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this is why you dont vote Democrat when you have an economic crisis.....

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Posted: #1

Barney has no idea what he's doing and he will destroy the market if this goes through


FWIW - the more i think about it, the more i think Bernanke is clueless as well

NEW YORK, Sept 24 (Reuters) - Bankruptcy courts would be allowed to alter mortgages written by "predatory lenders" in moves that could save 600,000 Americans from foreclosure, according to the author of a bill introduced in the U.S. House of Representatives on Friday.

The legislation would repeal a provision that prohibits a bankruptcy court from modifying a home's first mortgage, according to Representative Brad Miller, a North Carolina Democrat, who sponsored the bill along with Democrat Linda Sanchez of California.

The bill is co-sponsored by Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee.

Delinquencies and foreclosures have soared as the U.S. housing market soured in the past two years, putting the spotlight on ways to modify loans that are resetting to higher interest rates. Some 5 million adjustable-rate mortgages are slated to reset over the next 18 months, and loan modifications are still "few and far between," Miller said in an interview.

"Everyone will know what will happen in bankruptcy, so the fact that bankruptcy is an option would lead to negotations" between the borrower and lender ahead of that event, he said.

Countrywide Financial Corp (CFC.N: Quote, Profile, Research), which as the nation's No.1 mortgage lender has provided one in five home loans this year, on Monday said it has provided assistance on some 35,000 mortgages this year, including modifying terms on 17,000 loans.

 
Prospect
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Posted: #2

Agree.  To listen to him talk on Kudlow about how inflation is not a risk, and how the Fed has started on the right course, I just wanted to pound his fat f’ing face.

 

Just seems like everyone in Washington is trying to postpone the inevitable instead of dealing with the problems head on.

 
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Posted: #3
You mean like the recession in the early 90's and the Clinton tax hikes that Republicans cried would not allow a recovery?
 
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Posted: #4

 What you primarily have in DC is political grandstanding, especially in  a presidential election period. These guys introduce bills all the time they have no belief will pass, but it does get them in the news and scores supposed philosophical (and political) points. I suspect Frank would be shocked (much like he was when they discovered a "friend" of his running a call boy ring out of his townhouse) if his legislation actually passed.
  
 

 
 

 
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Posted: #5
Quote Originally Posted by depeche2:

You mean like the recession in the early 90's and the Clinton tax hikes that Republicans cried would not allow a recovery?


well........the bull market of the 90's was reall sparked by the tax cuts of 84 by reagan...all of the capital gains taxes that were cut then helped build or fostered investment in the companies that built the internet which carried the 90s...csco, msft, aapl, sunw

check when all those companies got their start

gridophiles - i hear the same stuff on kudlow...he is clueless and if he ever had to manage money or work in the real world he would know how it is out here
 
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Posted: #6
I'm with you KOAJ, those tax cuts payed off  for me when the tech bubble started to grow.
 
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Posted: #7
Adam Smith
supply side economics
tax cuts
Obama-nomics
Mortgage bailouts by court order
 
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Posted: #8
The "Bull Market" of the "Clinton Years" was largely fueled by productivity gains in the US labor force. Higher productivity led to higher real wages per hour, which led to higher consumption by the hard working American middle class, ect...Tax cuts for the middle class stimulate the US economy because the middle class spends most of their tax cuts on the kids clothes,  school supplies, video games, computers, a car, ect... Tax cuts for the wealthiest Americans do not increase consumption or help the US economy, dollar for dollar, nearly as much as tax cuts for the middle class. How does a tax cut for a CEO's salary (15% long term capital gains, not really investment and risk/ reward, but rather a salary paid in stock options to the CEO,officers, members of the board, ect... at a lower tax rate rather than a salary at a higher tax rate) help the US economy relative to tax cuts for the middle class when a certain percentage of that revenue goes to investment in China, Brazil, India, ect... Those countries who have had the highest manufacturing output, throughout history, have enjoyed the highest standard of living, rising property values, the most stable governments ( throughout history many governments have become unstable and been toppled when the wealth of their economies stopped at the king, the Czars, ect... and did not proportionately enough make its way down to the masses. look at the Revolutionary War founding America, taxes too high on the masses in America, too much wealth held by the king of England and not making it's way to the masses in America, and George Washington, ect...sign the Declaration of Independence and started the revolution), ect... My middle class risk/reward American investments, trades, ect... is taxed at over 40%. My middle class salary that I spend in America is taxed at over 30%. What tax cuts have the Republicans given for the middle class working people who helped make America great while running up the "Federal Deficit" which will sooner or later have negative consequences on the US economy?  
 
