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Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 08:51 AM
Original message
Brazil's Lula calls US bailout plan unfair to poor
Source: Reuters

Brazil's Lula calls US bailout plan unfair to poor
Sun Sep 28, 2008 8:58am EDT

BRASILIA, Sept 28 (Reuters) - Brazilian President Luiz Inacio Lula da Silva blamed the United States for the global financial crisis and said its financial bailout plan was unfair to poor people.

U.S. lawmakers on Sunday were set to sign off on a deal to create a $700 billion government fund to buy bad debt from ailing banks in a bid to stem a credit crisis threatening the global economy.

"They want to help the banks and not help the poor," Lula said late on Saturday in Sao Paulo during a campaign rally ahead of Oct. 5 municipal elections.

"Why give $700 billion to the banks and no money to the poor guys who lost their houses," Lula asked, according to local media. He referred to the troubled U.S. housing market.



Read more: http://www.reuters.com/article/marketsNews/idUSN2833889320080928?rpc=401&
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barbtries Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 08:54 AM
Response to Original message
1. well he's right
it sucks. bush has been a fucking catastrophe to the whole damn world.
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enid602 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 08:56 AM
Response to Original message
2. borrowing
Our borrowing $700B will affect people all over the globe. Just like the Iraq War, Medicare B, etc.
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lostnotforgotten Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 09:35 AM
Response to Original message
3. Just Like Chavez - He Is Right!
eom
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Pavulon Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 09:53 AM
Response to Original message
4. Yes and NO.
It is unfair because people who did not create the problem have to backstop it. However, homeowners who were impacted by fraud should be compensated.

But, if you make 50K and took out a 500K variable rate mortgage with a balloon and got fucked why should I pay your note? So you wanted to flip it before the balloon kicked in, to bad. File bankruptcy.

If you bought a 150K house and were scammed on a loan that is different.

The majority of this is derivatives being purchased without understanding of what they do. That is gross incompetence and potentially criminal.
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FarCenter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 11:05 AM
Response to Reply #4
5. We should also prosecute the mortgage brokers and wholesalers
The guy's who were helping the liar homebuyers with their lying on the liar loans.
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rayofreason Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 11:26 AM
Response to Reply #5
7. That too!
Those who created this mess should not think that the people are going to forget about it. We should hold hearings to investigate all of those folks who were running the show when Freddie Mac and Fannie Mae were cooking the books. How many millions did they make? They should have to pay it all back. Those in charge when Freddie Mac and Fannie Mae was faking things should not have just lost their jobs, they should have gone to jail.

http://www.washingtonpost.com/wp-dyn/articles/A32845-2005Apr6.html

And there should be one big condition regarding these hearings.

The only persons serving on the Committee of Inquiry should be people who never got a sweetheart, below market rate mortgage, they should have less than $2000 a year in contributions from the mortgage industry, and they should have no immediate family employed in the industry. Otherwise it will be a CYA event.


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rayofreason Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 11:17 AM
Response to Reply #4
6. Correct!
If you were scammed, I'll support you.

If you were flipping houses or bought a vacation home - no way. And from Wikipedia -

"Speculation in real estate was a contributing factor. During 2006, 22% of homes purchased (1.65 million units) were for investment purposes, with an additional 14% (1.07 million units) purchased as vacation homes."

http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

Same if you overbought. I am not going to pay for your mistake.
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Peace Patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 07:37 PM
Response to Original message
8. Our national political establishment (D&R) is acting like a collective Herbert Hoover--
bailing out the banks and financial institutions, while the actual producers of goods and services--the workers--sink lower and lower into poverty, and end up on the streets, in the millions--jobless, homeless, starving.

This money should be going to the lower and middle classes--in tax cuts, health care, higher wages and benefits, as mortgage relief or mortgage insurance, as bankruptcy relief or insurance, in education and re-training grants, and in all the things that stimulate the economy, raise people's spirits and put people back into a position to buy the goods and services that workers produce.

Instead they are financing Wall Street's ILLUSIONS and SPECULATIONS. They are lining the pockets of the totally irresponsible rich. This is nuts. And it will not solve the problem.

Hooverism deja vu.

And, boy, I am really going conspiracy on this. This is the money that would have been ours, with a more progressive Obama administration--and that we would have demanded be used for us. They are stealing the last of it NOW--after eight years of theft of our government coffers, and gouging of our pocketbooks, such as we have never seen, and more than twenty years of radical, Reaganite de-regulation and looting.

This is the final looting.

