…isn’t. There will be more and in the end, the economy will right itself.
No, I’m not a Republican. But there is virtually no Congressional Oversight in this soon to be debacle. Not that Congress would actually effect any action did it exist and it place few caps on compensation and benefits. Moreover, a three page document for a $700 billion dollars loan? My mortage loan papers were longer than that.
Moreover, doesn’t this whole blast from Bush city sound strikingly like the sale of the war in Iraq?
Now I’m not an economist, but let’s take a look at the economy. It’s a housing based recession, no doubt. But these foreclosures are primarily in the subprime area (though it is moving upwards). Looking at the subprime sector, well that’s a lot like the old bookmakers, “five for four on payday.”
It’s sounds harsh and I’m not a harsh fellow, but not everyone can afford the “American Dream,” a house. That’s not elitist, that’s just fact. Certainly if subprime buyers were duped at the time of signing contracts, well something should be done. Otherwise, I’m not certain that I understand why someone making $50,000 a year should qualify in anyway for a no money down $250,000 loan (and again, I am and old left wing liberal Democrat).
But back to the “Bailout:” Hiring Wall Street portfolio managers to “manage” this process. Please, these are the folks who got us into all of this.
And how does this “Bailout” help you, dear reader? If you’re in trouble with your mortgage, will it delay foreclosure? Reduce your interest rate? Extend your loan?
If anyone out there plans to pull the McCain lever, you’re not being at all thoughtful. Though I must say that I don’t think Obama’s campaign is being especially well run either. But I’m there for the latter, if only that Biden’s running with him.
I do believe, however, that Obama’s at least ingenuous and thinks about the issues. Eh, I think he’ll make a fine President, as well, because I think he’ll surround himself with smart folks.