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Posted: #9
I think the move in the markets back in the mid to late 90s (which was when I cut my teeth in the markets) was fueled by technological innovation and the internet, not by tax cuts 10 yrs before.

A few times in a century you have events like the internet which can drastically change the world like happened in the mid to late 90s.

Me thinks CSCO and SUNW and MSFT and DELL and YHOO would have developed with or without the tax cuts from Reagan in the 80s. It sure had nothing to do with GW Bush I


 
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Posted: #10
ws, no doubt that's correct.  Slight adjustments in tax or fiscal policy don't cause macro trends.  I'm not saying the tax increases caused all the gains.  I'm just showing how it really doesn't much matter.  But the sound budgetary policy behind it did set a good backdrop.  But the title of this thread was just silly in the first place.

Besides, don't forget Al Gore invented the internet.  Or, if you prefer, the internets.
 
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Posted: #11
Me thinks CSCO and SUNW and MSFT and DELL and YHOO would have developed with or without the tax cuts from Reagan in the 80s.

wall - see all of their starts and when VCs got involved (not including Dell) all mid 80's after business investment was being rewarded again but not being taxed so high

d2 - you're right on the title, my error but barney frank is sticking his nose where it doesnt belong...the economy...same with the rest of these politicians. if you think these assholes arent trying to save their local voters to get releected at the expense of the health of the mkt you're wrong. politicians are lowest scum on the planet...both sides of the aisle...at least i trusted the right with my taxed money, but not so much anymore

bad market + major election = politicians dabbling in monetary policy


 
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Posted: #12
Koaj,

I really dont think you can stop technology. Even during some pretty bad economic times we have experienced innovation, so I dont equate any of the internet or computer improvements to Reagan tax breaks from a decade earlier.

Investment dollars were around before the tax cuts and they will be around no matter what happens ecomomically in the future for the RIGHT investment.

I think more than the income tax cuts, the Fed policy during the 90s was more influential. Greenie was only starting his terror by the time Reagan was in office..
 
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Posted: #13
Quote Originally Posted by july4433:

The "Bull Market" of the "Clinton Years" was largely fueled by productivity gains in the US labor force. Higher productivity led to higher real wages per hour, which led to higher consumption by the hard working American middle class, ect...Tax cuts for the middle class stimulate the US economy because the middle class spends most of their tax cuts on the kids clothes,  school supplies, video games, computers, a car, ect... Tax cuts for the wealthiest Americans do not increase consumption or help the US economy, dollar for dollar, nearly as much as tax cuts for the middle class. How does a tax cut for a CEO's salary (15% long term capital gains, not really investment and risk/ reward, but rather a salary paid in stock options to the CEO,officers, members of the board, ect... at a lower tax rate rather than a salary at a higher tax rate) help the US economy relative to tax cuts for the middle class when a certain percentage of that revenue goes to investment in China, Brazil, India, ect... Those countries who have had the highest manufacturing output, throughout history, have enjoyed the highest standard of living, rising property values, the most stable governments ( throughout history many governments have become unstable and been toppled when the wealth of their economies stopped at the king, the Czars, ect... and did not proportionately enough make its way down to the masses. look at the Revolutionary War founding America, taxes too high on the masses in America, too much wealth held by the king of England and not making it's way to the masses in America, and George Washington, ect...sign the Declaration of Independence and started the revolution), ect... My middle class risk/reward American investments, trades, ect... is taxed at over 40%. My middle class salary that I spend in America is taxed at over 30%. What tax cuts have the Republicans given for the middle class working people who helped make America great while running up the "Federal Deficit" which will sooner or later have negative consequences on the US economy?  

 

Very well said  even warrne buffet would agree with you.  He said giving the rich tax cuts doesnt help the economy no matter what people want to believe.  Its giving the cuts to the people who will actually spend the money that does the most good. Sorry but that trickle down tax stuff is pure bs and only fattens up the bank accounts of the rich people.

 
 
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Posted: #14
i have a problem with this...
houses here in CA are $400,000 in the ghetto, now if i cant buy a house i make $100,000 a year what does that say for me and every one that makes less, even a alot less... this bill would be a distaster if prices dont fall.... i say let people lose the home because they were stupid enough to SIGN... contarct is a contract... shit, if i knew there would be a bail out, i also would of bought a house i cant afford...
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