I don't wonder any more how our Democratic leaders could have signed off on Bushwhack corporations 'counting' all our votes with 'TRADE SECRET,' PROPRIETARY programming code, with virtually no audit/recount controls, nor how a Democratic Congress, reportedly elected by the people to end the Iraq War and clean up Washington corruption, could end up with a single digit approval rating--worse than Bush's, worse than Cheney's. Bush/Cheney were their guys--the avant garde of the Great Looting, and the perps of the final destruction of the American middle class as a progressive force in the world. This is our party leaders' agenda, as well as the Pukes'. There is no distinction between them. They all wanted war and war profiteering. They all wanted the "Homeland" security boondoggle. They and their Corpo pals all made money on credit card usury and gas gouging and wild speculation. They made money when the poor went bankrupt and couldn't declare bankruptcy. They made money when the poor were evicted from their homes. They made money by depriving half of the people in this country of health care. They voted for all this, time and again--deaf to the people and our millions of letters and phone calls. And now they want to loot us FOREVER--to saddle US with this EXTRA debt--this backbreaking debt--that should be borne by the rich. This whole Corpo/fascist junta has been of both Democratic and Puke design, and they knew very well that, to shove it down the throats of the American people, they would need to have Bushwhacks in control of the vote counting with 'TRADE SECRET' code.

There is not one of them--not one!--with the exception of New York*--who can prove that he or she was actually elected. And I'm beginning to think that none them were! Even the Conyers' and the Feingolds were (s)elected by Diebold & brethren--to provide comic relief, for the fuckwads at the Bilderberg Group on their cigar breaks.

That's what I'm thinking. Traitors, every one. And a few clowns to distract us.

----------

*(--and the Bushwhacks are taking care of that right now, by suing New York to force them to accept 'TRADE SECRET' vote counting, when they have a perfectly good, publicly paid for and owned, and virtually unriggable lever voting machine system already in place. Why New York was spared in the initial push, I don't know. Perhaps to prevent New Yorkers from crying the alarm to the rest of us. But now they're getting Diebolded, and they were the last holdout. In the other big state that was putting up resistance--California--they ran our good Sec'y of State, Kevin Shelley, out of office, on entirely bogus corruption charges, for suing Diebold six months before the 2004 (s)election. And that took care of the fight against these machines in California, while the Dieboldization of the rest of the country took place.)

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unkachuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 09:44 PM
Response to Reply #8
13. thanks Peace Patriot....
....great piece!!

"This is the final looting."

....I'm sorry to say that I feel there is no 'final looting'....1 trillion is only a continuation, and I predict this bailout has less than a 50/50 chance of working, even marginally....you know how the 'markets' are, they're very sensitive....'touchy-feely' thieves....

....this filching won't end until we're all indentured to the global money-lenders....we need liquidity?....for what?....our economic system has been rapidly crashing around us, it's been systematically and wantonly destroyed by wall street and the corruption in both Parties....capitalist Parties....

....who's going to pay for all this never-ending boondoggle and skullduggery?....certainly not the top 1%, the beneficiaries, and the big corporations are already financially out of here....the rest of us are tapped-out, in hock up to our eyeballs or broke due to out-sourcing of jobs(Union) and declining middle-class income growth....and let's not forget the contribution of the great hourly pay and benefit packages from the Shit-Marts of the world who make it impossible for our families to survive....

....this is the culmination of 30 years of trickle-down-my-leg economics....this is regan/repug free-market rule at it's best, this is capitalism....the middle-class, or what's left of it, no longer has the ability to pay for anything....

....but look at the bright side, I'll be sure to say 'hi' to you when I spot you in the soup-line....
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undeterred Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 07:40 PM
Response to Original message
9. Yeah but we aren't supposed to talk about the poor.
In this country we only bail out the rich.
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Vidar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 08:09 PM
Response to Original message
10. Lula, Chavez, Morales--at least there are few men to proud of in our hemisphere!
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judasdisney Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 09:25 PM
Response to Reply #10
12. You forgot Rafael Correa, President of Ecuador
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Vidar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-29-08 07:42 AM
Response to Reply #12
14. I forgot Daniel Ortega of Nicaragua as well. Thanks for the reminder.
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Cristobolocolombus Donating Member (11 posts) Send PM | Profile | Ignore Sun Sep-28-08 08:18 PM
Response to Original message
11. The poor don't own stocks. How will we benefit?
Some are arguing that the section of the bill giving stock-holders right to profits is a great step, but what about the 51% of Americans who do not own stock?
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