US News
Bush plans to veto housing bill
May 7, 2008, 23:31 GMT
Washington - US President George W Bush promised Wednesday to veto a costly initiative making its way through Congress to address the housing crisis at the centre of an economic slowdown in the United States.
Democrats are pushing for a broad bill that would create a 300- billion-dollar fund to help homeowners threatened with foreclosure and provide tax incentives for people to buy new homes.
Bush said the Democrats' housing plan would 'reward speculators and lenders' rather than individuals struggling to stay in their homes, and urged the House of Representatives to adopt a rival Republican version that is less expansive.
But Speaker Nancy Pelosi - the leading Democrat in the House - said the bill had support from both parties as members began debating the new initiative on Wednesday.
'American families confronting foreclosure deserve better from the president than a veto threat,' she said.
Government agencies have worked to help homeowners refinance their mortgages, but the Bush administration has opposed using taxpayer funds to bailout homeowners or speculators who took excessive risks, or took out mortgages they could not afford.
A dramatic drop in home prices in the past two years prompted a record number of foreclosures since August. Investment banks and lenders have been hit with huge losses from the mortgage defaults, contributing to a wider economic downturn in the United States.
A House vote on the housing bill was possible by late Wednesday.
© Deutsche Presse-AgenturCOMMENT
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page: 1
No SP4, like you he has lost his fu-king mind. Neo-con idiots the lot of you.
The banks have pushed many potential buyers over the edge in telling them they could afford a mortgage that was in reality not suitable .As the real estate was booming and the prices adopted a steep climb,many have spent too much money on their home ,based on these propspectives of fortune .No bank should ever leant money that people can not afford to pay for a house .That is a simple rule,not only in banking business but in real life .For more than two years the banks knew that sompebody would have to pay for this fake bonanaza.Definitely not themselves,these guys are always on the receiving end ,laws are always made in their favor .
So it had to be the house owners .A case of disease in the family,somebody being made redundant at work,a car accident ,it takes only a minor accident in life to tumble into a different scenarion.our house is gone,you're covered in debts,health insurance refuse to pay .It can happen to most of you.and all the republicans do is makr silly jokes about it à la SP4 and other reneck morons .Ever considered diverting some of the enormous sums spent to armament into more important issues like catering for the needs of your own population ?
G.W.Bush. an umitigated DISASTER of a President.
I bet you now, that you can't find anyone that is stupid enough to say they VOTED for him?
People are responsible for their own money, Tonny. In the gossamar world you live in, there may be babysitters and nannies for adults, but not in the real world.
These defaults are not the product of people with some simple misfortune.
They were the result of poor lending practices AND folks who mis-managed their finances.
Both of them deserve to lose, because BOTH of them brought it about. A child can rationalize what will happen if their house payment goes up, so why not an adult?
At no time was GW Bush consulted on a single, solitary loan.
Now, if you wish to help them, that is laudible, but all it wil do is enable the lenders to go right back out and do it again.
The fact is, home prices, artificailly inflated by this mess, are now back down to realistic numbers, making them mpore affordable for folks, at realistic fixed-mortgage pricing. This should have been the case all along.
No, Tonny, the free market f--ked up, individuals f--ked up and they deserve what they get. Hammering the lenders is the best insurance that they will never do it again.
Be a man or woman, and learn to manage your money.
As of April 2008, the total U.S. federal debt was approximately $9.5 trillion[2], about $31,100 per capita (that is, per U.S. resident). Of this amount, debt held by the public was roughly $5.3 trillion. If, in addition, unfunded Medicaid, Social Security, etc. promises are added, this figure rises to a total of $59.1 trillion. In 2007 the public debt was 36.8 percent of GDP ranking 65th in the world.. The total debt is currently 66.5% of GNP.
It is important to differentiate between public debt and external debt. The former is the amount owed by the government to its creditors, whether they are nationals or foreigners. The latter is the debt of all sectors of the economy (public and private), owed to foreigners. In the U.S., foreign ownership of the public debt is a significant part of the nation's external debt. The Bureau of the Public Debt, a division of the United States Department of the Treasury, calculates the amount of money owed by the national government on a daily basis.
