I am just wondering on this redistribution of wealth (ie welfare) program going on....$275,000,000,000? Yes, $200 billion has already been put forward believe it or not.
How many of those that are crying about their house not being worth what they owe on the mortgage and are looking for a taxpayer supported welfare hand out contract with the new screwulous plan....
How many of those who bought the house and owned it while the market prices were going up like crazy, ran to their mortgage holders and told them to rewrite their contract to the new inflated value every year? That would have been only fair since the house was worth more than what they paid for it by the wha wha standards.
When the economy recovers, and it will without a screwulous plan, and after they got their taxpayer helping hand new contract, will they then run back to the banks when their house increases in value with higher interest rates everytime, have them rewrite the contract for the new increased value? Or will they sell it for the increase value and keep the profit, thanks to the middle class tax payer?
You signed a contract, a private party contract. Not a guvmint, wha wha bail me out if I screwed up messiah contract. Of course thanks to Barney Frank, Christopher Dodd and Freddie and Fannie many got loans they could not afford to begin with. Grow up about it. Next you will want to rewrite the car note contract when the 4 wheel drive double clutching e flat SUV goes down in value.
Do you think that giving them a welfare hand out will make them more responsible? It does NOT make them more responsible if they do not suffer a penalty for making a mistake. If rent is all you can afford then so be it. Of course no thanks to you Barney Frank, Christopher Dodd, Franklin Raines, ACORN, etc.....
We, a middle class family, worked hard and took some extra money and paid our house off early. No hand out, did not buy a house we could not afford or with a stupid adjustable mortgage we could not afford, or a vehicle we could not afford. Now, we along with the other hard working middle class get the shaft. If they charge the corporations increase taxes to pay for it they will just increase their prices to us.
The only stimulus that works are very temporary and very targeted programs that create jobs in the private sector and massive tax cuts. Reagan did it, proving it works. Always remember, tax cuts puts direct whole dollars into the free market system. You know, the one that made this country the best in the world. Taxes paid to the guvmint gives out only $0.55 out of evey dollar to the social system. Guvmint consumes $0.45 of evey dollar for "operational expenses". That is guvmint jobs produced.
As the song goes,..."It's only just begun". Notice how the stock market just jumped for joy? It didn't work in the 30's, and it ain't gonna work this time. Unless you want to start another world war.
It sure is bad to see all of these people that do not care about their children or grandchildren. It truly is now "for the children". Since they are the one's that will have to pay for all those freebies. $30,000 per person for just this bill, just the principle.
Land of the free,....only to the I screwed up mommy don't let me fail crybabies.
I like the way Rick Santelli of CNBC put it....
http://www.cnbc.com/id/15840232?video=1039849853
I told you so.
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I saw something on the news the other night about a bus driver in CA who bought a home she KNEW she could not afford, but blamed the mortgage company for making it soo easy........a bus driver bought a 800,000.00 house & it is now in foreclousure...go figure. She is soo excited Obama may save it for her, that's why she voted for him. Doesn't help that her English was none too good.
February 19, 2009 at 9:15 p.m.can we add another 5 mil and throw it my way i'd be very appreciative lol
February 19, 2009 at 4:32 p.m.There is something suspicious about this program to subsidize mortgages. First you can qualify only if you can currently make the payments. If you can't you don't. Secondly you qualify only if your property is less than 5% "underwater." So it's not much for 200 billion. That 200 billion was use to buy stock in Fannie and Freddie because they would be the ones making the new mortgages. Oddly there was no reduction required in their lending fees - the money that goes to pay for things you never heard of.
February 19, 2009 at 2:19 p.m.Like most things when they don't make sense, you have to follow the money. What I read is this housing plan will mainly benefit the shareholders of Fannie and Freddie by boosting their stock price. I was thinking why in the He11 would I or anyone, particularly our President, care about that. Well, one of the biggest shareholders of this stock is China. It is China, we are hoping will finance our so-called stimulus package and huge deficit. Maybe a coincidence, maybe not - but I smell a rat.