Commentary - 07/31/2008

Drowning ALL U.S. Citizens In A Sea Of Debt

Never have so few, stolen so much, from so many!
Edward Ulysses Cate

I'm going to have to let others tell this story.

Bush signs housing bill in private

With none of the fanfare that usually attends a landmark bill becoming law, President Bush signed the huge housing rescue bill just after 7 a.m. Wednesday, shortly after he arrived in the Oval Office.

Only a few aides and administration officials were present, including Secretary of Housing and Urban Development Steve Preston and James B. Lockhart III, the director of the Federal Housing Finance Agency.

The White House announced the signing by e-mail moments later.

Bush quietly signs mortgage relief measure
WASHINGTON (AP) President Bush signed a housing bill Wednesday intended to rescue about 15 percent of the cash-strapped homeowners in fear of foreclosure in the next year or so.
However, this 15% of cash-strapped homeowners amounts to only 0.4% of the total U.S. population. Who they're really bailing out are the fools that leveraged the mortgages 30 to 1, or even MORE! So when ONE card went down, it brought down 30 cards with it. And they did it squared and cubed. That's the real problem folks rarely discuss. Adding insult to injury, they did it with our pension/insurance funds that were supposed to be safely invested.

Bush signs housing bill as Fannie Mae grows

WASHINGTON (Reuters) - U.S. President George W. Bush on Wednesday signed into law a sweeping rescue package aimed at resurrecting the housing market from its worst slump since the Great Depression and stabilizing the two largest mortgage finance companies.

The new law launches a $300 billion government initiative to refinance troubled mortgages, and boosts oversight of Fannie Mae and Freddie Mac, which own or guarantee almost half the country's $12 trillion in home mortgage debt.

It expands a line of U.S. Treasury credit for the companies, and gives the government the option to take equity stakes if they ran into trouble.

Bush Signs Measure for Homeowners, Fannie, Freddie
July 30 (Bloomberg) -- President George W. Bush signed into law legislation that helps 400,000 homeowners facing foreclosure and extends a lifeline to Fannie Mae and Freddie Mac.

Bush signed the measure at the White House shortly after 7 a.m., spokesman Tony Fratto said. Treasury Secretary Henry Paulson, Housing and Urban Development Secretary Steve Preston and Federal Housing Administration Director Brian Montgomery were among those present. b>

Let's assume there are at least 4 people per household, so helping 400,000 homeowners helps 1.4 million people. The U.S. has roughly 306 million people, so helping 0.4% of our population by putting the other 99.6% on the hook makes sense. Yeah, right. Only to a lobbyist and/or a politician.

Please, I'm not against attempting to help someone in quicksand.
I just don't like being shoved in, too, by the sociopaths who created the quagmire in the first place.

Just one more reason why: Sometimes ONLY The Dragon Wins

2008 by Edward Ulysses Cate
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