Yesterday, President Bush signed the massive housing bailout bill. Supposedly this will stabilize financial markets and help people who obviously have no clue how to manage their finances get back on track. The government giving our tax money to banks will stabilize the market?! Since when is increasing debta stabilizing force? The President had once threatened to veto the bill, but now proves himself to yet again be a RINO, a neo-con, a sell-out. Treasury Secretary Henry Paulson was there for the signing. I’m sure no one could see it, but I’m positive that Paulson was pulling the string attached to the signing hand of the puppet – I mean President- of the United States. The President wasn’t alone on this though. Many of his fellow Republicans in Congress joined him since they are facing tough re-election contests. I’m guessing they don’t care about the rest of our votes.
So once again, I find my responsible self being punished for the stupidity of others. I mean, what the hell do people think the term ‘adjustable’ means? And did they really gamble and think that it would adjust in their favor although 9 times out of 10 it will not? Did these people really believe that they could buy a house with no money down? And don’t even get me started on the banking institutions who took the risks on these loans. How many more banks does the government think they can bail out before we are so saddled with debt that it will take three or more generations to crawl out from under it? Of course, that is assuming that America is still even here then. Just like showing the world we are paper tigers gets us hit with 9/11, so having a paper economy will prove to stabilize nothing and protect us from nothing. Wait until China and Russia decide that it is time to hit. They won’t need bombs.
And here is something else to chew on: The government is going to be backing these newly re-financed home loans. So then, who owns these homes when these people inevitably default once again? There are these new senior home loans that have become pretty popular called ‘reverse mortgages’ and they are also government backed. At the end of the term, who owns those homes? Do you see where I am going with this? Private home ownership will be a thing of the past and in its place…government housing.