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Bush Says U.S. Mustn't Overreact to Home-Mortgage `Rough Patch'

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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:22 PM
Original message
Bush Says U.S. Mustn't Overreact to Home-Mortgage `Rough Patch'
Source: Bloomberg

President George W. Bush said he won't be stampeded into ``bad policy decisions'' to bail out the home-mortgage industry because they might further harm the U.S. economy.

``A root cause of the economic slowdown has been the downturn in the housing market,'' the president said today in his weekly radio address. ``I believe the government can take sensible, focused action to help responsible homeowners weather this rough patch.''

Bush said he won't overreact to the subprime mortgage crisis because excessive government intrusion may have unintended consequences.

``The market now is in the process of correcting itself, and delaying that correction would only prolong the problem,'' he said.

Bush said he opposes a congressional plan that would give bankruptcy judges powers to reduce mortgage debts by decree, because banks would charge higher interest rates to cover the risk. Another proposal would have the government buy homes and take them off the market, leading to artificially higher prices than justified by the market, he said.

``If we were to pursue some of the sweeping government solutions that we hear about in Washington, we would make a complicated problem even worse -- and end up hurting far more homeowners than we help,'' Bush said.



Read more: http://www.bloomberg.com/apps/news?pid=20601070&sid=abL...



You know! Not impeaching Bush at this point is treason. He is destroying the country.
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Olney Blue Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:26 PM
Response to Original message
1. The chimp needs to open up the Washington Post ad section today-
there are pages of ads on homes under foreclosure. I've never seen anything like it.


But it's just a rough patch. No problem.
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Tab Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 03:23 PM
Response to Reply #1
14. Yeah, I pointed that out to my wife the other day. Not the WaPo, but the local paper
I've never seen so many legal notices of properties under foreclosure. PAGES! And there used to be just one or two listings per issue.
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Frisbee Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 03:55 PM
Response to Reply #1
18. RE: The chimp needs to open up the Washington Post ad section today-

The Chimp read! HAHAHAHA That's a good one!
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Jim__ Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:35 PM
Response to Original message
2. Taking economic advice from bush ...
... makes about as much sense as taking foreign policy advice from him.
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Benhurst Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:36 PM
Response to Original message
3. Maybe we should kick his sorry ass out of the White House and
let him live out of a cardboard box on the street so he could show the rest of us how not to overreact.
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heliarc Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:37 PM
Response to Original message
4. How insulting.
This guy can run businesses into the ground (eg Harken, Arbusto) and he's bailed out by the Saudis... that's a rough patch, but when an American family has to foreclose on their home... that is an f-ing tragedy. I'm sick of this guy. How could he be more insulting and injurious to the American people?
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 02:10 PM
Response to Reply #4
5. Precisely
When Dubya hits a rough patch, Daddy's pals swoop in to give him lots of money and he moves on to his next miserable failure. It's great to be Bush, sucks to be the rest of us.
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Frisbee Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 04:00 PM
Response to Reply #4
19. How???
"How could he be more insulting and injurious to the American people?"

Perhaps by saying that being sent to fight in Afghanistan is "Romantic". I wonder if it's still romantic on your third tour? The f---ing douche bag. How the Hell did this idiot get re-elected, and how did he manage to NOT be impeached or arrested?
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hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 02:16 PM
Response to Original message
6. Pardon my French, but . . .
What the FUCK does he think the big Bear Stearns bailout is?

Oh, but it's not "excessive" government intrusion, I guess.
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MadMaddie Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 02:29 PM
Response to Reply #6
9. It's only Corporate Welfare...that's okay in his eyes.
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Warren Stupidity Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 02:26 PM
Response to Original message
7. excessive government intrusion may have unintended consequences
like for example: Iraq.

Rough patch? WTF. We have a cabbage patch doll for a pretzledent.
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blayne Donating Member (341 posts) Send PM | Profile | Ignore Sat Mar-15-08 02:26 PM
Response to Original message
8. "Uh Mr. President, what do you think will happen when...
the next round of subprime loans reset to higher rates?"

Bush: "What did you say??? There's more of these loans out
there?? That's interesting. I haven't heard that."
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Baby Snooks Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 02:56 PM
Response to Original message
10. Bad policy decisions?
Does he believe making $480 BILLION available to these crooks to bail them out after ripping off the poor is a good policy decision?

