Housing News

Federal Government Buys In

Benn Rosales, Founder & Publisher

Published

September 28, 2008

Says Nancy Pelosi

A draft of the final bill just announced is available online here.

This is the first time anyone outside of the House’s closed doors has had a chance to read it.

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In this article:fedral bailout, government, Mortgage

Written By Benn Rosales, Founder & Publisher

Benn Rosales is the Founder and CEO of The American Genius (AG), national news network. Before AG, he founded one of the first digital media strategy firms in the nation has received the Statesman Texas Social Media Award and is an Inman Innovator Award winner. He has consulted for numerous startups (both early- and late-stage), and is well known for organizing the digital community through popular offline events. He does not venture into the spotlight often, rather he believes his biggest accomplishments are the talent he recruits and develops, so he gives all credit to those he's empowered.

8 Comments

Teresa Boardman

September 28, 2008 at 4:03 pm

Nice short and to the point a quick read for sure.

Reply
Matthew Rathbun

September 28, 2008 at 4:50 pm

I’ll flip through this while in the rest room. Least I’ll have a use for the printout, when I’m done.

Look, I know I suck and everyone will think poorly of me, but I just don’t think that elected officials will do the “right” thing with this issue and only history will let us know if this is the correct answer to the problem.

I still feel that that just giving money without direct federal oversight as to how each lender will use each dime is foolish.

Unfortunately this plan isn’t going to be based on good business planning as much as gaining much needed political points in an election season. It’d be good if someone like Jeffx or our other resident experts could tell us why this couldn’t wait till after the general elections? What’s the rush to fix a problem that’s been around for over two years?

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Jim Duncan

September 28, 2008 at 6:39 pm

One of the main issues I have with this is the sense of urgency about the whole thing, and its being voted on by people who 1) are not qualified to vote on this, 2) will likely be ignoring their constituencies guidance to not vote for it 3) the speed with which this thing is going down. Nobody can read and comprehend this bailout in 24, 26, 72, 1,280 hours.

For God’s sake, at least put on a show that you’re going to try to read the damn thing.

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Jeff Royce

September 28, 2008 at 7:26 pm

I started reading this because @tboard said it was a quick read…apparently I don’t recognize sarcasm when I hear it.

Has anybody seen any analysis of how this will effect the housing market from somebody who knows what they are talking about. Please point us in the right direction if you do.

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Missy Caulk

September 29, 2008 at 6:16 am

Benn, I agree this problem has been brewing for years, now the rush is on. The TARP is giving free rain to the Secretary, for what? They only have so many days left in office, unless they are invited to stay. Too much power to the ones who helped facilitate this mess. IMHO the chicken guarding the hen house, a story we all learned in kindergarten .

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Steve Simon

September 29, 2008 at 7:59 am

You will find the real power (the power to aquire) will be in the Credit Review Committee…
The Sec. will take terrible levels of “Heat” as this is overly ambitous ans is destined to fail, in my opinion. The head will simply wring their hands as the the sections below them bring things to them with a choice, “Sign off or it all goes!” They will sign off.
The plan involves section for coordiantion between foreign governments and our officials,can you imagine how smoothly this will go?
The Se. can and must hire employess to administer the program (that just raised the ante to 2 trillion, because the government spends $6 to give away $3).
I have been there on a smaller scale.This is not good…
It would have been better to take the pains, stinging as they might be, than to pump this insane amount of money at a problem using a distribution system (including it’s proposed checks and balances) tha was designed in a few weeks!
More as I read more….

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