They're back! You thought this mess was just going to end with the banks, the insurance companies, Fannie Mae, Freddie Mac, Wall Street Brokerages, the 200 billion dollar bailout, the 850 Billion dollar bailout, the rebates...ad museum. Now the automakers are knocking on the Federal Government's door asking for a bailout! What the...%#*@? When is it going to end? When are the taxpayers going to be taken off the hook from bad business managers? Who' next? The Airlines? The Casinos? Luxury resorts? Real estate companies?
It is amazing that nothing the government has done has done anything to help out the real estate slump! Raising the conforming limits in FHA, tax incentives, credits...yet our tax money the government is putting into business that should have failed keeps growing through the roof.
Yet there is no indictments in Countrywide, or any other failed institution. No congressman or senators have been reviewed by the FBI for ethics violations. No one is investigating the government lack of oversight. No federal emplyess will be fired! What gives? How bad is it? Why did congress not act sooner? What was congress doing that this was not on the radar for years? The timing seems odd that this was all held up to just before election day by a democratic congress! I really think those that are in charge do not even have a clue which fire should be put out first!
They should fire Paulson! He doesn't have a clue except to bailout the big boys!
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What's next? I know a lot of real estate agents who are in the red!
Carol Culkin (Century 21 - Anita Ferri Realty) I know a lot of real estate companies in the red big time. Total closing for some offices are less than 30. It will not pay the bills. I have also been reading on the national news that New York area is about to get hit hard from all the layoffs on Wall Street.
Don't worry Jim when Obama wins he is going to take care of everything haven't you heard him?
It is crazy out there ! I think you and I could use a little bail out ? Maybe every Amercian can receive $100,000 as a mini bailout ?
John Walters (Specialized Real Estate) I heard! The fix is in!
Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate (RE/MAX Affiliates) For the guys paying for the entire bailout we get nothing. BTW expect your taxes to be raised!
Jim, A little off-topic here but... I haven't heard any details of exactly what the change we need is. Does anyone know what it is?
Shirley Parks San Antonio Real Estate & Luxury Homes (RE/MAX Realty Advantage, San Antonio, TX) Neither have I. We need to start withsome old fashioned accountability first. How about some investigations, trials before we spend another trillion dollars or so. We need to demand the bribe money from lobbyists in Fannie Mae & Freddie Mac be returned to the people before we ask to e people of the USA sign another blank check.
Also, more bailouts are coming after elections on your tax dollars! This is a guarantee!
If our leaders were sincere, they would take a part of the $700 BIllion to hire 1,000 investigators and 1,000 attornies to just investigate and prosecute. The judges could take the assets of the guilty to help with repayments.
We are going down a dangerous path allowing the government to chose who to bail out and who to let die. There should be no bailouts, period. There should be charity for the broke and starving so they can get reestablished, but not reinforcing wrong/risky behaviours via government gifts.
Sorry, but those in the real estate business already got their bailout from 2001-2006 via a housing bubble that should not have been allowed to happen.
Phil We live in strange times. No investigations, and a coup of sorts that our nation is being run by Paulson and Bernake? WTF??? No one questions them. The heads of the committees are self serving idiots that were stupid enough to take lobbyist mones from those they're are supposed to be overseeing. We need to have them investigated! We need lobbyist monies returned. We need a line item veto. We need term limits. Lobbyist reforms!
Jim, I too will vote Realtors. Oh wait, the banks will need to add real estate as they tried a couple years ago, another way to bail out their industry. Look how responsible and timely the banks are being with repos and short sales. TCS (Total Customer Service)
Paul Henderson (RE/MAX Professionals) Isn't it scary?
Jim: I sent in my application for bail-out funding last week. I figure it couldn't hurt, right? I mean, with all that taxpayer money, they wouldn't miss just a few million, right?
Rich Jacobson ~ ActiveRain Community Builder (ActiveRain Corporation) Rich this is beyond scay....and no they will not miss a few billion here or there!
If what we're hearing and seeing is really going to happen, Starbucks and Bailey, Banks and Biddle could be the next billion dollar grant recipients, Jim. :-) Then the guy that runs the transmission shop near the college campus will get a half million dollar grant from Congress to pave his property. Then the casinos will provide IRS forms allowing gamblers to receive deductions on their returns from their losses at the crap tables, and an additional grant of two hundred thousand dollars to play Texas Hold Em'.
Will it ever end ? :-)
David Saks - Real Estate Broker (The Real Estate Mart of Tennessee, Inc.) LOL! I love it! Gotta help Starbucks! It is total nonsense. It will end while bad business persons realize the way they are running their business is a total failure! They will realize it when they close the doors for good. It will send a message to other also. Look at the message the bailout is sending!!!! Corporate welfare is OK? Nationalization of the banks is not a bad thing? What????
Jim,
This is certainly getting to become the mother of all comedies. Right now the bailout plan doesn't seem to come together the way it would help the real estate and mortgage industries. Confusion in Washington over this is mind-boggling.
The problem is that those that are in charge do nothing, So vote for Change next week.
I'm Chad Baird and I approved this message!
Upcoming bailouts: PMI corporations; commercial real estate bonds; corporate bonds; municipal bonds; state pension funds; Public Utility bonds. Wonderful.
Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial) There's no confusion in Washington DC. They're spreading our wealth around.
Chad Baird (Re/Max Spirit) I voted for a change this week. LOL! I approve your message.
Rich Sweum (Homestead Mortgage) It will never end.