Those people living down your street who were fiscally negligent, perhaps at the behest of a larger fiscally negligent lender, will be “saved.” And perhaps you, who did manage to exhibit fiscal responsibility, but bought a home during a stage of inflated home prices — there you sit, with your mortage and the knowledge that literally billions more of your tax dollars will be directed towards bailing out irresponsible borrowers and lenders.
From Politico.com:
With none of the fanfare that usually attends a landmark bill becoming law,President Bush signed the huge housing rescue bill just after 7 a.m. Wednesday, shortly after he arrived in the Oval Office.
Yes, I know that somewhere persons are fearful of Fannie Mae and Freddie Mac causing a domino-like effect cascading through many other lending institutions. I even wrote about that possibility here.
But mark my words, friends, here’s the reality I predict:
Instead of dealing with the issue directly, taking the “hit” right now and up front, all we’ll do is find ourselves expanding the pain and prolonging the amount of time it takes to recover.
BZ
400,000 home owners ‘saved’…I couldn’t believe my eyes.
BZ, we are SO eating something nasty in this country lately…but, how to STOP IT!? Bush sneaks into the Oval OFfice and signs and we’re saying “WHAT?”
You’re right about this being potentially disastrous; and did you know many economists now think our Great Depression might not have been so bad and so long had government stayed OUT of it? That’s an interesting hypothesis that makes liberals’ eyes roll in their head..TRUST me. I tried it!!
And we are still paying for the S&L bailouts, believe it or not. Paying for them in supporting the kind of behavior they had, beyond just the cash money.
Strange thing is, we had a lull on sales around here for a few months, and then the For Sale signs went away. No foreclosures on the rolls around here, either. Amazing! It took care of itself!
So just who the hell are we supposed to be ‘helping’?
What was that about a Congresscritter who walked away from a mortgage? Others getting sweetheart deals?
Oh, that answers the question.
Again, hard working, taxpaying American having to pay for others mistakes or lack of proper personal responsibility. Unbelievable, but it is reality in this country.
Perhaps it was too simple to find and prosecute the ones who used dishonest practices and make them cough up the dough. No it’s the honest people who have to.
All I have to say is, if you continue to depend on the government for your assistance, then don’t come crying to me about being a slave to the system.
Personal responsibility and accountability for your own actions is so unpopular, yet the only way to get ahead.
the people who benefit from this is the bankers who extended these bad loans. that’s it. the fools who got the 400,000 dollar mortgage on their 30,000 dollar income will still fail, just a bit later. so bankers all over the country are thanking you, Mr. and Mrs. taxpayer. maybe next time you are in their office they will give you a free sucker.
This will be no panacea. This will prolong the pain. This will delay any TRUE “recovery.” It will serve to create greater debt. And why, do we posit, that there are no mass rallies, no public throngs engulfing our state capitols, our nation’s capitol? Because the persons tasked with enabling the bailout are busy WORKING in order to pay their TAXES and don’t have the TIME or the ABILITY to walk away from their jobs for same! It’s a proverbial Catch 22 and, TRUST ME, EVERY POLITICIAN knows this.
BZ
This Housing Relief Bill raised the national debt ceiling to $10.6 trillion dollars!!!
From “All Business”
“This increase brings the debt ceiling to $10.6 trillion, and that is equivalent to about 75% of America’s gross domestic product. This will probably devalue the dollar as America becomes a more risky place for investment.”
It seems that everything, EVERYTHING is now held up for sacrifice at the Holy Altar of Political Correctness and Nicety.
Is there NO testosterone wafting anywhere near the District of Columbia? Bueller?
BZ
Pelosi put an end to testosterone, didn’t you know?