Today Congress will consider spending $700 billion of your tax dollars to bailout out a banking industry who did themselves in by extending housing credit to people who weren't credit worthy.
Surprise, people who will lie about their income probably won't make their payments. Yes, your neighbors down the street who you assumed just had a lot of family money were probably the ones getting no-document "liar loans" in hope of appearing one day on "Flip this House." You can thank them and their worthless mortgage advisers for this one.
Even more outrageous is the fact this is not the first bailout your tax dollars, your children's tax dollars and your grandchildren's tax dollars are on the hook for because of greedy lenders and home buyers.
The USFG has already take on $9 billion in trash from IndyMac, up to $29 billion from Bear Stearns and probably $200 billion from the mutant, quasi-goverment entities Fannie Mae and Freddie Mac.
If bailouts are so great, why didn't those ones stop this from happening? It only delayed the pain.
If that doesn't punch you in the gut hard enough, you might like to know Congress voted for the second time THIS month to raise the national debt ceiling. THIS MONTH. And, if the Democrats have their way they'd like to tack on an extra $25 billion for Detroit automakers and make sure the government gives some extra money to those people who can't make their house payments. Foreclosure is just to painful they say. So, screw the renters, the people who make their payments and the people who own their homes.
This is an off-the-rails train wreck, brought to you in only two years by the Democratic Congress. Funny, some conservatives thought we'd have to wait for an Obama administration for socialism to be shoved down our throats. Who knew Reid and Pelosi were so capable?
It'll get worse, too. The more bailouts we have, the weaker the dollar will become and the more energy and food costs will go up. I don't know about you, but I'm already stocking up my Depression pantry with dry goods to get through this.
Update: I'm glad I'm not the only one fuming over the fact Chris Dodd is in charge of writing this bill. Yeah, the guy who helped keep Freddie Mac and Fannie Mae's books in the shadows in return for a steady stream of donations and got a secret, discount mortgage on his own home from his friend Angelo Mozilo at Countrywide is heading up this bill. Conn Carroll over at Heritage says this is like having Ken Lay write Sarbanes-Oxley.
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