And what sayeth Madame Speaker? Bush may be destroying this country on his way out of office but he is not acting alone. The Empress is sitting right there beside him. Entranced by the Emperor as he fiddles. While Rome burns completely to the ground.

And as everyone sifts through the ashes, the Empress will wave her hand and say "Let them eat cake."

And add that those who are daring to protest her authority as Empress should be arrested the same as the homeless people.
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TML Donating Member (749 posts) Send PM | Profile | Ignore Sat Mar-15-08 02:59 PM
Response to Original message
11. Overreact?
Edited on Sat Mar-15-08 03:00 PM by TML
I'm serious when I say this. One out of every five homes within 1/4 mile of where I live is either.

  • For sale
  • Foreclosed
  • Showing obvious signs of financial distress

It's distressing to see so many homes with grass growing three feet high in the front yard, peeled paint, unrepaired damage, no sign of occupancy, etc.
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llmart Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 03:05 PM
Response to Reply #11
12. Welcome to Bush/Cheney's United States......
where we're slowly resembling a third world country.

How many times can I say it? He's a friggen' idiot.
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TML Donating Member (749 posts) Send PM | Profile | Ignore Sat Mar-15-08 03:33 PM
Response to Reply #12
15. I wish his followers had listened to me
Edited on Sat Mar-15-08 03:34 PM by TML
I live in Duncan "Fucking" Hunter's district, and his son is running for office on his coattails.
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Tab Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 03:21 PM
Response to Original message
13. Like he fucking knows all about economics

Thank you Mr. "MBA" pResident for our wonderful economic situation. Your guidance and wisdom have brought us to this point.

You want us to listen to your wisdom now?

You are a stupid asshole. You can't run a company, much less a country. You either have a secret agenda or are a stupid shit (or both). Your hubris ("balls" or "chutzpah" for anyone not familiar with the term) is astounding.
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HuffleClaw Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 03:37 PM
Response to Original message
16. he hasn't the slightest comprehension of this, he's just reading from a teleprompter
and its not the HOMEOWNERS his administration is interested in protecting, its the predatory lenders they want to save from their own evildoings
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Frisbee Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 04:09 PM
Response to Reply #16
21. ... he's just reading from a teleprompter
No doubt about that, even his absolute BS statements are way beyond his grasp. How sweet would it be to hack the computer feeding the teleprompter while he's giving one of his addresses!


"The market now is in the process of correcting itself, and delaying that correction would only prolong the problem,.... Jenna and Barbara are sluts. Dick Cheney eats puppies for breakfast. Karl Rove is the devil. I am pleased to announce my resignation. God bless Amerika."
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HuffleClaw Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-16-08 01:30 AM
Response to Reply #21
28. iirc, he DID once lose his teleprompter during a speech
and cut it short i think and i'll never forget that he needed a RADIO to even FUNCTION during the debates
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Uncle Joe Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 03:38 PM
Response to Original message
17. Speaking of "root causes", I believe this was the root cause.
1. Bush starts exploding the debt via tax cuts for the top 1% while simultaneously going in to a needless war in Iraq which cost 3-5 times his estimate.

2. As result the dollar drops in value versus foreign currencies, combined with a belligerent attitude foreign policy toward oil producing nations, short sighted policy regarding the development of alternative fuels, and the emergence of China and India as industrial powers, this perfect storm of events exacerbates inflationary pressure on the price of oil.

3. Oil shoots up as the dollar drops, gasoline triples in cost, which of course effects most all other products dependent on transportation such as food, medicine, etc.

4. This inflationary squeeze coupled with stagnant wages causes more people to be late on credit card and mortgage debt. As a result credit card corporations jack up interest rates and as more people must use credit cards for everyday living expenses, this negative dynamic increases in intensity.

5. It gets to the point that the people get behind on their mortgage payments and begin losing their homes, as they lose their homes and foreclosures increase in number, this dynamic drags down the price of other homes in the same neighborhoods.

6. As the price of homes slow, stop or decline in value, refinancing becomes increasingly difficult as the people's primary asset loses value, which in turn increases the chances of foreclosure.