In simple terms George has plenty of money for War but no money for anything else.
Well, f--khead, he won the last election, so it would stand to reason that most, if not all of the republicans voted for Bush. Also, it was the largst number of votes for a president in history, as I remember.
No, I'm afraid no one is buying into your fantasy wank about Bush. Now, they may not like him, but they did greenlight him TWICE. I'm afraid that does not say much for your theory.
Just think how stupid you would have to be to vote for either John Kerry or Al Gore.
As of jan 2009,just when Bush leaves office ( If he hasn't started WWW 111 ) the total U.S. federal debt should be $10.trillion
SP4,are you realy trying to tell us the american people is as stupid as you and your president ?Did they ever vote for a guy who clearly told them that he was going to squander all your resources in a silly armament buildup ?i think not,as usual these issues were never discussed ,as it happens Bush got elected on the promise that he would lower tax for the average american,reduce government spending,etc,etc .Just what he did afterwards was somehow different .Correct me if I'm wrong of course .Have you realy forgotten how the presidential campaigns of the republicans where staged ?If so let me remind you they were conducted much like the future one .Character assasination ,lander,mudslinging ,a very active dirty trick department,the so called swift boat campaaign against Kerry was one fine example of that .As a result you got Bush,Cheney,and of course the cherry on the cake Donal Rumsfeld wh o led you allsingle handedly into the quagmire of Iraq with the fairy tales you are the only one still to cling on .
Another american said this;you can lie to all for a while,you can lie to some for ever,but you can not lie to all forever .I guess that pretty much sums up the dynamics in US politics for the last decade .It certainly fits the popularity of BUsh,perhaps elected with significant figures in a strange voting system
I have watched and read you comments for months.
It is very plain that you want the entire world to run as badly as the country you live in, so that things will improve there.
28% of all people there between the ages of 55-64 are unemployed!!!
Corporate tax rate including all taxes charged is 64.30% of profits!!!
The VW and other major companies have pulled out because of cost!!!
The idea you have of high tax is fine as long as you rob the rich to pay the poor , is only further proof of the lack of drive, and the you owe us everything mentality of someone that is either without skills or ambition or both.--I feel sorry for you
All you keep harping on is the hatred you have for the American way--you don't live here, we don't give a crap what you think--
The Banks did not cause this--stupid people did--I saw them coming down from the Bronx and other seedy parts of large cities --selling what they had at hugh profits, and moving to the south were housing is cheaper to begin with, buying a 'crib' they could in no way afford--a lot were scumbags.Crime left the city of New York and went south to Georiga and Florida.
The big problem for people now is the inflation in food , gas, and other
commodities.
This was partly caused by congress, and yes George Bush turning food into fuel.It caused a run on other grain stocks that spread to all commodities in a greed frenzey.That combined with the lowering of interest rates caused the dollar to come down 40% which added fuel to the spike in commidites which are all based in US dollers..
There you have a small eco lesson--go back to school and read the books this time
just keep in mind that bush will do anything to further hurt the country.
.....you go chimpey......
What next?May 8th, 2008 - 14:20:35
G.W.Bush. an umitigated DISASTER of a President.
I bet you now, that you can't find anyone that is stupid enough to say they VOTED for him?
Have a look at a few posts below yours. Look for a piece of human dreggery called SP4. He voted for Bush and has been an apologist for him ever since. Language such as 'Well, f--khead' is an indicator of his mental capabilities.
Bush has been a disaster for the whole world. He has screwed his nation into third-world status.
'red-neck moron SP4 who appears to know everything about nothing'
Whoever said that, hit the nail right on the head!.
I bought a bunch of lottery tickets and now that I didn't win I want the government to give me my money back out of the pockets of people who wern't stupid enough to see lottery tickets as an investment.
It is the fault of the people who sold me lottery tickets! Damn you Chimpy McHitlerburton! I want you to give me back the money I blew on lottery tickets so I can go out and buy more lottery tickets! This country is going down the drain because there are actually CONSEQUENCES to my actions!
