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  1. #1
    iPhone 3Gold
    Guest
    I just received this thought provoking email from my CPA.

    Subject: Fw: why not do it this way?????

    I'm against the $85,000,000,000.00 bailout of AIG.

    Instead, I'm in favor of giving $85,000,000,000 to America in a 'We
    Deserve It Dividend'.

    To make the math simple, let's assume there are 200,000,000 bonafide
    U.S. Citizens 18+.

    Our population is about 301,000,000 +/- counting every man, woman and
    child. So 200,000,000 might be a fair stab at adults 18 and up..

    So divide 200 million adults 18+ into $85 billon that equals
    $425,000.00.

    My plan is to give $425,000 to every person 18+ as a 'We Deserve It
    Dividend'.

    Of course, it would NOT be tax free.

    So let's assume a tax rate of 30%.

    Every individual 18+ has to pay $127,500.00 in taxes.

    That sends $25,500,000,000 right back to Uncle Sam.

    But it means that every adult 18+ has $297,500.00 in their pocket.

    A husband and wife has $595,000.00.

    What would you do with $297,500.00 to $595,000.00 in your family?

    Pay off your mortgage - housing crisis solved.
    Repay college loans - what a great boost to new grads Put away money
    for college - it'll be there Save in a bank - create money to loan to
    entrepreneurs.
    Buy a new car - create jobs Invest in the market - capital drives
    growth Pay for your parent's medical insurance - health care improves
    Enable Deadbeat Dads to come clean - or else Remember this is for
    every adult U S Citizen 18+ including the folks who lost their jobs at
    Lehman Brothers and every other company that is cutting back. And of
    course, for those serving in our Armed Forces.

    If we're going to re-distribute wealth let's really do it...instead of
    trickling out a puny $1000.00 ( "vote buy" ) economic incentive that
    is being proposed by one of our candidates for President.

    If we're going to do an $85 billion bailout, let's bail out every
    adult U S Citizen 18+!

    As for AIG - liquidate it.
    Sell off its parts.

    Let American General go back to being American General.
    Sell off the real estate.
    Let the private sector bargain hunters cut it up and clean it up.

    Here's my rationale. We deserve it and AIG doesn't.

    Sure it's a crazy idea that can "never work."

    But can you imagine the Coast-To-Coast Block Party!

    How do you ***** Economic Boom?

    I trust my fellow adult Americans to know how to use the $85 Billion
    'We Deserve It Dividend' more than I do the geniuses at AIG or in
    Washington DC.

    And remember, The Family plan only really costs $59.5 Billion because
    $25.5 Billion is returned instantly in taxes to Uncle Sam. Talk about
    a stimulus package!

    Ahhh...I feel so much better getting that off my chest.

    Kindest personal regards, , A Creative Guy & Citizen of the Republic

    PS: Feel free to pass this along to your pals as it's either good for
    a laugh or a tear or a very sobering thought on how to best use $85
    Billion!!




    See More: My plan is to give $425,000 to every person 18+ as a 'We Deserve ItDividend'.




  2. #2
    Russ in San Diego
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We DeserveIt Dividend'.


    Oh, I'm sorry, it's your "CPA" who must be arithmetically challenged.
    If this "CPA" is supposedly an accountant, then you need a new one,
    PDQ!



  3. #3
    Todd Allcock
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.

    At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:

    > I trust my fellow adult Americans to know how to use the $85 Billion
    > 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    > Washington DC.



    Really? Those same Americans who bought twice the house they could afford
    with an interest-only ARM and now don't have the money to pay the balloon
    or the ability to restructure the debt into something they can afford?

    And _I'm_ the bleeding heart liberal here! Who'd have thunk it?

    BTW-200 million adults dividing $85 billion is $425 each, not $425,000. I
    suspect your math wizard CPA might be part of the problem, rather than the
    solution...





  4. #4
    SMS
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We DeserveIt Dividend'.

    Todd Allcock wrote:
    > At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    >
    >> I trust my fellow adult Americans to know how to use the $85 Billion
    >> 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    >> Washington DC.

    >
    >
    > Really? Those same Americans who bought twice the house they could afford
    > with an interest-only ARM and now don't have the money to pay the balloon
    > or the ability to restructure the debt into something they can afford?


