessor   Oct-23-11 10:35 PM   #98 
           - Sure about that?  Doremus   Oct-23-11 09:50 AM   #42 
              - Not sure, but I think that Fannie and Freddie own most of them due to the bail outs.  boston bean   Oct-23-11 10:14 AM   #52 
           - What change?  Pab Sungenis   Oct-23-11 11:30 AM   #69 
           - Not without enabling legislation and appropriations  ProgressiveProfessor   Oct-23-11 11:42 AM   #74 
              - It already has the power.  Pab Sungenis   Oct-23-11 11:45 AM   #77 
                 - Lay that one out  ProgressiveProfessor   Oct-23-11 11:46 AM   #78 
                 - That would actually work. Create a bad bank, buy up the mortgages, lord knows the banks don  Exilednight   Oct-23-11 07:39 PM   #91 
                    - Where would the funding come from to buy up the mortgages?  ProgressiveProfessor   Oct-23-11 10:42 PM   #100 
                       - That's why you create the bad bank. n/t  Exilednight   Oct-24-11 07:09 PM   #107 
                          - The paperwork to create it does not mean the funding to do what you propose will appear  ProgressiveProfessor   Oct-25-11 11:06 PM   #110 
                             - it doesn't need funding, just short term borrowing power - which is  Exilednight   Oct-26-11 05:29 AM   #111 
           - Tell that to the GM bondholders  IndyPragmatist   Oct-26-11 06:12 AM   #112 
        - FDR created the h.o.l.c.  StarsInHerHair   Oct-23-11 08:53 PM   #94 
           - It was done with the cooperation of the Legislative branch, not by executive fiat  ProgressiveProfessor   Oct-23-11 10:59 PM   #101 
  - Wouldn't that be an indirect way of bailing out the banks -- again?  no_hypocrisy   Oct-23-11 08:49 AM   #3 
  - Ask yourself why the banks aren't doing it themselves if it helps them so much...  boston bean   Oct-23-11 08:50 AM   #4 
  - Yep.  no_hypocrisy   Oct-23-11 08:51 AM   #5 
  - They're not doing ti because they want the full value of the original loan. n/t  Exilednight   Oct-23-11 07:41 PM   #92 
  - This would crush the banks.  Lucky Luciano   Oct-23-11 09:31 AM   #29 
  - Then in turn and as stated in financial reform  Firebrand Gary   Oct-23-11 09:39 AM   #38 
  - It's the way the banks should have been bailed out to begin with.  Pab Sungenis   Oct-23-11 11:32 AM   #70 
  - All I want for Christmas is this to be true and for Obama to do it.  Firebrand Gary   Oct-23-11 09:09 AM   #8 
  - And many little girls want a pony  ProgressiveProfessor   Oct-23-11 09:13 AM   #10 
  - really? and why is that Obama can't do it? Exact reason please.. nt  boston bean   Oct-23-11 09:17 AM   #12 
     - Cited above...lets keep it in a single subthread  ProgressiveProfessor   Oct-23-11 09:22 AM   #16 
        - I'll respond where I see fit, thank you. Just as you are. We can both do what we like. nt  boston bean   Oct-23-11 09:31 AM   #28 
  - But the party of NO would say NO.  Amonester   Oct-23-11 09:17 AM   #11 
  - Ah, he wants a dictatorship,  MadHound   Oct-23-11 09:21 AM   #14 
  - He says Obama does have the power.  boston bean   Oct-23-11 09:23 AM   #17 
  - And as discussed above, Moran is wrong  ProgressiveProfessor   Oct-23-11 09:24 AM   #20 
  - It would require giving Obama the power to break private contracts,  MadHound   Oct-23-11 09:25 AM   #21 
     - I'm not sure I see it as a slippery slope. there are many things he cannot do.  boston bean   Oct-23-11 09:27 AM   #23 
        - You think POTUS can unilaterally break private contracts?  ProgressiveProfessor   Oct-23-11 09:28 AM   #24 
           - I said Jim Moran said he can lower the rates unilaterally. That is what I am saying. nt  boston bean   Oct-23-11 09:30 AM   #26 
              - That is not what Moran said...and POTUS can not unilaterally do it anyway  ProgressiveProfessor   Oct-23-11 09:32 AM   #30 
              - What did Moran say then? What am I misunderstanding? nt  boston bean   Oct-23-11 09:33 AM   #31 
              - In order to do so, he would have to break a private contract  MadHound   Oct-23-11 09:33 AM   #34 
                 - Many of these contracts that were done, were not on the up and up.  boston bean   Oct-23-11 09:46 AM   #41 
                 - The answer is still not a POTUS decree  ProgressiveProfessor   Oct-23-11 09:54 AM   #44 
                 - Why? nt  boston bean   Oct-23-11 09:55 AM   #45 
                    - Because he does not have the authority at this point to break private contracts  ProgressiveProfessor   Oct-23-11 11:43 AM   #76 
                       - That is not what Jim Moran is saying.... you need to listen again to his words. nt  boston bean   Oct-23-11 11:46 AM   #79 
                          - I did, typical pol sound bite, no details, not implementable, but made the news  ProgressiveProfessor   Oct-23-11 11:47 AM   #80 
                             - then you don't understand.  boston bean   Oct-23-11 11:52 AM   #81 
                                - No it is you who does not understand the current laws and how home financing works  ProgressiveProfessor   Oct-23-11 12:07 PM   #82 
                                   - He admitted no such thing, in fact, he said the exact opposite of what you are interpreting. nt  boston bean   Oct-23-11 12:08 PM   #83 