WAAAAAAAAAAAAAaaaahhhhhh!
Except none of that has a thing to do with the article above.
Honestly, your ramblings become more incoherent every day. Personally, I see matted hair, a tinfoil hat, and a lot of Red Bull, but that's just me.
No, Tonny, the borrowers and lenders are the only one's to blame for this mortgage mess, and nothing you say changes it.
As for Mr. Bush, he has the right idea:
Banks: Keep the banks sound, but let them lose their shorts, as a lesson.
Domestic Auto Mfrs.: let them learn to compete, or sell out to those who do.
Gasoline: let folks choose the car they want and then feed the f--ker. Bitch about high prices...go buy a small car.
Energy: If the dems want to feed the environazis and the trial lawyers first, just sit back until the price gets so bad they BEG to drill in ANWR and off the coasts. It's happening now.
Iraq: Just let the dems get in and deal with it, then watch as they keep troops there and perpetuate what Bush did, because THEY don't want to lose any more than anyone else! After all, who do you think greenlighted this? Hillary and Kerry. Fooled by Bush's WMD's? It doesn't say much about a politician who was fooled by GWB.
Yep, Ol GW just keeps doing what he wants. He could care less about some kind of 'approval rating' fantasy, or what the NYT says about him.
You don't like him, you should not have voted for him...twice.
As it stands I'm not anti american,just antyi neocon .Now why do some of those always use the american people to hide behind .Thanks for bringing up unemployment gigure in Belgium for the group I belong to.As it stands unemployed people in most European countries are way better off than in the USA,where the big companies just outsource all labo intensive activities to China,VIndonesia and other cheap labor countries,kick out their american workers and then refuse to give them compensation,waving theflag of 'this is the american way of dealing with our workforce'.Always nice to point to the movie Michael Moore made about Flint,Michigan where the car manufacturing business just kicked out their workers and refuse to accept any responsibility for the consequences .Rumourhas it that Michael Moore is not very populare with either republicans or neocons.Why would that be ?Did he suck it allout of his thumb?I think not he just deflates the bubble that is called 'the american dream' which in fact stands for gross exploitation of the majorit of your own population by a small minority ,refusing to share any of the loot they rob from your own population .Where are the ethics in the fact that a major bank pays it's CEO a bonus of 68,5 million dollars (just a bonus) but leaves it'scustomers to rot ?That might be the ultimate american corporate dream,but the money has to come from somewhere .In this case it comes from dispossesedd home owners unluck to respond to the lure of quick profits presented to them by the same banks .Some call those victims stupid .I just say those that say so are egoistic thieves that need to be stripped from their wealth ,no more no less .a decent standard of living for the majority of americans can only be achieved by redistribution of wealth .Those that rob you from your tax money by pouring it into the coffers of the miltary industrial complex need to pay back .The oil tycoons tha pry on your transportation costs need to be dispossesed and the money used for more important issues than their private jets,like proper education,health care and a better justice system.
Not anti American just “antyi” neocon
Don’t know what antyi means , but you are very anti Democracy--you want the state to decide your future, not your own hard work and talent---definition--loser
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Hide behind the American people?
Don’t have to hide behind anyone--family has been here almost 300 years and some members for 10000 or more
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Thanks for bringing up unemployment
I see you can’t answer that--because it’s a fact--something you don’t deal in.
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64.3% taxes--you didn’t have the nerve to touch that one--huh
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Point to a flint Mich. Movie by Michael Moore--where the car manufacturing business just kicked out their workers------
That movie was made in 1989--19 years ago--not just--also our unemployment rate is 4.9% TO 5.0% --AND YOURS????
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Why do many people dislike him?
Because he pretends to make factual news movies and when confronted with the truth they are only satire
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Unluck to respond to the lure of quick profits
You got to be kidding---If your not I have some great swamp land in Fl. For ya….O I mean good development property, with on site water access
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Redistribution of wealth
We call that stealing in the US----Comrade
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..wake up. Europes unemployment rate is DOUBLE what ours is, in many of the nations. This is your game there: have lots of out-of-work workers, pay them huge unemployment claims, and tax the worker to death. Like Brother Jesse (Jackson) said, when he ran for office:
'In slavery, everyone has a job!'
