Congress is considering a mortgage lending bailout, but most Americans agree its the wrong approach by a 2-1 margin. The housing market is adjusting to an oversupply of housing stock and the failure of some high risk borrowers to meet their mortgage agreements. After years of steady growth in housing prices and a historic expansion of homeownership, a market correction is to be expected. Rather than aiding the situation, government intervention would distort the natural correction and prolong the uncertainty and turmoil in the housing market. Americans understand this and believe that individual homeowners and lenders will need to adjust to market realities, according to a newly released Public Opinion Strategies poll. Between October 18 and 21, 1000 likely voters were questioned over their opinions on the mortgage crisis. With a margin of error of 3.1 percent., 90 percent of those surveyed viewed sub-prime mortgages as a serious crisis, but only 31 percent of respondents believed the federal government should get involved.
Sept. 30 (Bloomberg) — Meredith Whitney, founder and chief executive officer of Meredith Whitney Advisory Group, discusses her report rating the finances of the 15 largest US states. Whitney, speaking with Betty Liu on Bloomberg Television’s “In the Loop,” says the US government may face a bailout for states over the next 12 months.Copyright Bloomberg 2010 § 107.Limitations on exclusive rights: Fair use Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phonorecords or by any other means specified by that section, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright. In determining whether the use made of a work in any particular case is a fair use the factors to be considered shall include — (1) the purpose and character of the use, including whether such use is of a commercial nature or is for nonprofit educational purposes; (2) the nature of the copyrighted work; (3) the amount and substantiality of the portion used in relation to the copyrighted work as a whole; and (4) the effect of the use upon the potential market for or value of the copyrighted work. Meredith Whitney state 15 states finances bailout California Florida housing foreclosure bankrupt income tax AIG shares fed treasury
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David Malone golemxiv-credo.blogspot.com author of The Debt Generation,http discusses who the latest “Irish” bailout is really for. He argues that not one bit of the bailout money will go to help Ireland or the Irish people but will go straight to the banks, like Allied Irish, where it will go straight out again to the other banks and financial institutions that these banks owe money to, such as the Royal Bank of Scotland. That, argues Malone, is who the EU and IMF bailout is really about helping. The big banks, not Ireland or the Irish People.