Thursday, March 27, 2008

Bailout Bingo

The Fed opened up one big as can of Pandora's Box whoopass with the Bear Sterns bailout. Having given idiot billionaires on Wall St. a $30B handout, the far left is now - rightfully - calling for a similar bailout for idiot home "owners". Barney Frank (the Dem Rep. from Mass who likes to hang with gay hookers, and unlike Larry Craig is cheered on by his fellow Dems) and failed presidential candidate Sen. Chris Dodd have come up with one hell of a bailout. Essentially the government will buy up all mortgages from people who can't afford them. Then they will re-issue those mortgages at 20, 30, 40, 50% off to home "owners" who can now live in the 4500 sq. ft McMansion on $25K a year. The cost of this is unknown but given that potentially $2 TRILLION worth of mortgages could become unaffordable, well you can do the math.

So thanks to the idiocy of the Fed, people who bought 6 houses with $0 down will get to keep those houses. People who refinanced and went on massive shopping sprees with the windfall, will not have to pay the money back. People who outright lied on their loan applications and committed fraud will not only not get prosecuted, they will be rewarded with a 40% decrease in their mortgage payments.

And eventually when the housing market goes to the next boom - and it will happen some day - all these home "owners" will do the exact same thing again.

So for anyone out there who was stupid enough to live within your means over the last few years Frank/Dodd says HA-HA-HA sucker!

To anyone out there who bought a reasonable house that you could afford Frank/Dodd says, "YOU IDIOT".


Anonymous said...

Sick to my stomach.

Vote republican.

Anonymous said...

republicans are no better