Romney: No 'Bailouts' for Threatened Homeowners

[trailmonkee]

Source: national journal

Republican presidential nominee Mitt Romney, pressed Wednesday for specifics on how he would help struggling homeowners, repeatedly brushed aside the suggestion that the federal government should take a more active role in helping people pay their mortgages and keep their homes.

Romney told KLAS, a Las Vegas television station, that he planned to provide no “bailouts” for those facing the threat of foreclosure. Instead, he said, his broader plan is to “get the American economy going again with people having good jobs and more take-home pay so they can afford to buy homes.”

“As long as you have unemployment as high as it is in , you’re going to have a hard time getting the home market to come back the way it needs to,” Romney said.

While the economy is a top issue across America, the foreclosure crisis is particularly acute in Nevada; in some Las Vegas neighborhoods, more than eight in 10 homes are underwater. Romney drew some criticism last fall in Nevada for comments to a Las Vegas newspaper that the housing market needs to "hit the bottom."

Read more: http://www.nationaljournal.com/2012-presidential-campaign/romney-no-bailouts-for-threatened-homeowners-20120905

[mother earth]

1. Yeah, the rich need all the breaks...not the rest of us.

[fasttense]

20. Is it possible that Romney doesn't know that TARP includes help for struggling homeowners?

In addition to big give aways to banksters and thieving Wall Street firms, TARP actually included money and programs to help struggling homeowners. The help to homeowners had to be included to get some Democrats to vote for it. But the bushes never implemented it and Timmy Giethner doesn't want to do it either. But it's there, in Tarp, fully funded and waiting for Timmy to ge off his lazy a**.

So I guess Mitt wont implement the fully funded programs either, even though Congress approved it.

[AC_Mem]

2. What a heartless SOB

How can the republican mind be so different from the mind of a Democrat? It is almost literally good vs evil. I'm 54 years old and I've never seen anything like this in my entire life.

V
O
T
E


Shine on,
Annette

[Angry Dragon]

3. How does he feel about bailing out businesses??

I would think he would feel the same ........... except he IS IN FAVOR of bailing out the job creators

[Drunken Irishman]

4. Sadly, a lot of Americans don't care about bailing 'em out either...

I see it all the time. They believe that you're ultimately responsible for putting yourself in the position of losing your home. I've told my story on DU before and I'm sure there are millions like it. Unfortunately, a lot of people don't care.

[nanabugg]

10. And they think that most facing foreclosure are "undeserving" anyway. Nevermind the scams

used by the banksters and the scheming mortgage lenders. nt

[magical thyme]

30. and it still hasn't dawned on them that when the home next door goes in foreclosure

their own home value plummets. Then if they have a major illness or job loss, they can't sell and they go down too.

I put my life savings into my home instead of wall street, so I own it out right. But I have enough sense to know that as long as my street has short sales and foreclosures, I can't sell my own at more than bankruptcy prices.

I'd rather help people keep their homes and put a floor under this market any day of the week.

As it is, the *only* calls I've gotten on my house this summer has been real estate investors. The one realtor I considered listing with this spring immediately started talking bankrupcty price. It took quite a bit of patience before he finally admitted my house is worth double the price he was talking. Too late for him, he had pissed me off with his transparent attempt at getting a deal for his investor friends, so I didn't sign with him.

[nanabugg]

34. "home next door..?" Romney and people like him don't have homes next to them..

they all live in gated communities.

[magical thyme]

35. my reply was about "a lot of Americans" in post above

not the 1%.

Mittens and his gated community ilk are not "a lot of Americans."

[rockingirl]

5. job creation?

what job creators are we talking about?

[durablend]

23. The ones in China and India

You didn't think Mittens was talking about putting people to work HERE, did you?

[Fresh_Start]

6. next time Romney makes this type of statement, someone ought to ask him

how much money do rich americans need to stash in overseas tax avoiidance schemes before the employment market improves in the USA

[riverbendviewgal]

7. What is he going to do? Start a couple companies

and hire and keep the companies alive for a few years and then fire everyone.
Or will he get some of his cronies to start some companies and hire at minimum wage or below....?


Or will he build debtor's prisons and his cronies run them?

