Officially a socialist society
 

The US can stop claiming it is Capitalist, because it isn't...not after today. Congratz Libbys. Bring on the Healthcare for all.

http://money.cnn.com/2008/07/26/news...ion=2008072606

I think I will go buy a couple M6's. If I can't afford it, can I get the gov to bail me out?

Just don't pay for your house..we'll pay for it. Then this Nov we will cry about our deficit. Even though 94% of Mortgages in the US are paid on time, lets bail out the shit_y 6% who couldn't get it done.


* stat pulled from Wallstreet Journal estimates.

:iagree:
what a slap in the face to the people who aren't irresponsible. :thumbdown

Thanks Dems!

We're blaming the wrong people. I'd expect this sort of plan from Liberal Democrats who we the people of the United States elected to control both Houses. Worst yet the President who is from the party that SHOULD know better threatened to Veto the legislation but in the end allowed this AWFUL social bailout to pass. Why...Because the same Americans who voted in the Democrats and settle with Republicans like Bush would have been upset had Bush followed through with doing the right thing.

We deserve what we get and I only hope I can earn enough commission next year to make up for the future poor decisions our government makes to prop up the part of society which does not work, vote or contribute. Unless you count crime which employs our ever expanding law enforcement needs, government agencies to hand out all the spoils and produces triple the amount of future citizens to make up for the responsible portion of society who are working so hard to keep up are have fewer children.

Rant off.

I totally agree, it's terrible, our country is really heading south, wtf is with all this endless spending? Why are we rewarding bad decisions?

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.

You're right David, the Fannie and Freddie part of the bill is really the most outrageous. Two large banks act irresponsibly giving out foolish loans even in the face of an inevitable bursting bubble in the housing market.

Basically these private banks get to be bailed out on the backs of working Americans and the idiots in the top floor offices get to keep their jobs.

Meanwhile the press ignores the sad state of affairs to report on gossip and sensationalism. I'm living in California (Bay Area) and things are so crazy around here we are seriously considering moving to another State. Problem is we own two properties which thanks to Freddie and Fanny I can't sell.

I'm more concerned with the 25B blank check then the 300 for "homeowners".

And to follow on MrLabGuy, we apparently support the bank with our loans and then when they go under, with our tax money. Great concept, I'm sure that is what they were looking for back in 1776.