Wednesday, October 17, 2007

B-A-I .... B-A-I....B-A-I-L....B-A-I-L-O-U-T

Hank Paulson gave his speech yesterday where he said there will be no housing bailout of f****ed homedebtors about to foreclose. And since he said there will be no bailout and he is a politician, and even more so is a politician in the Bush administration, there is a 99.99% chance he is lying. Therefore we must assume he will do the exact opposite and the bailout is coming. And did I just hear that right, there is a housing crash happening? Who could have predicted that? Not me.

Now I suppose technically you could say there will be no bailout. As in the government won't send a check to every homedebtor. But what it will do will be the same thing. It will allow lenders to write off bad debt and allow lenders to refinance the 1% teasers into 1% 30 year fixed loans. Lenders will be compensated for this loss one way or another. Either through tax incentives or some other scheme. At the end of the day my (and your) tax dollars will be used to allow $14K a year strawberry pickers to own $720K homes.

I sure wish I had borrowed $5.5M to buy that Aspen, Colorado ski chalet I've always wanted. It is my dream. I am an American therefore it is the American Dream. If a $14K a year earner can buy a $720K house, I sure as hell should be able to buy a $5M house using the same price to income ratio. And as the media and El Presidente Jorge W. Arbusto has told me over and over, the American Dream of home ownership must be met at all costs.

And my goodness we can't have 2 million people foreclosed on. Why, if that happens 2 million dreams will be crushed. These people will have to -- GHASP!!! -- move into a R-E-N-T-A-L, yuk. Can you imagine the horror? Can you imagine the psychological impact, especially on the children to do the "r" word? I even heard that renting instead of owning can cause severe side effects like dry mouth, nausea and in rare cases high blood pressure.

It is absolutely imperative that this holocaust never happen. Doesn't matter if 1.5 million of these 2 million should never have been allowed to buy in the first place. Doesn't matter if they lied on their application about how much money they made. Doesn't matter if they never really "bought" anything but used an interest only loan which is no different than renting to begin with.

No, none of that matters. All that matters is that we grow government some more. We spend more tax dollars propping up yet one more special interest foreclosure "victims".

You got a fixed 30 year loan that you could afford? SUCKER!! You didn't lie on your loan application? SUCKER!! You live within your means? SUCKER!! Once again those that play by the rules are thrown under the bus in order to save those who lie, cheat and steal.

America...what a country.

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