“Famed bond fund manager Bill Gross said the White House should bail out the millions of American homeowners who face the dreaded prospect of foreclosure this year. “If we can bail out Chrysler, why can’t we support the American homeowner?” Gross wrote in his monthly investment outlook on PIMCO’s Web site. “This rescue, which admittedly might bail out speculators who deserve much worse, would support millions of hard-working Americans whose recent hours have become ones of frantic desperation,” said Gross, a founder of the fixed-income investment firm PIMCO and a columnist for Fortune.
“Write some checks, bail ’em out, prevent a destructive housing deflation that (Fed Chairman) Ben Bernanke is unable to do. After all ‘W’, you’re ‘the Decider,’ aren’t you?” Gross wrote.
C.A., your gloomy look is very depressing and a quite a bit of an overstatement. So Countrywide is experiencing some difficulties and a few people are taking money out. I really want to find out where you bank and what area you live in as I will come there with my entire 401k and lend money all day long at 22%. The sky is not going to fall. You can still get a 30 yr fixed at 6.5% if you have really good credit. The market will correct itself and we all know that the house prices were way over inflated anyways. So, I had 400k in equity in 3 years, but that was only on paper. Now it is only 350k, but I still don’t have any more money in my pocket than if it was only 50k in equity. If you use the stance that you are not buying your home to make a quick buck, but to have a place to live and have a nest egg at retirement, those people are the ones who will make it thru this mess and probably own more properties as well.
I don’t know about the rest of you but I place total faith in government to fix everything! After all, we have seen throughout history that governments always do the right thing! Just look at Mao and the Great Leap Forward; sure, that resulted in over 30 million dead but hey, it was for the greater good. And look at that recent case in Florida where the cops broke in to the wrong house on a drug raid and ended up killing a 94-yeard old lady; just an honest mistake. I know that when someone gets into a government job, they could only get there if they know more than anyone else and can plan and direct the billions of individual market transactions that occur daily but also do it without moral flaw. How dare anyone believe that people should have a right to their own lives and property! People like that are a danger to society and should be locked away!
This is definitely going to add pressure on insurer’s underwriting dept for D&O policies and homeowners insurance. If law suits takes ugly route and situation turns out just like LTCM hedge fund or Barings bank cases, picture would be scarier.
You make some very interesting points, some of which I agree with, but your constant complaining about Republicans is getting old. Not all Republicans are rich and Democrats are not all middle income or poor. There are probably as many rich Democrats as Republicans.
Due to your blind hatred of all things Republican, you can not see that ALL politians are the same. They all want your taxes, and your vote, and they will tell you anything to get them both.
“tax breaks to the ultra-rich”? Didn’t everyone get a tax cut? I don’t care if some rich person also got a tax cut, as long as I was not excluded. Some rich guy paying more taxes does not put more money in my pocket.
Some rich guy paying more taxes doesn’t put more money in your pocket…but it means the government has to take less out of your pocket. The government is going to get it from somewhere…..if the uber-rich pay more, you pay less.
Are you kidding? Just because someone else pays more you think they are going to cut your taxes? They want every dollar they can get. At least GW cut taxes. That won’t happen when the Dems get the white house.
Sure…he cut taxes…and then increased spending and ran up the deficit.
That’s like you going out to eat and saying it was free because you put it on your credit card. Somebody’s got to pay for your dinner….and somebody’s got to pay for George’s too.
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Scary comments from today:
“Famed bond fund manager Bill Gross said the White House should bail out the millions of American homeowners who face the dreaded prospect of foreclosure this year. “If we can bail out Chrysler, why can’t we support the American homeowner?” Gross wrote in his monthly investment outlook on PIMCO’s Web site. “This rescue, which admittedly might bail out speculators who deserve much worse, would support millions of hard-working Americans whose recent hours have become ones of frantic desperation,” said Gross, a founder of the fixed-income investment firm PIMCO and a columnist for Fortune.
“Write some checks, bail ’em out, prevent a destructive housing deflation that (Fed Chairman) Ben Bernanke is unable to do. After all ‘W’, you’re ‘the Decider,’ aren’t you?” Gross wrote.
C.A., your gloomy look is very depressing and a quite a bit of an overstatement. So Countrywide is experiencing some difficulties and a few people are taking money out. I really want to find out where you bank and what area you live in as I will come there with my entire 401k and lend money all day long at 22%. The sky is not going to fall. You can still get a 30 yr fixed at 6.5% if you have really good credit. The market will correct itself and we all know that the house prices were way over inflated anyways. So, I had 400k in equity in 3 years, but that was only on paper. Now it is only 350k, but I still don’t have any more money in my pocket than if it was only 50k in equity. If you use the stance that you are not buying your home to make a quick buck, but to have a place to live and have a nest egg at retirement, those people are the ones who will make it thru this mess and probably own more properties as well.
I don’t know about the rest of you but I place total faith in government to fix everything! After all, we have seen throughout history that governments always do the right thing! Just look at Mao and the Great Leap Forward; sure, that resulted in over 30 million dead but hey, it was for the greater good. And look at that recent case in Florida where the cops broke in to the wrong house on a drug raid and ended up killing a 94-yeard old lady; just an honest mistake. I know that when someone gets into a government job, they could only get there if they know more than anyone else and can plan and direct the billions of individual market transactions that occur daily but also do it without moral flaw. How dare anyone believe that people should have a right to their own lives and property! People like that are a danger to society and should be locked away!
This is definitely going to add pressure on insurer’s underwriting dept for D&O policies and homeowners insurance. If law suits takes ugly route and situation turns out just like LTCM hedge fund or Barings bank cases, picture would be scarier.
media mogul,
You make some very interesting points, some of which I agree with, but your constant complaining about Republicans is getting old. Not all Republicans are rich and Democrats are not all middle income or poor. There are probably as many rich Democrats as Republicans.
Due to your blind hatred of all things Republican, you can not see that ALL politians are the same. They all want your taxes, and your vote, and they will tell you anything to get them both.
“tax breaks to the ultra-rich”? Didn’t everyone get a tax cut? I don’t care if some rich person also got a tax cut, as long as I was not excluded. Some rich guy paying more taxes does not put more money in my pocket.
woah…hold on a minute there….
Some rich guy paying more taxes doesn’t put more money in your pocket…but it means the government has to take less out of your pocket. The government is going to get it from somewhere…..if the uber-rich pay more, you pay less.
Are you kidding? Just because someone else pays more you think they are going to cut your taxes? They want every dollar they can get. At least GW cut taxes. That won’t happen when the Dems get the white house.
Sure…he cut taxes…and then increased spending and ran up the deficit.
That’s like you going out to eat and saying it was free because you put it on your credit card. Somebody’s got to pay for your dinner….and somebody’s got to pay for George’s too.
I’ll give you that. I haven’t been happy with the way GW has spent, or the way he hasn’t protected (closed) our borders. GW is a moderate at best.
“…but it means the government has to take less out of your pocket”
That’s the dumbest thing I’ve ever heard!
“Oh, look, we got more taxes out of Thurston Howell III this year!!! Let’s give Gilligan a tax break so he can buy the Skipper a new boat!”