Or will he start a few wars and get those young people into the military and sacrifice themselves for his profit?

[KansDem]

8. Wasn't this the premise for "Trickle Down" and the Bush tax cuts?

...get the American economy going again with people having good jobs and more take-home pay so they can afford to buy homes.

So the wealthy could "re-invest" their new-found swag in the American economy, creating "good jobs" with "more take-home pay" so Americans could afford, among other necessities and luxuries, "to buy homes?"



It didn't work so STFU!!!

I'm sooooo sick and tired of hearing this!

[shireen]

9. but OK for wall street. nt

[Monk06]

11. Entire suburbs have fallen into rot and decay because of the forclosure crisis. I guess the Repugs

don't mine if 40% of the US housing inventory becomes uninhabitable. It's going to take a generation to rebuild Detroit even assuming a return to economic growth.

[davidn3600]

12. Good luck with Florida, Mitt

[Rob H.]

13. Romney hates all bailouts that aren't for Romney

These reporters need to remind Romney of his hypocrisy whenever he says things like that by pointing out that he arranged a bailout for Bain Capital in 1990.

In fact, government documents on the bailout obtained by Rolling Stone show that the legend crafted by Romney is basically a lie. The federal records, obtained under the Freedom of Information Act, reveal that Romney's initial rescue attempt at Bain & Company was actually a disaster – leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC – the bank insurance system backed by taxpayers – out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.


With his selection of Paul Ryan as his running mate, Romney has made fiscal stewardship the centerpiece of his campaign. A banner at MittRomney.com declared, "We have a moral responsibility not to spend more than we take in." Romney also opposed the federal bailout for Detroit automakers, famously arguing that the industry should be forced into bankruptcy. Government bailouts, he insists, are "the wrong way to go."

But the FDIC documents on the Bain deal – which were heavily redacted by the firm prior to release – show that as a wealthy businessman, Romney was willing to go to extremes to secure a federal bailout to serve his own interests. He had a lot at stake, both financially and politically. Had Bain & Company collapsed, insiders say, it would have dealt a grave setback to Bain Capital, where Romney went on to build a personal fortune valued at as much as $250 million. It would also have short-circuited his political career before it began, tagging Romney as a failed businessman unable to rescue his own firm.

...snip...

The Romney campaign refused to respond to questions for this article; a spokeswoman said only that "Mitt Romney turned around Bain & Company by getting all parties to come to the table and make difficult decisions." But while taxpayers did not finance the bailout, the debt forgiven by the government was booked as a loss to the FDIC – and then recouped through higher insurance premiums from banks. And banks, of course, are notorious for finding ways to pass their costs along to customers, usually in the form of higher fees. The Romney campaign refused to respond to questions for this article; a spokeswoman said only that "Mitt Romney turned around Bain & Company by getting all parties to come to the table and make difficult decisions." But while taxpayers did not finance the bailout, the debt forgiven by the government was booked as a loss to the FDIC – and then recouped through higher insurance premiums from banks. And banks, of course, are notorious for finding ways to pass their costs along to customers, usually in the form of higher fees. Thanks to the nature of the market, in other words, the bailout negotiated by Romney ultimately wound up being paid by the American people.

Emphases mine.

[hunter]

14. Fuck you, wealthy man.

They had a Revolution in France once.

You do not want one of those.



http://en.wikipedia.org/wiki/Guillotine

FDR was a wealthy man too, but he understood the problem...

[DallasNE]

15. Time To Move On From Talking Points

And spell out how you would go about making the vision happen. I'm not big on pie-in-the-sky stuff. No waving of magic wands and shouting abra-cadabra as you are doing here. Before an economy can expand there needs to be increasing demand for goods and services before businsess will expand operations and hire people. Companies are already flush with cash and financially able to expand operations but with weak demand nothing will happen. Since Romney never mentions aggregate demand I have my doubts that he even understands how the economy works so how can we possibly trust him with guiding our economy through tough times. It can't be allowed to happen.

[daleo]

16. Magic wands and abra cad abra

That pretty much sums up the Romney mantra. If that was all it took to improve things, why did it go off the rails during the Bush era. His policies and rhetoric were basically identical.

