All the years of reporting the misdeeds by the REIC (by all the bloggers) have failed. We tried to let the public know exactly what was going on during the speculative mania. However, as usual, the powers that be chose to ignore the problem when it could be solved - in 2003, 2004, 2005 and 2006 - instead they are now trying to fix the un-fixable. We will follow Japan's lead of not recognizing the debt and drag this speculative mess out over the next 10 years. This will be done with taxpayers money.
Thanks George Bush and Hank Paulson for the freeze plan we are going to hear about. Open your wallets American taxpayers you get to pay for this mess. Meanwhile, The Tan Man and all of the REIC shills made out with billions and the American Taxpayer gets to clean up your mess.
From the WSJ.com:
Bush Is Set to Unveil Relief Plan for Homeowners
WASHINGTON -- President Bush is expected to unveil a broad plan Thursday afternoon aimed at helping homeowners struggling with their mortgages, two people familiar with the matter said
Wednesday.
A senior administration official confirmed that Bush planned to speak about housing Thursday.
The plan has multiple parts, including a proposal to freeze interest rates on certain subprime loans for five years, fast track other borrowers toward refinanced loans and allow state and local governments to use more tax-exempt bond programs to fund refinancings.
Wednesday, December 05, 2007
BAILOUT! Open your wallets American taxpayers.
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Citys that make loans to low income individuals use funds allocated to them from the federal government to make bridge loans so that these people can qualify for for some crappy loan. So the City basically is in second position and only charges 3% on the loan and the kicker is that most people do not even have to make a payment until they sell the home, yep that is your tax money at work. Now they want Cities to issue muni debt and charge what interest rate to the borrower 3% again and pay 6%or more to the dumb ass who actually buys the muni debt. WHO DO YOU THINK WILL MAKE UP THE DIFFERENCE THE TAXPAYER SHMUCK LIKE YOU AND I HATE BUSH AND THAT FREAK TREASURY PUNK PAULSON!
You know, when Bush publicly stated he was committed to the principles of laissez faire, he said he wanted to let the market fix the problem on it's own accord; I actually believed him. Let the market fix itself, letting the consequences be damned.
Of course, now he's done a 180 degree reversal, and now that the obscene gains to be made during the real estate run-up have long-since been pocketed by big businesses, we see that once again the astounding losses are "shared" with the taxpayer. Another classic example of socialism, American-style: big business keeps their gains, but they socialize the losses, since remember: the banks are too big to fail. Can't have that, huh?
Can you say moral hazard, at it's worst?
Worse was when I saw Orange Mozilo sitting on the same panel as Paulson and Bernanke: the fix was in long ago, and all the wrongs and charges against Angelo have been long ago swept under the rug. Nice, with his sell-off of his personal stocks in CFC starting over two years ago.
True to his colors, Bush is ALL about what's good for big business; don't let regulations, laws, or morality stand in the way, huh?
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