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Web Letters | The Nation

Web Letter

This article provides the truth that Obama is a liar, no different from Bush. Except Obama delivers his lying message with a smile, and deception you cannot see for the smile.

I have yet to see or hear of just one of his promises actually being delivered, except:whenever it is some legislation that will further enrich his wealthy friends and his bank account.

His promises are all hot air: with no substance.

Paul Welch

Miami, FL

Apr 6 2010 - 1:49pm

Web Letter

If lenders aren't compelled to participate, there is no program. Obama himself would have to say that his accomplishment is to have created a second program in which lenders do not police themselves.

And while we're on the subject of lending, there's the matter of the new and improved student loan program. When the government gets into the business of lending (with bailouts being an essential part of that business), hedge funds managers no longer merely salivate, and must find themselves on their ways to being divinely orgiastic.

J.E. Bernecky

Westover, PA

Apr 5 2010 - 6:31am

Web Letter

As long as the Obama administration's economic policy is shaped by his Wall Street economic advisers, the American economy will go into a deeper depression. Since the "leadership" of the EU is going down the same road, they will go even deeper into a depression. I have come to the conclusion that the economy will not survive, if we listen to economists.

We know that the New Deal economic reforms worked, and there is no need to reinvent the wheel. If homeowners do not receive any help on these overpriced homes, they have to give them back to the bank, otherwise they will go deeper into a financial hole.

Pervis James Casey

Riverside, CA

Apr 4 2010 - 1:10pm

Web Letter

One of the main reasons why this type of arrangement to facilitate write-offs is failing badly is that it totally ignores the other side of the loan. Banks are just set up in the middle of it.

One person's mortgage is the next one's retirement nest egg. It can belong to a pension fund, like CalPers, which is hit hard. Or it may be anything else. But the money is owed to somebody who has been counting on using it for a good purpose. This should not be ignored.

It is not just damage to the mortgage payer, but eliminating that capital does real and important damage to the larger economy.

I wish there were better answers. But, remember thqt the original TV ouburst that started the tea parties was about taxing the prudent extra to bail out extravagant and obviously unaffordable mortgages.

John D. Froelich

Upper Darby , PA

Apr 4 2010 - 12:43am