Wednesday, February 18, 2009
Public housing...
The chart on the right show the amount of money that has been and is being printed. Talk about going through the roof?The latest deal announced today is a $79 billion home mortgage bale out of people who owe more money on their home than the home is worth. Here we go again: taking responsible tax paying citizens money and giving it to people who made bad decisions. What's the lesson? Sounds like the lesson is buy a house you can't afford and the Federal Government will kiss the bobo and make it go away. The problem with housing today is inflated prices caused by artificial demand from so many of these stupid loans. A bale out will only service to prolong the afforability problem and keep some responsible people from owning their own home.
Bottomline: those morons over at Freddie Mac and Fannie Mae, with the help of Congress, opened the door...a bunch of dumb ass bankers jumped on the bandwagon and now irresponsible buyers who signed up for more money than they are willing to pay back are being baled out with money we have to borrow. BORROW.... AND a lot of these loans included second mortgages that people used to buy $100 bottles of wine and take cruises so we not only bale them out we provide vacation money.
INSANE!