    The bank can foreclose on the property, or it can get its money from
    whoever insured the load, since obviously private mortgage insurance
    (PMI) was required on the loans they granted.

    Oh wait, the bank _knew_ when they bought the loan, that the borrower
    would be unlikely to be able to pay once the interest rate adjusted up,
    and the bank _knew_ that the properties were way over-valued due to
    speculation, and the bank _knew_ that their Republican buddies that
    created the whole economic mess to begin with would find a way to bail
    them out, as long as the whole thing came to a head before Obama is elected.

    I think we should take the bailout money and buy everyone a Nokia tablet
    and a bicycle.



  5. #5
    RBM
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.


    "SMS" <[email protected]> wrote in message
    news:[email protected]
    > Todd Allcock wrote:
    >> At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    >>
    >>> I trust my fellow adult Americans to know how to use the $85 Billion
    >>> 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    >>> Washington DC.

    >>
    >>
    >> Really? Those same Americans who bought twice the house they could
    >> afford
    >> with an interest-only ARM and now don't have the money to pay the balloon
    >> or the ability to restructure the debt into something they can afford?

    >
    > The bank can foreclose on the property, or it can get its money from
    > whoever insured the load, since obviously private mortgage insurance (PMI)
    > was required on the loans they granted.
    >
    > Oh wait, the bank _knew_ when they bought the loan, that the borrower
    > would be unlikely to be able to pay once the interest rate adjusted up,
    > and the bank _knew_ that the properties were way over-valued due to
    > speculation, and the bank _knew_ that their Republican buddies that
    > created the whole economic mess to begin with would find a way to bail
    > them out, as long as the whole thing came to a head before Obama is
    > elected.
    >
    > I think we should take the bailout money and buy everyone a Nokia tablet
    > and a bicycle.


    I believe the legislation that encouraged these loans for folks that
    couldn't afford them, occurred during the Clinton administration. I love how
    you libs rewrite history





  6. #6
    AZ Nomad
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.

    On Fri, 26 Sep 2008 15:12:50 -0400, RBM <[email protected]> wrote:

    >"SMS" <[email protected]> wrote in message
    >news:[email protected]
    >> Todd Allcock wrote:
    >>> At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    >>>
    >>>> I trust my fellow adult Americans to know how to use the $85 Billion
    >>>> 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    >>>> Washington DC.
    >>>
    >>>
    >>> Really? Those same Americans who bought twice the house they could
    >>> afford
    >>> with an interest-only ARM and now don't have the money to pay the balloon
    >>> or the ability to restructure the debt into something they can afford?

    >>
    >> The bank can foreclose on the property, or it can get its money from
    >> whoever insured the load, since obviously private mortgage insurance (PMI)
    >> was required on the loans they granted.
    >>
    >> Oh wait, the bank _knew_ when they bought the loan, that the borrower
    >> would be unlikely to be able to pay once the interest rate adjusted up,
    >> and the bank _knew_ that the properties were way over-valued due to
    >> speculation, and the bank _knew_ that their Republican buddies that
    >> created the whole economic mess to begin with would find a way to bail
    >> them out, as long as the whole thing came to a head before Obama is
    >> elected.
    >>
    >> I think we should take the bailout money and buy everyone a Nokia tablet
    >> and a bicycle.


    >I believe the legislation that encouraged these loans for folks that
    >couldn't afford them, occurred during the Clinton administration. I love how
    >you libs rewrite history



    I love how you right wingers constantly lie.

    Please state chapter and verse the legislation that encouraged the
    subprime loans.

    Put up or shut up!



  7. #7
    RBM
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.


