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Thursday, July 24, 2008

Congress Bails Out Greedy Home Buyers

Let me tell you how dumb my wife and I are. When we bought our home, the bank told us how much we were qualified for. We both looked at the number and said no way! There is no way we can afford that much. We looked at it logically and decided on an amount we were both comfortable with. What kind of fools are we? If we had bought an outrageously expensive home, it turns out our Uncle Sam would have come to the rescue.

The current Congress has OK'd a bail out of the people who bought more home than hey could afford. Stay with me, because I must not too smart when it comes to number figurin. 400,000 people are said to benefit from this money. Near as I can figure, if you divide 400,000 into 300,000,000,000 you get $750,000 per loan. Someone with more edumacation check that one and see if I did that right? If I'm wrong, sorry for taking up your time on a dead end road. If I'm right, HOLY CRAP!

Does that mean that the feds are going to broker new mortgages for these people, at a better rate, at a lower cost, so they can afford something, they shouldn't have bought in the first place? Well kiss my grits! I see the Democrats were true to their word and got rid of the frivolous spending! What was it they said they were going to do? I see no difference. The Dems and the GOP both posture too much, and get too little done. Both sides keep talking about what they are doing for the middle class. I am pretty sure I am still in the middle class, unless I have slipped down a notch. All I see is both sides making it harder for me to put food on the table, to put fuel in my mule, buy gas for my ass! We are supposed to pick a new President from one of these teams? Good luck!

How do I get in on some of this cash? How is it going to work? What company is going to get rich off of this 300 billion? How many service charges and handling fees are there going to be? Is the money going to be paid back by the same jerks that couldn't afford it the first time? I'm no economist, but that seems pretty dumb to me. Is Congress going after the fly by nights who found these loans for people? How about the banks that gave it to them? When will I get my 300 billion back, and from whom? Why do I feel like this is going to be another Katrina disaster. You know what I mean, here's money, is it fixed now?

I can't tell you how many "new" houses are for sale in Perry Hall. Well, I can tell you, but that's not the point. The point is it's every where. Until we go after the people that caused this, I am still not able to afford food, gas, electricity, and gas to cook and heat my hot water with. How do I make them pay for what they have done? They are living in multi million dollar homes, paid for on the back of these defaulted loans. Is there no penalty for that? Isn't that the financial equivalency of reckless endangerment? Please don't tell me they will make more money from the 300 bil! It's time for some new ideas, some new plans, a way of putting the lid down on this downward flow. Maybe we can get Jesse "The Body" to run for President? He can't be any worse then the 2 choices, or the 2 teams being offered!


mdmhvonpa said...

Hey ... umm, yeah. Yup-yup-yup ... its a mess. BTW, you'll need to expand your garden and plant some money trees because I cannot imagine anything but the taxes on the 'middle class' going up. The unibomber had it right ... the hermit part I mean.

awb said...

Don't get me started on the hermit part. I want to move out to the middle of nowhere, but no, my wife said I can't! I better figure my garden out, if we want to eat. I start my solar heater next week. Who's stickin it to the man?

Slammermike said...

You hit it right on the head. $750,000 per house for 400,000 people. Where do I sign up????? Here I've been working my ass off for over 30 years.

I bought my first house in 1976 and paid on it for a while. Then took the equity in that house and purchased some property in Hereford Zone and built a house on it in 1986 and moved in in 1987. We've refinanced the house I don't know how many times over the years as the interest rates changed. When we moved in the rates were over 12%.

We had the same experience as Jughead with the banks telling us we could afford to borrow $500,000. We laughed at them.

Now 21 years later we have 5 more years and the house will be paid for. Unless something comes up and we have to refinance again. MAybe I should just default and get my $750,000 from the government and buy a bigger house clear and free.

I wonder how many people getting this bail out are illegal immigrants?