Cram-down's Part II

[Jule215]

Frank and Durbin are going to try and give cram-downs a second shot...And they sound optimistic.

Cramdown Is Back: Banks V Homeowners, Round 2

[Garry]

Right on! I'd love to cram my second mortgage down Chases throat. I did the begging thing already and it didn't work. I can throw in a couple credit cards of theirs while I'm at it.

[snapple candy]

Garry, I like your sense of humor.

The Obama administration has deemed itself surprised that foreclosures have continued unabated despite the law Congress passed intended to encourage mortgage modifications. The law is all carrot, however, and no sticks. Cramdown is the stick. If banks think they'll get hit in bankruptcy court, they're more likely to negotiate.

Surprised the lenders arent quick to modify? Come on Obama administration. A law was passed to ENCOURAGE modifications. What law? Cramdown is for sure a stick but will it really happen?
If it happens, it may me too late for many. Im in a mood tonight. forgive me.

Thanks Jule for posting.

[Irish Gal]

Originally Posted by snapple candy

Come on Obama administration.

I second that! Ok Snap, here's my latest rant! Now that Obama's corrupt econ team can't magically make the (real) econ turn around fast enough because their awful econ policies aren't working (as predicted), I think they are beginning to panic. Poll #'s going down. No jobs. Continuing foreclosure hell all over the country. Wall St. and its insider lobbyists (Paulson, Geithner, Summers, Bernanke et al.) have all "punked" Obama and he's let them re bailouts, etc. He's in over his head IMO. Nice guy, but "nice" isn't going to bring the econ back. Or get healthcare. Or fix the war, once and for all. He's picked the worst possible (corrupt) econ team to deal w/ this recession, and the policies aren't working for the real econ, just covering up real Wall St. probs, until it blows up the econ, again. If Obama doesn't wake up fast and start taking care of all Americans vs. just Wall St. soon, I think he's toast. He's alienated his most loyal supporters. I will never, ever vote for the opposition creepy crazies, I'll just not vote, again. If the crazies get back in power, I will definitely start packing my bags. So, get a grip, Prez! We need someone who's got a clue about what's really going on, on Main St. Not just catchy slogans. So, IMO, don't hold your breath waiting on some new "whisper" re cramdowns. The banks own the Senate! Remember? Aren't those Durbin's words from the last go-round? We're going nowhere, fast. Strong leadership is lacking. We need a pack leader, as Ceasar Milan says ! So, my fear is we'll be treading water here for a long time. Ghandi's in charge. But, we need Billy Jack or Charles Bronson leading the way right now . Right, Snap? Or Clint Eastwood? Rifle Man? James West? Barney Fife? ha ha ha I llllloooovvvveeeeddd good, ole Barney. How about Wonder Woman? Charlie's Angels? Could they get us out of this ditch? tee hee hee I had such a crush on Jim West growing up. Then, I found out he was about 5'3" or something and that fantasy ended . Anyways, that's how I see what's going on right now. Sorry to be a naysayer, but that's how I see it. There's 22,000 lobbyists in Washington representing corp interests EVERY SINGLE DAY. How many for working people/consumers? Nada. Zip. Zero. End of story. By the way, are you going to see Michael Moore's new movie that opens on Oct 2, nationwide? Supposed to be real good. Hang in there, kiddo. Sounds like you're doing bettr these days!

[Garry]

Wow Irish Gal, when you rant you don't mess around! I'm still keeping my hopes up on Obama, but I do think his days are numbered if he doesn't start applying the trickle up economics that he talked about in his campaign. We'll get health care reform no-matter what because the Gov is going broke over it, the question is who's best interest is it really for. If they bump the public option it's not for ours, it's for everyone above us including the Gov. They can kiss their rears good-bye if they drop the ball on this one and I'm not sure they really care. A 3 year trigger for the public option is a joke, we can see how giving the banks the opportunity to correct the housing mess is working. A co-op is a total joke, thats giving the insurance companies the right to keep raping us and now they can invite a few friends to join in. The rich get richer, and everyone else gets poorer. O.K. I'm done now

[Irish Gal]

Originally Posted by Garry

Wow Irish Gal, when you rant you don't mess around! I'm still keeping my hopes up on Obama, but I do think his days are numbered if he doesn't start applying the trickle up economics that he talked about in his campaign. We'll get health care reform no-matter what because the Gov is going broke over it, the question is who's best interest is it really for. If they bump the public option it's not for ours, it's for everyone above us including the Gov. They can kiss their rears good-bye if they drop the ball on this one and I'm not sure they really care. A 3 year trigger for the public option is a joke, we can see how giving the banks the opportunity to correct the housing mess is working. A co-op is a total joke, thats giving the insurance companies the right to keep raping us and now they can invite a few friends to join in. The rich get richer, and everyone else gets poorer. O.K. I'm done now

Hi Garry,

I'm deeply disappointed because I had such high hopes and expectations for this Admin. After 8 yrs of the country's destruction by the predecessors, I thought the country was on its way to true recovery. But, he's turning out to be a weak leader (IMO), and no different than all the others who talk populist and then ACT on behalf of corporate interests, once they win. I used to be quite positive about politics in my youth. I never understood the naysayers, the "I hate ALL politicians" folks. I thought it was just a cop out to not get off the couch and do something positive to change things. But, through this crisis, I understand those sentiments, now. We are truly powerless over what has happened, and what continues to happen, although we are (partially) blamed for the crisis. I was never and never will be a credit junkie. I am not and never was a consumer whore, like Americans are indoctrinated to be. I don't worship "stuff." I'm not a "keep up w/ the Jones" type. I would rather spend any $$$$ I have on travel, good food, education or charity. Not at the malls. Or a McMansion. If I became a billionaire tomorrow, you would never know it! I would drive the same car, wear the same style of clothes, etc. I would just love the freedom $$$$ brings. So, all this crap I read about us all helping to tank America via credit lifestyle does not apply to me. But, I am powerless now. Over the consumerism that was shoved down our throats and the fantasy financial system we live under now. This is personal now. It has made me sit up and really take a look at who and how this country is run. So, I need more than a few catchy slogans with a big smile to give me faith in this country, again. Maybe O is as brilliant as his blind followers want to believe. Maybe he is hiding his cards, and he will surprise us all. That would be fantastic. But, from what I've seen thus far, he's not tough enough for the difficult, difficult job he's got on his hands. Politics in this country have become a serious blood sport. Like extreme fighting. All civility is lost. Just pure blood, guts, lies, and trickery to stop the country from true progress. All these politicians are posing as "Christians" and then exhibit not one value Jesus stood for . When I hear self-identified "Christians" spouting the insurance co. slogans re anti-healthcare reform, I just ask them one thing: What would Jesus do re healthcare? Vote w/ the insurance magnates by allowing them to bankrupt the sick, the poor, and the feeble or by allowing them to die due to no $$$$ to pay ? They know the answer. I tell them to keep asking Jesus what should be done on most social issues. Big business? Jesus? Big Business? Jesus? He will guide them . So, the "religious" charlatans running the country have got to go, too. So, I do think if O doesn't get tough soon, by getting some real jobs going, real healthcare reform, etc., he will have missed his window of oppty for real change. The econ is expected to get worse in 2010 and remain flat for yrs. He will be blamed for it all. By the way, a "cynic" is a disappointed idealist. . You know, you're a smart guy.