    "AZ Nomad" <[email protected]> wrote in message
    news:[email protected]
    > On Fri, 26 Sep 2008 15:12:50 -0400, RBM <[email protected]> wrote:
    >
    >>"SMS" <[email protected]> wrote in message
    >>news:[email protected]
    >>> Todd Allcock wrote:
    >>>> At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    >>>>
    >>>>> I trust my fellow adult Americans to know how to use the $85 Billion
    >>>>> 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    >>>>> Washington DC.
    >>>>
    >>>>
    >>>> Really? Those same Americans who bought twice the house they could
    >>>> afford
    >>>> with an interest-only ARM and now don't have the money to pay the
    >>>> balloon
    >>>> or the ability to restructure the debt into something they can afford?
    >>>
    >>> The bank can foreclose on the property, or it can get its money from
    >>> whoever insured the load, since obviously private mortgage insurance
    >>> (PMI)
    >>> was required on the loans they granted.
    >>>
    >>> Oh wait, the bank _knew_ when they bought the loan, that the borrower
    >>> would be unlikely to be able to pay once the interest rate adjusted up,
    >>> and the bank _knew_ that the properties were way over-valued due to
    >>> speculation, and the bank _knew_ that their Republican buddies that
    >>> created the whole economic mess to begin with would find a way to bail
    >>> them out, as long as the whole thing came to a head before Obama is
    >>> elected.
    >>>
    >>> I think we should take the bailout money and buy everyone a Nokia tablet
    >>> and a bicycle.

    >
    >>I believe the legislation that encouraged these loans for folks that
    >>couldn't afford them, occurred during the Clinton administration. I love
    >>how
    >>you libs rewrite history

    >
    >
    > I love how you right wingers constantly lie.
    >
    > Please state chapter and verse the legislation that encouraged the
    > subprime loans.
    >
    > Put up or shut up!


    Here's a nice little youtube that sums it up pretty nicely, and you can
    Google whatever you like for the particulars:
    http://www.youtube.com/watch?v=H5tZc8oH--o





  8. #8
    Todd Allcock
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.

    At 26 Sep 2008 15:12:50 -0400 RBM wrote
    > I believe the legislation that encouraged these loans for folks that
    > couldn't afford them, occurred during the Clinton administration. I love

    how
    > you libs rewrite history



    And I love when conservatives drop that whole "personal responsibility"
    mantra whenever it suits them.





  9. #9
    AZ Nomad
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.

    On Fri, 26 Sep 2008 15:57:13 -0400, RBM <[email protected]> wrote:

    >"AZ Nomad" <[email protected]> wrote in message
    >news:[email protected]
    >> On Fri, 26 Sep 2008 15:12:50 -0400, RBM <[email protected]> wrote:
    >>
    >>>"SMS" <[email protected]> wrote in message
    >>>news:[email protected]
    >>>> Todd Allcock wrote:
    >>>>> At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    >>>>>
    >>>>>> I trust my fellow adult Americans to know how to use the $85 Billion
    >>>>>> 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    >>>>>> Washington DC.
    >>>>>
    >>>>>
    >>>>> Really? Those same Americans who bought twice the house they could
    >>>>> afford
    >>>>> with an interest-only ARM and now don't have the money to pay the
    >>>>> balloon
    >>>>> or the ability to restructure the debt into something they can afford?
    >>>>
    >>>> The bank can foreclose on the property, or it can get its money from
    >>>> whoever insured the load, since obviously private mortgage insurance
    >>>> (PMI)
    >>>> was required on the loans they granted.
    >>>>
    >>>> Oh wait, the bank _knew_ when they bought the loan, that the borrower
    >>>> would be unlikely to be able to pay once the interest rate adjusted up,
    >>>> and the bank _knew_ that the properties were way over-valued due to
    >>>> speculation, and the bank _knew_ that their Republican buddies that
    >>>> created the whole economic mess to begin with would find a way to bail
    >>>> them out, as long as the whole thing came to a head before Obama is
    >>>> elected.
    >>>>
    >>>> I think we should take the bailout money and buy everyone a Nokia tablet
    >>>> and a bicycle.

    >>
    >>>I believe the legislation that encouraged these loans for folks that
    >>>couldn't afford them, occurred during the Clinton administration. I love
    >>>how
    >>>you libs rewrite history

    >>
    >>
    >> I love how you right wingers constantly lie.
    >>
    >> Please state chapter and verse the legislation that encouraged the
    >> subprime loans.
    >>
    >> Put up or shut up!


