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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: Lizzie Tudor who wrote (138320)9/23/2008 5:05:03 PM
From: geode001 Recommendation  Read Replies (1) of 173976
 
I saw Greenberg on Charlie Rose. He said that no one at AIG would return his calls.

He noted that AIG has plenty of solid assets and this bailout didn't make sense and was unnecessary.

Something like 9% of all mortgages are in some stage of default, many Americans are now paying 50% of their income for rent or mortgages (not sustainable) and 10% of all homes built since 2000 are empty. Some banks are not even taking back foreclosed homes because they don't want them on the books as they are worth less than nothing.

I don't see anyone addressing this end of the market seriously. It's like giving tax breaks to billionaires while ignoring tax breaks for working people who would actually put the money directly back into the economy.
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