The Congress & Senate need some skin in the financial crisis debacle, I propose the following – For every 100 Americans who lose their homes in a given congressional district one congress person should lose their home(s), if 2/3 of the congressional representatives for a given state lose their home(s) then both Senators should lose their home(s) – If more than 3 entire states’ representation lose their homes the president and his cabinet should lose their home(s)-

For the Congressional & Senatorial leaders who can assist their representatives, they have the option of selecting either Henry Paulison, Ben Bernacke and Christopher Cox to lose their homes or better yet give their homes to someone who lost

What say you?

NO NO NO NO NO!!!!!!!

Doesn’t anyone get what’s really happening here? Americans, your civil liberties just got restricted once again in a very clever way.

From an article on the AP: “Among the initial banks participating will be all of the country’s largest institutions, including Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley.

Both Wells Fargo and Citigroup are in great shape financially. Why should you need to take ownership of a company that’s not faltering?

Think about it. If the government owns the institution that controls access to your money, what if you speak out against it and they freeze your assets under some technicality?

Citizens who can’t access their money are effectively paralyzed from disagreeing with their government’s policies.

McCain is not looking good in the polls so this administration has pulled out all the stops to do as much damage as possible before Bush ends his term.

RE: Insert Aretha-Rescue Me!

I am so tired of hearing several pundits (mostly conservative, but very consistently) blame the subprime mortgage debacle on CRA regulations. CRA is not to blame. Here’s the truth!

1. CRA has no quotas, or across-the-board requirements on lending to low to mod individuals.

2. the bulk of unfair and high-risk loans were offered by lenders who were not even subject to CRA regulations. About 75% of all subprime loans were made by institutions that are not fully governed by CRA. The crisis at hand is from unregulated loans; not from regulated institutions.

3. Most CRA loans are governed by prudent lending requirements.

4. The subprime crisis was caused by very risky, unregulated lending products that few understood and were based on extremely weak underwrting standards. They (many poorly regulated entites) bundled these up “loans” and sold them to the world who bought in to these “income streams” based on the American dream.

5. The housing bubble should have burst over a year ago. Like the raging inferno in California, because a natural burst was delayed, more combustable fuel was able to build up and what should have been a natural wild fire to burn up dead material became a towering inferno.

6. As an ex-bank examiner (20 yrs ago) bankers used CRA as a “code word ” for minority loans.

Good Morning AC 360 ers

How about Help,Help by the Beatles! as a rescue insert.!
Obama’s plan has defineltley benbefited the democractic ticket and helped him to score more points with voters but the undecided voters are are still a scary thought to ponder as it gets closer to the election people must see the light regarding this crisis and know what is best for the counrty.

Thanks for naming names in this corperate culprits story we need to know where all the greed was coming from

Thanks for the post today see you at 10 on 360
Michelle D.

Penny: Another great choice in a song to reflect our financial situation! Since you bring up Aretha, perhaps the candidates should consider her song “RESPECT” as a tune out on the campaign trail. Much rather see some of that rather than all the mudslinging as of late. Maybe Gary Tuchman could bring a boom box with him when he’s interviewing those voters. Ha!

Keeping my fingers crossed that the market stays positive today!