    >Here's a nice little youtube that sums it up pretty nicely, and you can
    >Google whatever you like for the particulars:
    >http://www.youtube.com/watch?v=H5tZc8oH--o



    Try something outside your right wing sources.
    http://en.wikipedia.org/wiki/Community_Reinvestment_Act

    Criticism

    Some economists have claimed that the CRA encouraged risky
    lending[11][12] and contributed to the development of the subprime
    debacle.[citation needed] However, this is disputed, as Robert Gordon
    has pointed out that approximately half of the loans were made by
    independent mortgage companies that were not regulated by the CRA, and
    thus had no government obligation to offer credit to minorities. In
    the later part of the crisis, these mortgage companies made subprime
    loans at twice the rate of CRA banks. Another third of the major
    subprime lenders were regulated, but had very little CRA
    involvement.[13][14] Gordon also makes the argument that the weakening
    of the CRA in 2004 was followed by intensified subprime lending.[13]

    Congressman and 2008 Republican presidential candidate Ron Paul has
    partially attributed the ongoing subprime mortgage crisis to
    legislation such as the CRA.[15] Economist Stan Liebowitz has also
    expressed his opinion that banks were forced to loan to un-credit
    worthy consumers with "no verification of income or assets; little
    consideration of the applicant's ability to make payments; no down
    payment." However, the chief executive of Countrywide Financial, the
    nation's largest mortgage lender, is said to have "bragged" that to
    approve minority applications "lenders have had to stretch the rules a
    bit", suggesting that Countrywide was responsible for relaxing its
    standards rather than the other way around.[16]

    Ellen Seidman, the former director of the US Office of Thrift
    Supervision,[1] has stated her belief that the CRA did not have an
    effect on the United States housing bubble. She observes that CRA
    banks were particularly warned to make responsible investments, citing
    a speech by herself as an example.[2] She notes that if unregulated
    independent mortgage companies do make subprime loans, affiliated CRA
    banks should not be able to count them for CRA purposes, although she
    does not indicate whether this practice currently occurs. An analysis
    by attorneys Traiger and Hinckley concluded that CRA banks were less
    likely to sell risky mortgages onto the secondary market, and likely
    mitigated the effect of the subprime crisis.[17]




  10. #10
    RBM
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.


    "AZ Nomad" <[email protected]> wrote in message
    news:[email protected]
    > On Fri, 26 Sep 2008 15:57:13 -0400, RBM <[email protected]> wrote:
    >
    >>"AZ Nomad" <[email protected]> wrote in message
    >>news:[email protected]
    >>> On Fri, 26 Sep 2008 15:12:50 -0400, RBM <[email protected]> wrote:
    >>>
    >>>>"SMS" <[email protected]> wrote in message
    >>>>news:[email protected]
    >>>>> Todd Allcock wrote:
    >>>>>> At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    >>>>>>
    >>>>>>> I trust my fellow adult Americans to know how to use the $85 Billion
    >>>>>>> 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    >>>>>>> Washington DC.
    >>>>>>
    >>>>>>
    >>>>>> Really? Those same Americans who bought twice the house they could
    >>>>>> afford
    >>>>>> with an interest-only ARM and now don't have the money to pay the
    >>>>>> balloon
    >>>>>> or the ability to restructure the debt into something they can
    >>>>>> afford?
    >>>>>
    >>>>> The bank can foreclose on the property, or it can get its money from
    >>>>> whoever insured the load, since obviously private mortgage insurance
    >>>>> (PMI)
    >>>>> was required on the loans they granted.
    >>>>>
    >>>>> Oh wait, the bank _knew_ when they bought the loan, that the borrower
    >>>>> would be unlikely to be able to pay once the interest rate adjusted
    >>>>> up,
    >>>>> and the bank _knew_ that the properties were way over-valued due to
    >>>>> speculation, and the bank _knew_ that their Republican buddies that
    >>>>> created the whole economic mess to begin with would find a way to bail
    >>>>> them out, as long as the whole thing came to a head before Obama is
    >>>>> elected.
    >>>>>
    >>>>> I think we should take the bailout money and buy everyone a Nokia
    >>>>> tablet
    >>>>> and a bicycle.
    >>>
    >>>>I believe the legislation that encouraged these loans for folks that
    >>>>couldn't afford them, occurred during the Clinton administration. I love
    >>>>how
    >>>>you libs rewrite history
    >>>
    >>>
    >>> I love how you right wingers constantly lie.
    >>>
    >>> Please state chapter and verse the legislation that encouraged the
    >>> subprime loans.
    >>>
    >>> Put up or shut up!

