If Mama Ain't Happy, T'aint Nobody Happy
Mama isn't happy about the $700 billion bailout. Neither is daddy, the grands, and most everyone else. Even with concession that something had to be done to prevent a total collapse of the free market system that is the core of American economy, it is a bitter pill to swallow. Very bitter.
The fall isn't a surprise to anyone but Main Street. Lots of folks knew it was in the works but did nothing to re-direct the coming crisis. The game, at least in part, was to keep the lid on the pressure cooker until key people secured wages, bonuses, benefits, retirement and until after the Presidential election. What about everyone else? Be damned.
At the time, America owed over nine trillion dollars in gross national debt, had spent over $559,862,856,853 on the Bush/McCain foreign civil war, and was suffering from a scarcity of natural resources.
Main Street America's input was limited to who they sent to Washington to make those decisions. We vote for the best candidate, or maybe the less risker one, who eagerly accepts our investment of trust. Who spoke for you and what was the message?
Proof is in the pudding that leadership was lacking. Many on Main Street may live above their economic means but when the leaders of our country put their heads in the sand or engage in tactics that result in hoodwinking the public -- uh, that would be us; you and me -- then it wasn't Main Street living in a bigger house that got us in trouble.
Joe Six-Pack, and even NoMo Six-Pack, need relief. For many, a job opportunity would be a great start. So much for the current extraordinary rise in unemployment. For others, foreclosure and bankruptcy is a foregone conclusion. Fuel costs have already taxed the average citizen to the breaking point. Frankly, it isn't Joe or NoMo Six-Pack who need to belly up to the bar. Rather, it is our legislators, government agencies, and the Oval Office.
Hard times can befall just about anyone and most of us are not above it. While selling the American dream, with the Government's blessings, predator mortgage lenders loaned money with high interest on top of one or more high interest loans which already incumbered the secured property. Furthermore, they knowingly approved home mortgages based on make believe income . Lenders knowingly approved loans to people that, without a doubt, the mortgage holder knew would default. (Remember those used car dealers who tote their own note? Tote it long enough to get about three months of outrageously high monthly payments, then go out and repossess the vehicle only to re-sell it and continue the game with some other sucker. Well, here is a varied method of the game using houses instead of run down jalopies.)
Sound like loan sharking? Or a Ponzi scheme?
The purchase of such mortages by the US Government now doesn't bailout the homeowner. The bailout pays off worthless debts to loan sharks so that big bonuses can be distributed within the mortgage congolmerates to reward those of extraordinary integrity for pulling off this fast one.
Nightmare on Main Street.
© Coninc., TheDownsideUp.Com 2008
© The Downside Up.Com 2008
The fall isn't a surprise to anyone but Main Street. Lots of folks knew it was in the works but did nothing to re-direct the coming crisis. The game, at least in part, was to keep the lid on the pressure cooker until key people secured wages, bonuses, benefits, retirement and until after the Presidential election. What about everyone else? Be damned.
At the time, America owed over nine trillion dollars in gross national debt, had spent over $559,862,856,853 on the Bush/McCain foreign civil war, and was suffering from a scarcity of natural resources.
Main Street America's input was limited to who they sent to Washington to make those decisions. We vote for the best candidate, or maybe the less risker one, who eagerly accepts our investment of trust. Who spoke for you and what was the message?
Proof is in the pudding that leadership was lacking. Many on Main Street may live above their economic means but when the leaders of our country put their heads in the sand or engage in tactics that result in hoodwinking the public -- uh, that would be us; you and me -- then it wasn't Main Street living in a bigger house that got us in trouble.
Joe Six-Pack, and even NoMo Six-Pack, need relief. For many, a job opportunity would be a great start. So much for the current extraordinary rise in unemployment. For others, foreclosure and bankruptcy is a foregone conclusion. Fuel costs have already taxed the average citizen to the breaking point. Frankly, it isn't Joe or NoMo Six-Pack who need to belly up to the bar. Rather, it is our legislators, government agencies, and the Oval Office.
Hard times can befall just about anyone and most of us are not above it. While selling the American dream, with the Government's blessings, predator mortgage lenders loaned money with high interest on top of one or more high interest loans which already incumbered the secured property. Furthermore, they knowingly approved home mortgages based on make believe income . Lenders knowingly approved loans to people that, without a doubt, the mortgage holder knew would default. (Remember those used car dealers who tote their own note? Tote it long enough to get about three months of outrageously high monthly payments, then go out and repossess the vehicle only to re-sell it and continue the game with some other sucker. Well, here is a varied method of the game using houses instead of run down jalopies.)
Sound like loan sharking? Or a Ponzi scheme?
The purchase of such mortages by the US Government now doesn't bailout the homeowner. The bailout pays off worthless debts to loan sharks so that big bonuses can be distributed within the mortgage congolmerates to reward those of extraordinary integrity for pulling off this fast one.
Nightmare on Main Street.
© Coninc., TheDownsideUp.Com 2008
© The Downside Up.Com 2008
posted by KKHC | 5:49 AM
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