[oldsarge54]

17. Please Help me Figure this out

What demographic is Romney appealing to?

Corporations are people.
Children should borrow money from their parents to start a business.
No bailouts for homes.



And just how much contempt does the Republicans have for their rank and file?
I'm against ACA, but give me the money. (Ryan)
I'm against the stimulus, but give me the money. (Ryan)
Obama is taking money from medicare, and so am I in my budget.

And the general Republican views:
The 47% are all parasites.
Latinos have to prove their citizenship.
Paying in-state tuition is free education.
If you use birth control, you are a slut.


Basically, if you can't afford it, you don't deserve it, whatever it is.

Who are the Republican? Why do they believe this?

[davidn3600]

24. They believe in NOTHING else but trickle-down economics

They think any other idea is unAmerican and communism.

[oldsarge54]

25. But WHO is They?

Median income is $48K. How many believe that trickle down is helping them below that median? The middle class? Should we use plus or minus 2 standard deviations to define the middle class? Could it be that the lower income Republicans are just there for the social agenda? I'd like to know.

[oldsarge54]

18. Just Another link to the Robber Barons

Yessir, remember the good old days. Banks would let things ride on farmers, they were understanding, until the last few payments were due. Then, get a few hours late in your payment, foreclose like a rattlesnake striking. Perhaps the Republicans should be honest, and make their slogan, Forward, to 1900!

Consider the Boston Tea Party. It was a bunch of businessmen dress like indians fighting a tax compromise. Sounds familiar?

[fasttense]

19. It was no tax compromise the Boston Tea Party was fighting.

It was a huge tax give away to a corporation they were fighting. The East Indian Tea Company didn't have to buy stamps (an indication that the tax was paid) to put on their tea in order to sell it, while all the local tea merchants and shops did have to buy stamps. It was arranged by King George and the Lords (who owned stakes in the East Indian Tea Company) so that the corporation could make more profit off selling to the Americans.

The little guy was taxed while the huge corporation (and the King and Lords) had no taxes to pay. Sound familiar?

[oldsarge54]

21. Hate to tell you this

Truth is, Parliament was trying to establish that they could tax the colonies. Britain built up quite a debt during the French and Indian wars (which were part of a larger conflict). The stamp act was about putting stamps on legal papers and newspapers. Stamp act, and other taxes were involved. Finally, Parliament offered to tax only the tea. Basically, the position can't you accept just one tax. The stamp act was 1765, the tea act was in 1773. Unconnected entirely. By the way, as far as the stamp act was concerned, EVERYBODY PAID. The Tea Act was more along the lines of trying to dump a surplus of tea in London warehouses. Learn History, and use more than one source.

[sarcasmo]

22. Bankers yes, workers no. Romney shows his true colors every time he opens his mouth.

[nolabels]

26. It's easier for a leopard to change it's spots than it is for a hypocrite to change their stripes

If you study this numb-nut close enough you will notice his whole life has been a bail out.

Actually it seems to me that deep down there in mitts brain is a kind of unnoticed self hatred going on. It's that extrovert in him tries to project it on others for his own sense of relief. It's actually kind of syndrome many seven year old suffer from, but it kind of looks like he never got through it

[mojo2012]

27. So much for "Trickle Down" Economics

Romney seems so sure that giving the wealthy even more tax breaks than they have now
would create jobs and they would "lift" the economy. Instead Mr. Adelson pours millions of dollars to buy this election. Did he give back to residents to Las Vegas? No, he just reaps in millions in his Vegas casinos and hopes getting the Romney/Ryan to the White House will keep him out of prison for his casino allegations in Macau. Imagine how much the millions he gave to the Superpac could have helped his community

[TeamPooka]

28. That doesn't sound very Christian...

yeah I siad it.

[and-justice-for-all]

29. Fuck him!!

He is going back to his elevator house in November!!! POS

[StarryNite]

31. Yet his own father was on Welfare for years!

Where would Mitt be today had his father not gotten the financial help he needed?

[Thrill]

32. The more he's pressed to answer questions

the more people will see how full of shit he is

[sakabatou]

33. Romney/Ryan: Screwing Americans for profit!

[yardwork]

36. That will win votes. Not.