    >
    >>Here's a nice little youtube that sums it up pretty nicely, and you can
    >>Google whatever you like for the particulars:
    >>http://www.youtube.com/watch?v=H5tZc8oH--o

    >
    >
    > Try something outside your right wing sources.
    > http://en.wikipedia.org/wiki/Community_Reinvestment_Act
    >
    > Criticism
    >
    > Some economists have claimed that the CRA encouraged risky
    > lending[11][12] and contributed to the development of the subprime
    > debacle.[citation needed] However, this is disputed, as Robert Gordon
    > has pointed out that approximately half of the loans were made by
    > independent mortgage companies that were not regulated by the CRA, and
    > thus had no government obligation to offer credit to minorities. In
    > the later part of the crisis, these mortgage companies made subprime
    > loans at twice the rate of CRA banks. Another third of the major
    > subprime lenders were regulated, but had very little CRA
    > involvement.[13][14] Gordon also makes the argument that the weakening
    > of the CRA in 2004 was followed by intensified subprime lending.[13]
    >
    > Congressman and 2008 Republican presidential candidate Ron Paul has
    > partially attributed the ongoing subprime mortgage crisis to
    > legislation such as the CRA.[15] Economist Stan Liebowitz has also
    > expressed his opinion that banks were forced to loan to un-credit
    > worthy consumers with "no verification of income or assets; little
    > consideration of the applicant's ability to make payments; no down
    > payment." However, the chief executive of Countrywide Financial, the
    > nation's largest mortgage lender, is said to have "bragged" that to
    > approve minority applications "lenders have had to stretch the rules a
    > bit", suggesting that Countrywide was responsible for relaxing its
    > standards rather than the other way around.[16]
    >
    > Ellen Seidman, the former director of the US Office of Thrift
    > Supervision,[1] has stated her belief that the CRA did not have an
    > effect on the United States housing bubble. She observes that CRA
    > banks were particularly warned to make responsible investments, citing
    > a speech by herself as an example.[2] She notes that if unregulated
    > independent mortgage companies do make subprime loans, affiliated CRA
    > banks should not be able to count them for CRA purposes, although she
    > does not indicate whether this practice currently occurs. An analysis
    > by attorneys Traiger and Hinckley concluded that CRA banks were less
    > likely to sell risky mortgages onto the secondary market, and likely
    > mitigated the effect of the subprime crisis.[17]



    FWIW, I get my info from a wealth of sources, but I'll admit, I wasn't aware
    that youtube was "right wing"
    >






  11. #11
    AZ Nomad
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.

    On Fri, 26 Sep 2008 14:15:23 -0600, Todd Allcock <[email protected]> wrote:
    >At 26 Sep 2008 15:12:50 -0400 RBM wrote
    >> I believe the legislation that encouraged these loans for folks that
    >> couldn't afford them, occurred during the Clinton administration. I love

    >how
    >> you libs rewrite history



    >And I love when conservatives drop that whole "personal responsibility"
    >mantra whenever it suits them.



    I didn't think the republicans would bring full trillion dollar
    deficits for another ten years. We're going to see it this year.

    Nice going. The federal govt. will be completely bankrupt in five
    years if we get another republican administration.



  12. #12
    AZ Nomad
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.

    On Fri, 26 Sep 2008 16:27:23 -0400, RBM <[email protected]> wrote:

