Monday, September 29, 2008
$700 Billion for them
And none for us. The us being not them, not the bankers or investment folks or insurance companies. Us, as so often in the ways of government by the people, for the people, get the shaft. If you haven't looked at the so-called bail-out, you'll notice that it isn't really going to help the little greedy folks who bought houses and properties they couldn't afford and now can't pay for. The people it's going to help are the big, really-greedy folks who made it possible for the little-greedy folks to buy beyond their means.
At the end of this bail out, the babies will be out there floating with the bath water while the rubber duckies cash in their golden parachutes, stock options and retirement bonuses. You, along with your uncle Fred, aunt Mary and cousin Glenda, who can't pay off their mortgage still won't be able to pay off their mortgage and will probably lose their house. The bank that lent you the money will get your house from you and money to repay the lost mortgage money from the government. Which means that not only will you have a mortgage you couldn't pay for, you'll now have to pay higher taxes to pay for that mortgage anyway. Or as the ABCNews says: "…require the treasury secretary to implement 'a plan to mitigate foreclosures' and to 'encourage servicers of mortgages to modify loans.'"
But, you say, the government said it wouldn't raise taxes to bail these folks out. Yeah - and I heard London Bridge is back up for sale as well. Did you notice in the haze of $700 billion that there's another $25 billion going to the automobile companies? Those same companies that have been selling $50,000 SUVs to folks who could no more afford them than they could their $500,000 homes. I'll wager those folks won't be getting any relief paying for their 12 m.p.g. dinosaurs either.
Labels: government, gripes
