We might need 7 trillions dollars ,not 700 billions!!!!!!!! - New England Patriots Forums

***weswelker#83*** · 09-29-2008, 11:00 AM

David: Mark, short answer, the bailout plan, gonna work?

Mark Hanson: Not large enough to cover the $7T in AT RISK loans made over the past 4 years that need to be re-bucketed.

Video:
Video- CNBC.com

Quote:

"Homeownership rate [sic} is at an
all-time high. That's a fantastic
statistic, isn't it? We want more
people owning their own home.
When you own something you have a
vital stake in the future of the United
States of America."
- President George W. Bush,
on campaign trail in
Waukesha, Wisconsin,
July 2004

"Thanks to our policies,
homeownership in America is at an
all-time high. [Applause] Tonight we
set a new goal: seven million more
affordable homes in the next 10 years
so more American families will be
able to open the door and say:
'Welcome to my home.' [Applause]"
- President George W. Bush,
Republican National Convention,
September 2, 2004

'''Wall Street got drunk - that's the
reason I asked you to turn off your
TV cameras,' he told a Texas fundraiser.
'It got drunk, and now it's got a
hangover. The question is, 'How long
will [it take to] sober up and not try
to do all these fancy financial
instruments?'"
- President George W. Bush,
July 22, 2008

***maverick4*** · 09-29-2008, 11:02 AM

Of course it's not enough.

The 700 billion is just to give the rest of the rich elite time (in days, maybe weeks) to get the rest of their assets OUT of America before the house finally collapses upon everyone.

***BelichickFan*** · 09-29-2008, 11:13 AM

$7T "at risk" does not equal $7T which will go bust.

Wildo7 · 09-29-2008, 11:14 AM

Quote:

Originally Posted by BelichickFan

$7T "at risk" does not equal $7T which will go bust.

what percent of $7T at risk are expected to go bust?

***BelichickFan*** · 09-29-2008, 11:22 AM

Quote:

Originally Posted by Wildo7

what percent of $7T at risk are expected to go bust?

That, I can't answer. But people shouldn't say we need $7T then say it's because $7T is at risk. It fails simple logic.

Stokes · 09-29-2008, 11:24 AM

Agree with BF, you don't need to buy all $7T of at risk paper, you just need to insure it, which should cost significantly less. Still might be more than $700B though.

Wildo7 · 09-29-2008, 11:25 AM

Quote:

Originally Posted by BelichickFan

That, I can't answer. But people shouldn't say we need $7T then say it's because $7T is at risk. It fails simple logic.

No but we COULD need 7T$

mcgraw_wv · 09-29-2008, 11:27 AM

100 years ago... in 1908, was there even 1 trillion available in currency around the world? The total combined value of the world...

Think about how easy we throw Trillions around like it's nothing...

In 2050, we will be watching TV watching them discuss how the elite investors upon their failed investment in moon mining mortgages that they need 14 googlion dollars to protect your house, and main street from feeling the collapse of Moon mortgages.

If you do not act now, and call your representative, this will never end... Inflation and throwing around invented money only does one thing... devalues your value. Your home, your investments, your property...

***BelichickFan*** · 09-29-2008, 11:29 AM

Quote:

Originally Posted by Wildo7

No but we COULD need 7T$

Or we could need $250B. If you choose to believe at unrealistically worst case, go right ahead. But wes shouldn't be stating "we need" as fact when it isn't fact.

***weswelker#83*** · 09-29-2008, 11:41 AM

He made a nice point that with a 36% DTI people could make their mortgage payments, and save and take vacations and if the house price went down they could wait it out. But at 50% DTI they can't and the way out is to mail in the keys.