    >"AZ Nomad" <[email protected]> wrote in message
    >news:[email protected]
    >> On Fri, 26 Sep 2008 15:57:13 -0400, RBM <[email protected]> wrote:
    >>
    >>>"AZ Nomad" <[email protected]> wrote in message
    >>>news:[email protected]
    >>>> On Fri, 26 Sep 2008 15:12:50 -0400, RBM <[email protected]> wrote:
    >>>>
    >>>>>"SMS" <[email protected]> wrote in message
    >>>>>news:[email protected]
    >>>>>> Todd Allcock wrote:
    >>>>>>> At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    >>>>>>>
    >>>>>>>> I trust my fellow adult Americans to know how to use the $85 Billion
    >>>>>>>> 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    >>>>>>>> Washington DC.
    >>>>>>>
    >>>>>>>
    >>>>>>> Really? Those same Americans who bought twice the house they could
    >>>>>>> afford
    >>>>>>> with an interest-only ARM and now don't have the money to pay the
    >>>>>>> balloon
    >>>>>>> or the ability to restructure the debt into something they can
    >>>>>>> afford?
    >>>>>>
    >>>>>> The bank can foreclose on the property, or it can get its money from
    >>>>>> whoever insured the load, since obviously private mortgage insurance
    >>>>>> (PMI)
    >>>>>> was required on the loans they granted.
    >>>>>>
    >>>>>> Oh wait, the bank _knew_ when they bought the loan, that the borrower
    >>>>>> would be unlikely to be able to pay once the interest rate adjusted
    >>>>>> up,
    >>>>>> and the bank _knew_ that the properties were way over-valued due to
    >>>>>> speculation, and the bank _knew_ that their Republican buddies that
    >>>>>> created the whole economic mess to begin with would find a way to bail
    >>>>>> them out, as long as the whole thing came to a head before Obama is
    >>>>>> elected.
    >>>>>>
    >>>>>> I think we should take the bailout money and buy everyone a Nokia
    >>>>>> tablet
    >>>>>> and a bicycle.
    >>>>
    >>>>>I believe the legislation that encouraged these loans for folks that
    >>>>>couldn't afford them, occurred during the Clinton administration. I love
    >>>>>how
    >>>>>you libs rewrite history
    >>>>
    >>>>
    >>>> I love how you right wingers constantly lie.
    >>>>
    >>>> Please state chapter and verse the legislation that encouraged the
    >>>> subprime loans.
    >>>>
    >>>> Put up or shut up!

    >>
    >>>Here's a nice little youtube that sums it up pretty nicely, and you can
    >>>Google whatever you like for the particulars:
    >>>http://www.youtube.com/watch?v=H5tZc8oH--o

    >>
    >>
    >> Try something outside your right wing sources.
    >> http://en.wikipedia.org/wiki/Community_Reinvestment_Act
    >>
    >> Criticism
    >>
    >> Some economists have claimed that the CRA encouraged risky
    >> lending[11][12] and contributed to the development of the subprime
    >> debacle.[citation needed] However, this is disputed, as Robert Gordon
    >> has pointed out that approximately half of the loans were made by
    >> independent mortgage companies that were not regulated by the CRA, and
    >> thus had no government obligation to offer credit to minorities. In
    >> the later part of the crisis, these mortgage companies made subprime
    >> loans at twice the rate of CRA banks. Another third of the major
    >> subprime lenders were regulated, but had very little CRA
    >> involvement.[13][14] Gordon also makes the argument that the weakening
    >> of the CRA in 2004 was followed by intensified subprime lending.[13]
    >>
    >> Congressman and 2008 Republican presidential candidate Ron Paul has
    >> partially attributed the ongoing subprime mortgage crisis to
    >> legislation such as the CRA.[15] Economist Stan Liebowitz has also
    >> expressed his opinion that banks were forced to loan to un-credit
    >> worthy consumers with "no verification of income or assets; little
    >> consideration of the applicant's ability to make payments; no down
    >> payment." However, the chief executive of Countrywide Financial, the
    >> nation's largest mortgage lender, is said to have "bragged" that to
    >> approve minority applications "lenders have had to stretch the rules a
    >> bit", suggesting that Countrywide was responsible for relaxing its
    >> standards rather than the other way around.[16]
    >>
    >> Ellen Seidman, the former director of the US Office of Thrift
    >> Supervision,[1] has stated her belief that the CRA did not have an
    >> effect on the United States housing bubble. She observes that CRA
    >> banks were particularly warned to make responsible investments, citing
    >> a speech by herself as an example.[2] She notes that if unregulated
    >> independent mortgage companies do make subprime loans, affiliated CRA
    >> banks should not be able to count them for CRA purposes, although she
    >> does not indicate whether this practice currently occurs. An analysis
    >> by attorneys Traiger and Hinckley concluded that CRA banks were less
    >> likely to sell risky mortgages onto the secondary market, and likely
    >> mitigated the effect of the subprime crisis.[17]



    >FWIW, I get my info from a wealth of sources, but I'll admit, I wasn't aware
    >that youtube was "right wing"
    >>



    You stupid ****. Youtube is only the information carrier. I was
    refering the your idiot in front of the camera.

