Wasn’t he that Republican congressman who slept with young male congressional pages? Oh, never mind, that was Foley.

Wasn’t he the Californian congressman who accepted $2.4 million in bribes from defense contractors? Oh, never mind, that was “Duke” Cunningham.

I get so confused with these Republican congressmen.

quote:
Park Nicollet Health Services in Minneapolis may pay an extra $5 million to $6 million this year, about a quarter of its operating profit, because interest on $375 million in floating- rate debt doubled in the last six weeks, said Chief Financial Officer David Cooke. The rate on $98 million insured by Ambac climbed to 6 percent on Jan. 30 from 3.06 percent on Jan. 2.
Financial Armageddon: Second-Order Effects Coming Thick and Fast

Many didn’t believe the economists who said the government and others weren’t lying when they said this was “contained” and wouldn’t spread.

I believe that the GOP is going to take most of the heat for this because of Bernanke being a Bush appointment and Greenspan being also a Fed Chairman under Bush.

quote:
Existing home sales already fell by 22 percent last year, according to the National Association of Realtors. Prices are plummeting, off by more than 20 percent in some markets according to the Case-Shiller Indexes. “We need the FHA to provide mortgages with…a subsidized interest rate. Instead of 5.5 or 6 percent, they could put 4 or 5 percent,” he told U.S. News & World Report.

He also proposes that the FHA “minimize, if not eliminate, the down payments, so people can afford to buy not only a new home but an existing home.”
Gross: Drop Down Payments on New FHA Loans

This is full scale panic. Now we want the government to get in the home loan approval business.

I like this quote:
“But now a government agency is overseeing the list of buyers as opposed to ‘greedy’ loan originators that just ran it for a fee,” he says. “I think that’s what’s required.”

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Hmmmm? Who created this mess? The home buyers or the financial system we are trying to bail out? The same financial system that has been gaining power since 1913 and the creation of the Federal Reserve. The same Federal Reserve that had Greenspan pleading ignorance that things were getting so bad.

Who cares what Tom Delay says, thinks or writes?

The Twelve Steps to Financial Disaster

This is why I think the GOP doesn’t want to be in control after the election. This is why I think some Republicans are retiring and not running again. This is why I think the Fed and Central Banks are working so hard and quickly to delay what what is coming until next term, if they can.

“If they can.” That is the key. They may have waited too long to do it. This article lays it out in easy to understand language as to how bad the situation is and why there are more dominoes (and home values) to fall.

This is what destroyed the GOP!