Good for you. Knock yourselves out. By all means, stay there, real capitalism scares you to death.
As for Mikey Moore, someone forgot to explain to him, somewhere between the editing booth and the f--king buuuffet he must stand and eat at 24/7, that, beyond opening the doors, meeting all state, fed, and local laws, and carrying out the union contract, your employer isn't really obligated in any further way. They are not your mommy or daddy. They are not obligated to deliver happiness to your door.
Time to grow up.
'As it stands I'm not anti american,just antyi neocon'
As it stands now you are an illiterate euro-chimp with delusions of relevancy.
all the name calling is a sure sign of superior intelligence. Maybe the borrowers were in some cases at fault, but people look to so-called experts and experienced professionals to guide them, and they were given the wrong advice and screwed royally in a lot of those cases. The banks and loan officers were the main fault here. And what about Bush and his constant borrowing for this incredibly insane battle in Iraq? Who is going to whack China on the hand for their loan practices?
'all the name calling is a sure sign of superior intelligence. '
Nope, a sign of frustration at tonnys stupidity.
'The banks and loan officers were the main fault here.'
Well by that (faulty) logic banks and loan officers should pay for the bailout, not the taxpayer.
Good luck with that.
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 10 May 2008 at 11:39:32 PM GMT is:
$9,367,816,808,718.32
The estimated population of the United States is 303,965,683
so each citizen's share of this debt is $30,818.67.
The National Debt has continued to increase an average of
$1.46 billion per day since September 29, 2006!
Then shouldn't the U.S. know better than to keep borrowing billions of dollars just as it's been pointed out that homeowners shouldn't have kept borrowing for housing and upgrading. Does the fault just lie with the U.S. instead of China in that case?
'Then shouldn't the U.S. know better than to keep borrowing billions of dollars just as it's been pointed out that homeowners shouldn't have kept borrowing for housing and upgrading.'
Absolutely. If you look at where the money has been going you will see that it is mostly to entitlement programs. Another reason why we can't elect Obama who is going to blow the lid off the budget by establishing more gigantic entitlement programs and borrow to pay for them.
If every resident in the USA (Man, Woman and Child) to date is now in debt for
$30,818.67
that means every resident in Europe ,such as Tonni who lives in Belguim, would be in debt for 19,969.26 Euros.
(Lets call it 20,000 Euros)'''''''''''''''''''''''''''''
Bush needs to start paying back the U.S. with his millions after he insisted on borrowing billions for his Iraqi battle.
Every resident in the USA (Man, Woman and Child) to date is now in debt for
$30,818.67
that means every resident in Europe ,such as Tonny who lives in Belgium, would be in debt for 19,969.26 Euros.
(Lets call it 20,000 Euros)
and every resident in Britian would be in debt for
15,801.62 United Kingdom Pounds
G.W.Bush, an economic Pariah, had THREE failed businesses before he became President.
The only way he can cling to power and bolster an empty economy (he's already passed the 'Point of No Return' the US having borrowed far more money from China than they can ever repay) is to attack Iran before Jan 20th (TIRANNT).
You can't get rid of a President during a war.
Lucky You.
The price of crude oil could soar to $200 a barrel in as little as six months, as supply continues to struggle to meet demand, a report has warned.
With benchmark US light crude passing the $122 mark for the first time on Tuesday, the warning comes from Goldman Sachs energy strategist Argun Murti.
Surging demand was increasingly likely to create a 'super-spike' past $200 in six months to two years' time, he said.
Oil prices have now risen 25% in the last four months and by 400% from 2001.
Mr Murti correctly predicted three years ago - when oil was about $55 a barrel - that it would pass $100, which it reached for the first time in January of this year.
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SP4: God, George, Would you????May 8th, 2008 - 02:08:45
I thought, maybe, you had lost your f--king pen!...
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