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The Obama administration should:
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I vote for the fifth option = Do Nothing!
Let them (and all of the other businesses out there) free-fall until this thing finds its own bottom so to speak; especially the banking industry - world wide.
Once that happens, the re-build process will be sustainable. Anything less is artifical and will not last.
The stimulas package will only delay the inevitable conclusion. This is a global economic meltdown brought on by highly inflated real estate values, the vast number of worthless loans now defaulting and the fact every bank in the world bought large chunks of that worthless paper.
Now that the foreclosures have begun, they are sucking air and the entire world is cavitating.
Unfortunatley, freshly unemployed americans who reach out for aid find it is not available, since we have so many unemployable americans (or refuse to work) living generation to generation on welfare with free medical care, etc.
Once the crisis really hits this spring/summer you wait and see what happens in the crowded inner-cities when the welfare checks slow down and they start competing for aid resources.
I vote for the fifth option = Do Nothing!
I think obama should resign. You won`t believe the mess this bozo is going to cause all of us down the road.
Extortion???So which advertising do you want?
Give me a 4% rate with no points and no fees, or how many people will be at your door asking for the same thing after seeing it on the news and how many will start to pull their money out of this bank.
Extortion???
Why not just start with the news team?
His rating just dropped 19% down to 60.5 and that's in one month. Even George didn't drop that fast.
Wait until tomorrow when I have a meeting with the branch manager at Wamu already purchased by Citi bank where my mortgage is.
I'm gonna flat out accuse his company of being a predator for giving out loans to people in my area that couldn't afford the homes which brought my equity down and I want a reduction in my 6% 30 year fixed down into the fours.
If he doesn't comply I will put him on notice that I have been in touch with a good friend at NBC News that will do a limited time slot in their news and it will stir up a hornets nest.
So which advertising do you want?
Give me a 4% rate with no points and no fees, or how many people will be at your door asking for the same thing after seeing it on the news and how many will start to pull their money out of this bank.
I'm done messing around and I'm taking the bull by the horns, like all Americans should. March on these banks and demand better rates. Don't wait a minute more. Damn, I knew I should have run for president along with my good friend First Robin.
I'm asking for a lower rate based on the bad loans they have given out that brought the value of my house down by over $200,000.
Im just suggesting that he gives me what I'm asking for.
Do you really think they would venture into trying to prove extortion with the trouble they have?
I didn't want the news team in on it until they told me to take a hike, then the guns come out.
If this doesn't sound like common sense then I'm open for suggestions such as the one here.
Chase bought WAMU. Citibank couldn't afford a toothpick right now.
Citi Bank has gotten way too big for its britches, they don't give a hoot about anyone, just the almighty dollar. The government, our brilliant elected officials are now saying they will be giving new loans to help people that have high interest rate loans. The rate will be reduced and the government will pay the difference. You might ask about that when you go in tomorrow. I had a Sears credit card since 1973, when the bill comes I have always paid the full amount and sent it right back. When I purchased a new frig last year the fools sent the bill to an old address even though they sent it to the correct address when I purchased the new washer, dryer and stove. Naturally I did not receive any bills. They sent to the wrong address for three months and then turned me into a collection agency. When that happens by Colo. law the rating company is required to notify you of a derogatory mark on you credit score. As soon as I found out about it I called and found out Citi had taken over the Sears cards about three years earlier. They closed my account even though I sent a check for the full amount as soon as I found out about THIER mistake. As a result I no longer will buy any appliances at Sears. That one thing dropped my rating from 840 down to 735. And we wonder why our country is in such a mess. They punish people with good credit and reward people with bad credit. I thank the good Lord I can pay cash for what I need and or want. I think credit cards should be outlawed because the majority of people abuse them. You are right Bobo, we should run for President, we could be co-presidents.