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Not to instigate an arm wrestle or, quibble on definitions, but imo, it's more a case of the
Fed Govt gone overboard, (redundant), and over reacting, but why is that not a surprise.
Cheerleaders of either "party" here should be ashamed and, as LabGuy said, and as I have
said many times: we are getting what we deserve = Horrible Gov't, at all levels. But, back
to the geniuses at the Fed level...
If one reads the Housing bill "stuff" closely, the number of upside down/defaulted and, about
to be foreclosed homeowners that will actually "qualify" is slim; connect that with the proviso
that the lender must also agree and flex to better terms and "work it out", provides for a scenario
where all the left handed dwarfs get free beer, if they "qualify". ...typical flag waving, congress arm
waving to appease the hoi polloi while the actual numbers of lucky,
(but overextended and probably fiscally stupid) people actually pull it off under the rules.
I am not in the camp of bailing out the idiots, by the bye...
Meanwhile, back at the ranch, the real deal of this "bill", (hundreds and hundreds of pages of boilerplate and bs),
is to prop up/bail out Fannie and Freddie, (guess who "pays" for that?!), and to legally increase the
the Fed Debt "Limit" to 10.6 Trillion, that's Trillion with a T, and some other crap. Trillion, in my experience,
is basically unfathomable for any of us that aren't cosmologists or high level mathematics...The Senate,
49-49 Dem/Rep and 1 Indie, passed it swimmingly, by the way.
The continuation of the onerous and, imo, fiscally irresponsible and nearly economically suicidal growth of
Fed Spending is maybe the most important problem this country faces...global warming and zealous, idiot
jihad azzholes can not be "controlled" by the United States alone.
So, we are left with the next real "clean up" of the housing/credit/free lunch bubble and they may be
more to come.
This bill is, imo, simply another Trillion dollar "program(s)" to deal with large holes in the dike; those
very holes initiated and fostered/festered by a Fed Spending and Fed Gov't expansion, run amok.
I have great sympathy for those of you here, at ~50ish and under; you will probably never get out from
under the fiscal insanity that the Fed Gov't has built and expanded in the past couple decades.
Lecture over...time for a glass of vino. If I had a big doobie handy, I'd smoke it and toast the azzholes
in the Treasury, House and Senate and all the other scheming departments and bureaucracies...
BR, Ol'UncMtr.
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