Comments on: RTC: Some Saw it Coming, but is it a Good Idea?

By: B Scott

B Scott — Fri, 19 Sep 2008 22:19:17 +0000

Dana Swan is 100% right on,better buy a wheelbarrow,yer gonna need it once bread goes to $500 a loaf.

By: Shawn

Shawn — Fri, 19 Sep 2008 19:35:40 +0000

The consumers of these loans are to blame first. 100%- 125% loans are exactly what they seem to “good to be true”. I have a ninth grade education and when I looked around and saw these loans, I knew how risky for everyone these exotic loans were! Government knew these loans were being pushed and that the risk was too much for these companies to absorb if things went south. However, everyone who was making their cut wern’t going to pull the plug. Now, we are putting this bailout on credit. Poor management and greed is to blame. How can you oversight that? They had a chance and did/could not. And they never will. We will pay the piper and it will cost good people much more then they are predicting.

By: chuck

chuck — Fri, 19 Sep 2008 17:12:13 +0000

Question will this RTC2 work? Will it keep homeowners from losing homes? banks from from foreclosing due to bad mortgages and bad investment thinking? This plan should’ve been implimented months ago or when trouble first peaked on the horizon.

By: harveydawabbitt

harveydawabbitt — Fri, 19 Sep 2008 16:52:35 +0000

i guess all our e-mails to senators and the whitehouse and to news agencies and to anyone who we thought would make a difference fell on deaf ears.
wasted phone calls wasted time and energy and wasted tears heartache and sleepless nights trying to get our so called leaders to look at this problem years and years ago.
just imagine if the peoples voice had been heard 5 years ago 6 years ago we could have dealt with this before it got to this level.
no we all were tin foil hat wearing lunatics that were pissed off because our investments lost their value. thats pretty much how we were treated by our leaders. mostly ignored by news agencies such as fox until a few months ago when bear failed. there was some frenzy about this “naked short selling” conspiracy. guess what people we all were right and you ignored us.
patrick byrne was/is right on the money. sen. mccain was spot on as well for calling for cox to be fired. i however would go further and fire cox paulson bernanke pelosi rangle dodd schumer reid mack fuld etc etc etc…..
strip them all of their wealth prosecute them for stupidity then prosecute them for allowing this massive fraud perpetrated upon the american people.
ok imma stop now because what i want to say won’t go well here….

By: Clint Lovell

Clint Lovell — Fri, 19 Sep 2008 16:25:57 +0000

The crippling effects of a banking system designed to benefit the few at the expense of the majority are not being felt throughout the world. The banking system has been designed and refined to benefit bankers at the expense of everyone else.

Isn’t that special?

It’s time for a new banking system. One that creates opportunity by fostering opportunity (instead of limiting opportunity to the lucky top 5%).

The question is whether or not our Congress is smart enough to do this. If they are, then the opportunity for growth is truly unlimited and the need to rely upon taxation to fund government programs (including those grotesquely expensive entitlement programs) can be phased out in less than ten years.

The question is whether or not America is for all of us, or just those who flirt with the top 5%.

By: mark

mark — Fri, 19 Sep 2008 16:10:41 +0000

i did not make this mess, why am i paying for the corruption and greed of others. the Democratic congress likes pointing the finger at the administration for this mess. the congress sat on their asses for the last 4 years —especially the last 2 with their heads up their rearends.

By: Dana Swan

Dana Swan — Fri, 19 Sep 2008 14:54:55 +0000

The BIG problem with the Government buying ALL the bad debt is they don’t the money to do this.

The only way that this can be done is to MONETIZE the debt

That means the Government must use FIAT money that comes from this air

This was done in Argentina and Germany with hyperinflation as the result…….

By: Irene Heath

Irene Heath — Fri, 19 Sep 2008 08:39:15 +0000

RTC is inevitable, somebody(=public) has to pay.
But, since somebody’s loss is somebody’s gain, we have this question:

What was the total sum of bonuses paid just last year for the excellent performance in the industry which will be covered by RTC? I read there were 5.4 billion dollars of bonuses in Lehman Brothers alone, with top management receiving 100-200 millions. So you make a mess for a gain which covers you till the end of your life and others pay for it.

By: Greg

Greg — Fri, 19 Sep 2008 01:01:28 +0000

All this euphoria about a modernized RTC is foolish. It is more smoke and mirrors. Why? At what value will the Class 3 assets transfer? Anything less than par means that the bank, investment bank, or insurance company that currently holds the Class 3 asset will have to take a loss and they will need capital to absorb the loss or they will fail…ala 1980s…and guess what? No one wants to get diluted…there is no more capital. If the assets transfer at par, we taxpayers are taking the loss. Either way someone loses. Either we still have a credit problem in the financials in the equity market or we are providing a bailout to the people who took the risk. Either way, we still have a very serious problem. It is foolish to think that this is a solution.

By: Justin

Justin — Thu, 18 Sep 2008 23:38:15 +0000

Stop the bail outs!!! How can anyone in their right mind think that printing money to buy securitized bubble mortgage debt is the solution to our problems? Heck, if printing money was the answer to all of our problems, why not just send a million dollar stimulus check to every American citizen. Then I suppose we could become the next Zimbabwe. Everyone there is loaded with cash.