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What They’re Writing

Nouriel Roubini thinks it’s a rip-off. Brad DeLong is in favor of Nationalization. Paul Krugman says it may be the least worse alternative with the Shrubbery in the White House, so maybe they should hold their noses and vote for it.

Robert Peston explains the British plan that culminated in the B&B bank take-over. He thinks the problem is over for the UK financial markets. Nationalization was an important part of the plan.

I would wait until I saw an actual majority of Republicans voting for it in both Houses of Congress before I supported this toxic mess. If the Republicans can’t get a majority to agree, let them own the problems.

5 comments

1 LeftLeandingLady { 09.29.08 at 9:21 am }

This is such a nightmare! My parents looked at a house in North Okaloosa county Friday night, on the market for $49,900, it needs about $15,000 worth of work to make it habitable. They weren’t able to see inside it until Saturday morning, but the outside looked ok, so they drove back to see the inside. In 12 hours, the price had jumped $10,000. Why? Because the government is bailing out the banks, so they don’t HAVE to sell the stupid house anymore. They can hold onto it for it a profit. They don’t have to get it off their books. Getting a mortgage would be no problem, they would probably pay half down and mortgage the rest for 5 or 10 years. But they aren’t will to pay $59,900 for the house, then put $15,000 into it and it will still only be worth about $62,000. They were willing to buy it for $46,500 and then pay to have it fixed. This whole thing is a nightmare!

2 Bryan { 09.29.08 at 11:40 am }

After that I would offer $45K good for 2 weeks and wander away. There is going to be an influx of Special Forces moving in but the military is building housing and there are a lot of empty rentals in the South County.

We had a lot of Canadian “snowbirds” who can’t stay for 6-months like they did pre-9/11 so there are houses available, and land available in North county. Tyson’s screwed over a lot of poultry farmers up there and in Walton County, so there is land on the market.

Whoever owns the house is insane if they think anything that gets passed is going to have any practical effects for months. Sounds like a psych-out more than reality, to see if they could move your parents.

3 Bryan { 09.29.08 at 3:11 pm }

After today, have them offer $40K for two weeks.

4 LeftLeandingLady { 09.29.08 at 4:30 pm }

They are not going to psych-out my parents. Dad said they could forget it. This is a bank owned home, already in foreclosure. The same thing happened last November, bank owned home, $80,000 owed on it, Dad offerend $88,000, but they wanted $135,000. House is still sitting empty. The realtor contacted them a couple of months ago and said he thought the bank was willing to take $88,000, Dad offered them $75,000. 🙂

5 Bryan { 09.29.08 at 8:45 pm }

If that house has been unoccupied for nearly a year in this climate, there will be major problems, especially with all of the rain. There are probably mold and mildew problems even if there were no leaks.

Banks are incredibly stupid when it comes to real estate.