Happy Birthday, Nic!!!
Nic is the grandson of my dear friend Alice, and he is celebrating his sixteenth birthday.
Nic, if you carry only one thought throughout your life, let it be "Grandma knows best". She will always be by your side in good times and bad times, through youth and maturity, and through happiness and loneliness. She won't let you down!
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It now appears the Bush administration knew this "financial failure" was coming as long as four months ago, but withheld that knowledge from Congress and the public until now. Why? For one thing it puts pressure on Congress to pass his resolution so the members of that august body can go home and campaign. Another reason is his so called experts that put this plan together are the executives of the financial institutions involved and whom will receive the most government compensation. It took them some time to figure out how much they thought Congress and taxpayers would buy without raising too much stink. Why else would Bush be against Congress limiting the "$golden parachute$" of the privileged few? These are some of the companies that financially supported him during his campaigns and tenure. It is much the same as having the big insurance companies create the legislation for the Medicare Prescription Drug Plans, which was a blatant rip-off of the public trust. Counting the medicare insurance premiums I pay, along with my co-pay, it costs me more now for the drugs than not having the insurance. This doesn't even include the government subsidy that goes to the insurance companies for each prescription filled under the plans. It will be the same concept except on an enormous scale for this proposed bailout.
When this terrible legislation passes in some form, it will impact the American taxpayer more than did 9/11 or the ongoing giveaways in Iraq, Pakistan, and Afghanistan. Call or email your Congressman and Senators and let them know you are not in favor of this financial suicide. Remember this; the bailout is not designed to help homeowners with mortgages or to reduce the risk of a recession. It is designed to bailout big businesses that knowingly made bad and risky decisions. They will do it again.
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Get this: Rachel Maddow reported on her show last evening that a private enterprise gasoline station has oppened for business in Baghdad for the first time since the early 70's when the oil industry was nationalized by a legitimate government. The good part is that we Americans have invested billions and billions of dollars in Iraq for this to be able to happen, and it isn't even an American company that that opened and will profit from it; it is Royal Dutch Shell!
Wake up America!
2 comments:
Give the 700 billion to the people. You want real economic stimulus then give each taxpayer their share of the 700 billion and let the companies survive or fail on their own.
Where was the government before this crisis? They were spending all the money they made during the years leading up to today.
And we still do not hear them talk about correcting the prices of homes. They got to be way overvalued and they still are. In most of the country homes are not selling and prices are not dropping because people bought at the high end of the market. How do we fix that? If prices to not fall to a realistic level then what have we fixed.
Congress is wanting to put a provision in the law to make sure potential buyers have a large down payment. They don't realize we have to buy groceries and gasoline at super-inflated prices. They don't have to do these gas and grocery things themselves, so they have no clue how hard it is to save a dime for a down payment.
A thing that should be eliminated is prepaid interest or "points", which can be $10k or more. It should be treated as regular interest and spread over the length of the contract.
All the "fees" incurred by the buyer just to get the loan should also be refunded over the first few years of the contract, and it can be several thousands of dollars.
We are just plain screwed.
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