7. As foreclosures skyrocket in some areas of the nation, packaged resold mortgages in default start hammering the financial markets causing uncertainty, thereby creating further loss of confidence by the American People in the leadership of their government.


P.S. I said number one was Bush explodes the debt, actually number one came about when the corporate media decided that the most powerful job in the land should be awarded to an obviously inferior candidate out of spite against the one; who championed empowering the American People to communicate through, around or over their corporate media filter. I believe they forgot they were Americans first and corporate media owners and CEO's second and I believe most everything that's happened since is a direct result of that betrayal against the American People's best interests.

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OKthatsIT Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 04:08 PM
Response to Reply #17
20.  Bush sobers up when it gets personal....oh, now I get it.
Blaming the Fed for Carlyle's Collapse
Some pundits suggest that the Federal Reserve's move to prop up the banking system prompted creditors to play hardball with Carlyle Capital
by Peter Coy
Businessweek

Could the Federal Reserve's efforts to prop up the banking system have the unintended consequence of pushing some debt-burdened hedge funds out of business? The question arose this week after Carlyle Capitala fund with $22 billion in assets at its peakannounced that creditors were seizing its collateral because it couldn't meet margin calls, or requests for additional collateral.

Carlyle Capital's announcement came just two days after the Federal Reserve's announcement that it would allow 20 big commercial and investment banks to borrow up to $200 billion in Treasury securities in exchange for high-quality collateral. A source close to Carlyle Capital endorsed the idea that the Fed's action might have contributed indirectly to its crash, saying in response to a question from BusinessWeek, "it's possible that the move by the Fed emboldened some lenders."

How could the Fed unintentionally have contributed to Carlyle's unraveling? The theory is that the Fed's action made Carlyle Capital's assets more lucrative to the firm's large creditors. Therefore, those creditors had an incentive to let Carlyle Capital fail and seize its assets. Robert Peston, business editor of the BBC, advanced the idea Mar. 13 on his blog, and the notion was quickly picked up and circulated by other bloggers.

more... http://www.businessweek.com/bwdaily/dnflash/content/mar...
==================================================================

ITS CALLED...ANGLO-AMERICAN LOSERS! EURO BANKSTERS WIN. Even Rockefeller is ducktailing and hiding.

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Uncle Joe Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 04:21 PM
Response to Reply #20
22. It seems, he's just following in his granddad's footsteps,
thanks again corporate media.
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bushmeister0 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 04:22 PM
Response to Original message
23. Herbert Hoover quote: 1

"During the past year you have carried the credit system of the nation safely through a most difficult crisis. In this success you have demonstrated not alone the soundness of the credit system, but also the capacity of the bankers in emergency.
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bushmeister0 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 04:26 PM
Response to Reply #23
24. Herbert Hoover bails out banks: Bear Stearns prequel . . .

"On September 8, I requested the governors of the Federal Reserve banks to endeavor to secure the co-operation of the bankers of their territory to make some advances on the security of the assets of closed banks or to take over some of these assets, in order that the receivers of those banks may pay some dividends to their depositors in advance of what would otherwise be the case pending liquidation. Such a measure will contribute to free many business activities and to relieve many families from hardship over the forthcoming winter, and in a measure reverse the process of deflation involved in the tying up of deposits.

October 18, 1931

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daleo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 06:16 PM
Response to Original message
25. Just a little rough patch
Like the Iran war.
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Uncle Joe Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 06:50 PM
Response to Reply #25
26. Well if you consider the people a speed bump on the road to power, I suppose that's true. n/t
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bluerum Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 10:22 PM
Response to Original message
27. Not much of chance of that with the monkey boy running the show.
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BlueCollar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-16-08 07:23 AM
Response to Original message
29. Give me a f*****g break!!!
Bush said he opposes a congressional plan that would give bankruptcy judges powers to reduce mortgage debts by decree, because banks would charge higher interest rates to cover the risk.

As if that a******e really gave a s**t about the consumer...It's about protecting his friends in the banks at the bankruptcy proceedings....what an a*****e. I cannot wait until the day the p***k leaves office for good.
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boilinmad Donating Member (243 posts) Send PM | Profile | Ignore Sun Mar-16-08 08:28 AM
Response to Original message
30. His eight year reign of terror....
.....has been a "rough patch".
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