Obama's 50 Billion Forclosure Program is a Bust

[Guest]

Unfortunately it is not working. Even Dodd, a democrat, called it "disgraceful".

I just hope the bleeding stops and I don't care what party or affiliation does it.
http://www.politico.com/news/stories/0709/25095.html

[Guest]

The banks are still trying to figure out how it works.
No accountability....no plan....no control....no measures of where the money goes. These are the common attributes of the current and those to come bail outs. Obama will be long out of office and the problems and costs associated with his programs will linger for many future POTUS terms!!!!!!!

Yet the beat goes on and the pied piper pipes and the masses continue to follow.....for now.

btk

[Guest]

The banks are still trying to figure out how it works.
No accountability....no plan....no control....no measures of where the money goes. These are the common attributes of the current and those to come bail outs. Obama will be long out of office and the problems and costs associated with his programs will linger for many future POTUS terms!!!!!!!

Yet the beat goes on and the pied piper pipes and the masses continue to follow.....for now.

btk
That's what happens when in a big rush: public debate is stifled, legislative debate is slammed shut, and no one reads what they vote on. The "Change" is $#!%.

[Guest]

Strange, I thought Paulson, under Bush, got the $700 billion bank bailout? The good news, everybody read it, it was only 3 pages long. Where else could you get $700 billion other than from Bush et al.

http://useconomy.about.com/od/criticalssues/a/govt_bailout.htm

I believe the thread was started regarding the Obama foreclosure plan, which is seperate from the Bush bank bailout plan.

I don't believe doing nothing at all, regarding the banks, AIG etc. was the answer, but what the heck the correct answer is I don't know. Should we even have a foreclosure plan is another question.

The article stated Obama wanted to allow judges to modify contracts in order to allow owners not to default. That's a real stretch and where are the controls on that. If that's why the program failed, they should have scrapped the whole thing. Plenty of issues as the article points out.

[Guest]

The banks are still trying to figure out how it works.
No accountability....no plan....no control....no measures of where the money goes. These are the common attributes of the current and those to come bail outs. Obama will be long out of office and the problems and costs associated with his programs will linger for many future POTUS terms!!!!!!!

Yet the beat goes on and the pied piper pipes and the masses continue to follow.....for now.

btk

Yep, the sheeple are still in love. What is it with people who follow these charismatic- evangelistic type phoney baloney BS artists.....My neighbor is in her 70's and they are foreclosing on her next month. Where is the money going?
To be fair....There has to be alot more crooks then just Obama....After all..he only reads what is on the screen.

[Guest]

Some people just have a different point of view.

[Guest]

Dumb laws are dumb laws, regardless on whose watch they occur.

The public never seems to understand or accept the process from statute creation, to setting up the organization within the Executive to make it happen, to getting the staff for the organization, to training the staff for the organization, to writing the regulations the organization and the public will have to work under, to getting the regulations blessed through the Office of Management and Budget (OMB), to solicit and receive public comment on the proposed regulations, then write the final regulations, then publish the regulations in the Federal Register, then revise the current fiscal year's budget through OMB and submit the next three years' budgets with full justification, and then start answering public inquiries, prepare a Report to Congress on what's been done so far with timeta bles for the rest, andTHEN start to work.

That's a brief synopsis of what happens when it goes smoothly, and it takes many, many months to get from Statute to Operating Organization. Title 5, U.S. Code, Part 1, Chapters 5-9 codify the process, and the President and Congress know this process intimately. However, there's no headlines in process activities, so usually once the statute becomes law, the public expects instantaneous action, Congress makes a lot of noise about lack of action, but the law is the law, and it's Congress' law.