    You can't possibly be this stupid.



  13. #13
    RBM
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.


    "AZ Nomad" <[email protected]> wrote in message
    news:[email protected]
    > On Fri, 26 Sep 2008 16:27:23 -0400, RBM <[email protected]> wrote:
    >
    >>"AZ Nomad" <[email protected]> wrote in message
    >>news:[email protected]
    >>> On Fri, 26 Sep 2008 15:57:13 -0400, RBM <[email protected]> wrote:
    >>>
    >>>>"AZ Nomad" <[email protected]> wrote in message
    >>>>news:[email protected]
    >>>>> On Fri, 26 Sep 2008 15:12:50 -0400, RBM <[email protected]> wrote:
    >>>>>
    >>>>>>"SMS" <[email protected]> wrote in message
    >>>>>>news:[email protected]
    >>>>>>> Todd Allcock wrote:
    >>>>>>>> At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    >>>>>>>>
    >>>>>>>>> I trust my fellow adult Americans to know how to use the $85
    >>>>>>>>> Billion
    >>>>>>>>> 'We Deserve It Dividend' more than I do the geniuses at AIG or in
    >>>>>>>>> Washington DC.
    >>>>>>>>
    >>>>>>>>
    >>>>>>>> Really? Those same Americans who bought twice the house they could
    >>>>>>>> afford
    >>>>>>>> with an interest-only ARM and now don't have the money to pay the
    >>>>>>>> balloon
    >>>>>>>> or the ability to restructure the debt into something they can
    >>>>>>>> afford?
    >>>>>>>
    >>>>>>> The bank can foreclose on the property, or it can get its money from
    >>>>>>> whoever insured the load, since obviously private mortgage insurance
    >>>>>>> (PMI)
    >>>>>>> was required on the loans they granted.
    >>>>>>>
    >>>>>>> Oh wait, the bank _knew_ when they bought the loan, that the
    >>>>>>> borrower
    >>>>>>> would be unlikely to be able to pay once the interest rate adjusted
    >>>>>>> up,
    >>>>>>> and the bank _knew_ that the properties were way over-valued due to
    >>>>>>> speculation, and the bank _knew_ that their Republican buddies that
    >>>>>>> created the whole economic mess to begin with would find a way to
    >>>>>>> bail
    >>>>>>> them out, as long as the whole thing came to a head before Obama is
    >>>>>>> elected.
    >>>>>>>
    >>>>>>> I think we should take the bailout money and buy everyone a Nokia
    >>>>>>> tablet
    >>>>>>> and a bicycle.
    >>>>>
    >>>>>>I believe the legislation that encouraged these loans for folks that
    >>>>>>couldn't afford them, occurred during the Clinton administration. I
    >>>>>>love
    >>>>>>how
    >>>>>>you libs rewrite history
    >>>>>
    >>>>>
    >>>>> I love how you right wingers constantly lie.
    >>>>>
    >>>>> Please state chapter and verse the legislation that encouraged the
    >>>>> subprime loans.
    >>>>>
    >>>>> Put up or shut up!
    >>>
    >>>>Here's a nice little youtube that sums it up pretty nicely, and you can
    >>>>Google whatever you like for the particulars:
    >>>>http://www.youtube.com/watch?v=H5tZc8oH--o
    >>>
    >>>
    >>> Try something outside your right wing sources.
    >>> http://en.wikipedia.org/wiki/Community_Reinvestment_Act
    >>>
    >>> Criticism
    >>>
    >>> Some economists have claimed that the CRA encouraged risky
    >>> lending[11][12] and contributed to the development of the subprime
    >>> debacle.[citation needed] However, this is disputed, as Robert Gordon
    >>> has pointed out that approximately half of the loans were made by
    >>> independent mortgage companies that were not regulated by the CRA, and
    >>> thus had no government obligation to offer credit to minorities. In
    >>> the later part of the crisis, these mortgage companies made subprime
    >>> loans at twice the rate of CRA banks. Another third of the major
    >>> subprime lenders were regulated, but had very little CRA
    >>> involvement.[13][14] Gordon also makes the argument that the weakening
    >>> of the CRA in 2004 was followed by intensified subprime lending.[13]
    >>>
    >>> Congressman and 2008 Republican presidential candidate Ron Paul has
    >>> partially attributed the ongoing subprime mortgage crisis to
    >>> legislation such as the CRA.[15] Economist Stan Liebowitz has also
    >>> expressed his opinion that banks were forced to loan to un-credit
    >>> worthy consumers with "no verification of income or assets; little
    >>> consideration of the applicant's ability to make payments; no down
    >>> payment." However, the chief executive of Countrywide Financial, the
    >>> nation's largest mortgage lender, is said to have "bragged" that to
    >>> approve minority applications "lenders have had to stretch the rules a
    >>> bit", suggesting that Countrywide was responsible for relaxing its
    >>> standards rather than the other way around.[16]
    >>>
    >>> Ellen Seidman, the former director of the US Office of Thrift
    >>> Supervision,[1] has stated her belief that the CRA did not have an
    >>> effect on the United States housing bubble. She observes that CRA
    >>> banks were particularly warned to make responsible investments, citing
    >>> a speech by herself as an example.[2] She notes that if unregulated
    >>> independent mortgage companies do make subprime loans, affiliated CRA
    >>> banks should not be able to count them for CRA purposes, although she
    >>> does not indicate whether this practice currently occurs. An analysis
    >>> by attorneys Traiger and Hinckley concluded that CRA banks were less
    >>> likely to sell risky mortgages onto the secondary market, and likely
    >>> mitigated the effect of the subprime crisis.[17]