                 - That still doesn't give him the power to break a private contract  MadHound   Oct-23-11 02:01 PM   #88 
                 - we'll have to borrow the money from China  selah775   Oct-23-11 02:00 PM   #87 
  - Agree. n/t  lumberjack_jeff   Oct-23-11 11:24 AM   #67 
  - It is contemptible for a sitting member of Congress advocate for the transfer of power vested  Chih   Oct-23-11 09:23 AM   #18 
  - ah-um: This $y$tem is...  Amonester   Oct-23-11 09:33 AM   #33 
     - Correct, It would require some massive legal changes and is not possible today  ProgressiveProfessor   Oct-23-11 09:35 AM   #35 
        - Let's make it become possible then.  Amonester   Oct-23-11 09:36 AM   #37 
           - At least lets not foolishly claim it can be done today by POTUS decree  ProgressiveProfessor   Oct-23-11 09:53 AM   #43 
              - I think you need to re-watch the video. He doesn't say what you are saying he did. nt  boston bean   Oct-23-11 09:56 AM   #47 
              - He said what I described. He was a typical pol giving out soundbites  ProgressiveProfessor   Oct-23-11 09:58 AM   #49 
                 - He said what is written in the OP, and what he said in the video. Not your interpretation.  boston bean   Oct-23-11 09:59 AM   #50 
                    - Try again, this time with some clarity  ProgressiveProfessor   Oct-23-11 11:26 AM   #68 
              - "It would devalue banks tremendously as they compete with  socialist_n_TN   Oct-23-11 10:45 AM   #58 
                 - Did I say it was a bad thing?  ProgressiveProfessor   Oct-23-11 11:35 AM   #71 
                    - Nope most of the exposure was to private mortgage banks  socialist_n_TN   Oct-23-11 07:23 PM   #89 
                       - If your assumptions are correct, I would tend to agree  ProgressiveProfessor   Oct-23-11 10:38 PM   #99 
  - Helps a small percentage of the people with underwater mortgages  FarCenter   Oct-23-11 09:31 AM   #27 
  - And which Congress, pray tell, is going to appropriate the money to do this?  ThomWV   Oct-23-11 09:39 AM   #39 
  - Please watch the video, I think it will explain why Jim Moran says he has this power.  boston bean   Oct-23-11 09:44 AM   #40 
     - Where's he going to get the 10 trillion $  dems_rightnow   Oct-23-11 09:06 PM   #95 
  - Love this idea.  Kingofalldems   Oct-23-11 10:03 AM   #51 
  - Obama should unilaterally Mow my Lawn and Fix my Headlight....  NYC_SKP   Oct-23-11 10:21 AM   #53 
  - i take it you didn't watch the video? nt  boston bean   Oct-23-11 10:32 AM   #54 
     - No, I read the transcript. I stand by my assertion that Wall Street won't let him do it.  NYC_SKP   Oct-23-11 10:36 AM   #55 
        - Wall Street won't let him do it?? So they are more powerful than the POTUS?  boston bean   Oct-23-11 10:40 AM   #56 
           - When has a POTUS without a sympathetic Congress EVER done anything so bold?  NYC_SKP   Oct-23-11 10:47 AM   #60 
           - No one would ever know unless he was bold enough to try it, right?  boston bean   Oct-23-11 10:50 AM   #61 
              - He lacks the basic authority to do anywhere near what you advocate  ProgressiveProfessor   Oct-23-11 11:38 AM   #72 
                 - Moran admitted what??  boston bean   Oct-23-11 11:40 AM   #73 
                    - That legislation and appropriations were needed  ProgressiveProfessor   Oct-23-11 12:09 PM   #84 
                       - that is not what he said. in fact it was the opposite. nt  boston bean   Oct-24-11 07:36 AM   #103 
           - Well that's the idea behind OWS isn't it?  socialist_n_TN   Oct-23-11 10:52 AM   #62 
              - I think you're right except not sure he can legally do it. For sure he can't practically without US  NYC_SKP   Oct-23-11 11:05 AM   #66 
              - I would hope our voices meant more. However that doesn't seem to be the case.  boston bean   Oct-23-11 11:43 AM   #75 
              - He can not do it legally today  ProgressiveProfessor   Oct-23-11 12:10 PM   #85 
  - this thread is awesome.  dionysus   Oct-23-11 10:45 AM   #57 
  - Place does get fuckin' wacky some days, doesn't it? nt  Codeine   Oct-23-11 10:46 AM   #59 
     - some people think the president could unilaterally;  dionysus   Oct-23-11 10:54 AM   #63 
     - that is bologne.  boston bean   Oct-23-11 10:55 AM   #64 
     - YUP! n/t  Tejas   Oct-23-11 11:01 AM   #65 
  - I have a better idea than refinancing home mortgages.  ms.smiler   Oct-23-11 08:03 PM   #93 
  - Question???  sweetapogee   Oct-24-11 11:27 AM   #105 
     - It can and I will explain.  ms.smiler   Oct-24-11 06:55 PM   #106 
        - in a nut shell  sweetapogee   Oct-25-11 06:17 AM   #108 
           - Like most homeowners I have a securitized mortgage.  ms.smiler   Oct-25-11 04:33 PM   #109 
              - personally  sweetapogee   Oct-26-11 07:51 AM   #113 
                 - I think it is fairly easy for the court to review what MERS has done  ms.smiler   Oct-26-11 01:43 PM   #114 
  - Rep Moran is the  Nodak   Oct-23-11 09:08 PM   #96 
  - He is a good pol doing what pols do, including making sound bites for media  ProgressiveProfessor   Oct-23-11 11:01 PM   #102 
  - But that would interfere with his next Wall Street bailout.  Vidar   Oct-23-11 09:26 PM   #97 

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