SUB-PRIME CITIZEN'S ALERT: George Bush Sets Up Help Line For People Who Didn't Read Before They Signed or Fell Victim to "Predatory Lending"
1-(888) 995-HOPE! (That's H-O-P-E)
And to everyone who locked in with 10 year bonds based on current interest rates, and the current state of the sub-prime effect on the banks -- they are more than happy to pay for all of this!
HOWEVER, ZD WOULD BE A SIDE-TALKER IF HE DIDN'T ALSO ADD: At this point, I DO think this is what needs to be done to prevent everyone who is complaining from REALLY taking a hit -- because this problem is much wider and deeper has been realized yet. And if everyone's stock portfolio drops 30% as a result -- and the entire economy "recesses" while we let the problem move through the system -- well, that's what hardcore economists say we SHOULD let happen -- but that ain't no fun.
"There is no perfect solution to mortgage market problems. Plan is not a 'silver bullet', problems remain. Investors back plan. Legal liability limited. 1.2 million subprime borrowers may be fastracked. This effort involves only the private sector. No public money." - Secretary Paulson
Something Senator Clinton reminded Zuma Dogg during here cnbc appearance: If all these people are kicked out of their homes, many of them are in cluster areas where you would have enitre communities shutting down and turning to blight -- and then the crime starts replacing the community and it's roots. So looks like we're gonna step in and do the wrong thing to prevent it from becoming a lot worse as we stand by on principal and logic.
cnbc viewer: "Let's call it what it is, a 'bail-out' for the banks." (affecting 1.2 million.)
(Rock and a hard place, y'all!!!)
Labels: los angeles politics