Tuesday, Feb 26, 2008
Expect huge backlash from US taxpayer
Market Oracle: Subprime Mortgage Scam Lands US Tax Payer $739 Billion Bailout Bill
"Why on earth would the taxpayer want to buy 600,000 subprime mortgages at “current value” when housing prices are falling, inventory is soaring, sales are sagging, foreclosures are at historic highs, and millions of homeowners are expected to simply “walkaway” from their loans?"
Posted by sold 2 rent 1 @ 02:13 PM (199 views) Add Comment
5 Comments
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1. Moley20 said...
There will be no backlash. The masses will take it. The so called democracy is a dictatorship in disguise. No matter who you vote in, it makes no difference for the masses. We need to restore power to the people. The French I sometimes admire for the proactive approach. They take to the streets when they do not like something. I do not see any americans taking to the street.
Under the Bush Administration: their rights to demonstrate has been taken away;
2. Stevie Dee said...
@S2R1,
Question for you or anyone, with charts, any link with Gold (UP) Google (Down)? I know off subject but wanted some thoughts on this..
3. Stevie Dee said...
@S2R1,
About that relationship, look at Google from high of 6th Nov 07 ($747), and then turn it upside down next to gold prices over the same period.
4. Plato said...
This is an excellent piece of journalism. The scenario is devastating. The comments damning. The problem unfortunately looks long term and compounding. Let us hope it does not have the consequences that such behaviour creates.
5. sold 2 rent 1 said...
SD,
Tech stocks, the next leg of the crash. My mate said his whole division got laid off at Intel last week.