Image via WikipediaI’ve never been more beside myself. In about 5 days, Congress was able to "come together in a bi-partisan way to rescue our economy." Yeah right.
The bailout will do little if anything to quash a global "paying of the piper" that’s long overdue here in the USA. Has the report been published yet showing EACH pork spending crap that was attached to the "bailout bill?" So for the Congress that represents us to get anything done…there needed to be $100 billion in miscellaneous pet project money that is the scourge of the political system today? Bi-partisan my __________. This was pretty much tax payer violation on the order usually only felt by roommates in maximum security detention facilities.
As I type this, the market is plummeting. Down 236….with every refresh it’s getting worse (8:32AM central). I pray that as Americans we pillory every single congressperson that jumped on this "bi-partisan taxpayer money lovefest" by voting them out on the street.
I’m guessing however, that as usual, none of this will matter to the American voting block. We’ll re-elect them in droves because one blamed the other with better TV ads.
When you do think we might see an organized "Don’t pay your mortgage" by the boring folks like me with a 30 year fixed rate? Do you think via social media, someone might be able to gather up millions of folks who pay their mortgages monthly to "walk away" from their payments to encourage a "bail out" of our situations?
We’re paying for this deal in so many more ways than simply "inventing" $800+ billion. If you doubt that, look at the global economic news over the last few days. Hey oil is below $90 a barrel…what no shouts of joy?
You know I tried to buy at least 10 foreclosed properties over the last year. In EVERY case, I offered about 25% below market for houses that had cosmetic fixes. The net result was that no offers were accepted. In just about each case, the house, if it sold at all, sold for about 5% below market. The banks said NO. They sat on housing inventory for YEARS in some cases. They never hired enough staff to process the volumes of foreclosures that were happening. They assumed magically that prices would go back up in the short term so why give away $10k right? Wrong. They built their shanty….now let them live in it. Now I probably couldn’t get a loan to buy one of those properties. They could have freed up so much more cash but they didn’t bother with offers a paltry as mine. So now I say….chew on it banks. I don’t want your money nor do I need it.
Liquidate their buildings, planes, and assets. Let’s once and for all return to reality and end this governmental / private banking / fine to make bad loans because we’ll take care of things spending orgy.
Home ownership IS the American dream…but you’ve created a nightmare of global proportions while the CEO’s and executives in the industry only have to downgrade from GulfStream to King Air. We let this happen. The government encouraged this debacle. Are we ready to wake up yet?
Down 244 now.