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“Bush to Homeowners… ‘Sorry WE Decide to BAIL OUT Wall Street, Nothing Left for YOU…”
By Sherman Ragland | March 17, 2008
For 7 years we have heard the Bush Administration PUSH Home Ownership down the throats of the US Congress and American Taxpayer as numerous housing programs at the US Department of Housing & Urban Development (HUD) were dismantled to redirect billions of dollars onto creative home ownership programs and for “Communications Programs” to get the word out that America would soon become a country with close to 100% home ownership, and
For 9 months now we have watched “W” do NOTHING as the mortgage market began to melt down, and then starting in September, along with his posse go on the tele:
a) and stated emphatically that there would be “NO BAIL OUT, READ MY LIPS…”
b) tell us that… “The reason we are having problems is that EVIL real estate speculators have been up to no good…”
c) reiterate that there would “Read my LIPS, NO BAIL OUT…”
“…I’ll say this JUST ONE MORE TIME… So Harry, please read my lips very carefully: NO BAIL OUT FOR HOMEOWNERS!”
This past weekend, after claiming once more the day before that there would be “NO BAIL OUT”, (that is no bail out for homeowners in distress), the Bush Administration orchestrated a $600 Billion BAIL OUT for Wall Street Banking firms. Bear Stearns, which was a “Pioneer” in generating “Highly Creative Sub-Prime Loan Products” has so far receieved $30 Billion alone!
Bottom line: If you work hard in America, Believe in The American dream and believe in the politicians promise of home ownership for EVERYONE, and actually take the money, you get screwed.
But if you own a major Wall Street Firm, that was highly instrumental in creating the HIGHLY TOXIC mortgage products which:
a) brought down the home owners;
b) brought down the investors who were duped into buying them, at home and abroad, and;
c) ultimately brought down your firm and the employees working there,
You CAN get a $30 Billion dollar BAIL OUT, courtesy of “W” and the American Taxpayer!
… and we wonder why people do not trust politicians, and one in particular has an all time historic approval rating lower than that of a part time USED CAR DEALING, AMBULANCE CHASING LAWYER.
The truly sad part of this is that it is estimated that the dollar amount of Sub-prime mortgages held by home owners is between $700 Billion and one trillion. If another major Wall Street firm goes BUST, the cost of bailing out two firms will far surpass what it would have cost the American Taxpayer if the Government simply went to the banks and offered to buy their bad mortgages, which are held by home owners.
The advantage of this approach would be that the Federal Government could buy the loans, restructure the loans to give homeowners a break by recasting these loans as 40 year 4.5% interest rate loans and then package these new loans and have Wall Street sell them and earn the fees associated with the reissuance of the new loans. BUT NO, This Administration does not BAIL OUT homeowners.
The $600 Billion Bail out of Bear Stearns does nothing to help out homeowners, or for that matter help to revive the mortgage and housing industries. It simply helps out a bunch or rich guys on Wall Street who have the clout to get a check.
What are these guys thinking… Please don’t answer it, it will only get me into even more trouble.
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Tags: bush administration, department of housing, george bush, home ownership, president, sherman ragland, sub prime, us congress
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