    >
    >
    >>FWIW, I get my info from a wealth of sources, but I'll admit, I wasn't
    >>aware
    >>that youtube was "right wing"
    >>>

    >
    >
    > You stupid ****. Youtube is only the information carrier. I was
    > refering the your idiot in front of the camera.
    >
    > You can't possibly be this stupid.


    The guy in front of the camera was also citing info from many sources. Why
    is it that when you liberals have nothing intelligent to say, you swear and
    call names?





  14. #14
    RBM
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.


    "AZ Nomad" <[email protected]> wrote in message
    news:[email protected]
    > On Fri, 26 Sep 2008 14:15:23 -0600, Todd Allcock
    > <[email protected]> wrote:
    >>At 26 Sep 2008 15:12:50 -0400 RBM wrote
    >>> I believe the legislation that encouraged these loans for folks that
    >>> couldn't afford them, occurred during the Clinton administration. I love

    >>how
    >>> you libs rewrite history

    >
    >
    >>And I love when conservatives drop that whole "personal responsibility"
    >>mantra whenever it suits them.

    >
    >
    > I didn't think the republicans would bring full trillion dollar
    > deficits for another ten years. We're going to see it this year.
    >
    > Nice going. The federal govt. will be completely bankrupt in five
    > years if we get another republican administration.


    True enough, however It won't matter which party is in power





  15. #15
    Mark Crispin
    Guest

    Re: My plan is to give $425,000 to every person 18+ as a 'We DeserveIt Dividend'.

    On Fri, 26 Sep 2008, Todd Allcock posted:
    > At 25 Sep 2008 21:59:11 -0700 iPhone 3Gold wrote:
    > BTW-200 million adults dividing $85 billion is $425 each, not $425,000. I
    > suspect your math wizard CPA might be part of the problem, rather than the
    > solution...


    The American definition of a billion is a thousand million.

    As Todd correctly points out, $85 billion divided by 200 million is $425.
    More than that was already paid out in the "economic stimulus package"
    last spring, although my income was high enough that I did not get it.

    The British definition of a billion is what Americans call a trillion;
    that is, a million million. Is Vic British?

    -- Mark --

    http://panda.com/mrc
    Democracy is two wolves and a sheep deciding what to eat for lunch.
    Liberty is a well-armed sheep contesting the vote.



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