Bank of America

[GPK]

Pays no corporate in 2009 or 2010. Received a $1 billion tax refund. Today announced plans to lay off 30,000 people over the next few years.

[Antitrust32]

Originally Posted by GPK

Pays no corporate in 2009 or 2010. Received a $1 billion tax refund. Today lays off 30,000 people

should I pull my pennies from that bank??

[GPK]

Originally Posted by Antitrust32

should I pull my pennies from that bank??

The better question is "How do I start my own bank?"

[dellinger63]

Originally Posted by GPK

Pays no corporate in 2009 or 2010. Received a $1 billion tax refund. Today lays off 30,000 people

And will be a large benefactor of yet another mortgage bail-out program by the idiot in chief. While homeowners stay in their over financed homes, Bank of America and others get paid and the hardworking, tax paying, financially responsible citizens, trying to raise their own families and paying their own mortgages are forced to pay. Rewarding failure, on the backs of the taxpayer, the new Amerikan Way!

http://www.chicagotribune.com/busine...0,157456.story

[dellinger63]

Originally Posted by GPK

The better question is "How do I start my own bank?"

make out check payable to 'Idiots for Obama' and leave it blank.

[jms62]

Originally Posted by dellinger63

make out check payable to 'Idiots for Obama' and leave it blank.

Give credit where it is due Del
http://articles.cnn.com/2008-09-24/p..._s=PM:POLITICS

[dellinger63]

Originally Posted by jms62

Give credit where it is due Del
http://articles.cnn.com/2008-09-24/p..._s=PM:POLITICS

I concede, in many ways, there are similarities between the two. Except Bush bought up bad mortage backed securities with the hope of recouping the money or a portion of it at a later date while Obama is simply handing out money with zero expectation of any return or pay back.

Why should someone who bought a home for say 200K in 1990, watched it increase in value to over a million in the early 2000's and is less than ten years away from burning his mortgage, with a home value of 350K, be forced to bailout out his neighbor who refinanced in the early 2000's for 800K, splurged on new cars and a boat and now still owes the bank 4K a month for the next 25 years ($1.2 million) on a 350K home? He and the bank may share fault but the poor neighbor who did nothing but make his mortgage payment, based on his original loan, every month certainly bears no blame and surely shouldn't be forced to pay because of it.

Just as the neighbor who jogs, eats healthy, and is concerned for his health doesn't owe the neighbor who, because of his own habits, has heart problems, anything, much less subsidizing his rightfully high, health insurance rates.

If Obama wants another stimulus, all he has to do is distribute the owed and already paid for $2.6 trillion SS fund to those who are owed, based on contributions and eliminate any future SS taxes. The country would be infused with $2.6 trillion immediately and almost $800 billion in additional money every year or in Obama talk $8 TRILLION over 10 years. Since the $2.6 trillion has already been paid in full and is just sitting in Treasury IOU's, the dispersal would cost nothing and would actually eliminate $2.6 trillion and its associated interest from the debt. A win-win-win /already financed plan.

[jms62]

Originally Posted by dellinger63

I concede, in many ways, there are similarities between the two. Except Bush bought up bad mortage backed securities with the hope of recouping the money or a portion of it at a later date while Obama is simply handing out money with zero expectation of any return or pay back.

Why should someone who bought a home for say 200K in 1990, watched it increase in value to over a million in the early 2000's and is less than ten years away from burning his mortgage, with a home value of 350K, be forced to bailout out his neighbor who refinanced in the early 2000's for 800K, splurged on new cars and a boat and now still owes the bank 8K a month for the next 25 years ($2.4 million) on a 350K home? He and the bank may share fault but the poor neighbor who did nothing but make his mortgage payment, based on his original loan, every month certainly bears no blame and surely shouldn't be forced to pay because of it.

Just as the neighbor who jogs, eats healthy, and is concerned for his health doesn't owe the neighbor who, because of his own habits, has heart problems, anything, much less subsidizing his rightfully high, health insurance rates.

If Obama wants another stimulus, all he has to do is distribute the owed and already paid for $2.6 trillion SS fund to those who are owed, based on contributions and eliminate any future SS taxes. The country would be infused with $2.6 trillion immediately and almost $800 billion in additional money every year or in Obama talk $8 TRILLION over 10 years. Since the $2.6 trillion has already been paid in full and is just sitting in Treasury IOU's, the dispersal would cost nothing and would actually eliminate $2.6 trillion and its associated interest from the debt. A win-win-win /already financed plan.

Recently since Irene I am seeing more and more folks protesting on the news insisting that the government buy their house. Now they purchased a house and couldn't get a mortgage without flood insurance.. Probably got a good deal on it. Hurricane floods the house and no one in their right mind will buy it so they want to get bailed out. This is quickly becoming a country where NO ONE is taking any responsibility for their losses and bad decisions.

[dellinger63]

FREE MONEY

[wiphan]

On a side note I see a lot of borrowers shortening the terms of their mortgage loans. Many customers who were in a 30 yr loan are refinancing for a 20 or 15 yr loan and slightly increasing their payment. This will help greatly improve the financial situation of many people. We shouldn't be trying help the people that failed to pay because they have proven time and time again that even if you help them they will eventually default.(see the results from the HAMP program). What we need to do is just find the best way to limit the amount of foreclosures flooding the market at the same time thus decreasing home values further.

[Riot]

Originally Posted by dellinger63

I concede, in many ways, there are similarities between the two. Except Bush bought up bad mortage backed securities with the hope of recouping the money or a portion of it at a later date while Obama is simply handing out money with zero expectation of any return or pay back.

I laughed.

[dellinger63]

Originally Posted by Riot

I laughed.

fools often do.

They also apparently are unable to comprehend that ‘forgivable loan’ means government giveaway, rewarding failure by punishing success. The borrower and lender are no longer responsible for the loan. The taxpayer is!

[Riot]

Originally Posted by dellinger63

fools often do.

They also apparently are unable to comprehend that ‘forgivable loan’ means government giveaway, rewarding failure by punishing success. The borrower and lender are no longer responsible for the loan. The taxpayer is!

No, I laughed because you post things as if they are real.

[joeydb]

Originally Posted by dellinger63

FREE MONEY