Thursday, November 13, 2008

Spotlight on the Bailout

News sources today reported that the government bailout is NOT targeting 300 Billion for the egregious mortgages that have been tormenting Americans, but going to the banks and the financial markets directly.
This is a SLAP IN THE FACE to our fellow citizens who have adjustable, over-value, or just plain crippling mortgage payments.
Now that the automakers (and others) are joining what is becoming the great American bailout carnival and handout festival, Washington is changing the rules once again.
Economists (usually with book deals and teaching jobs) and Regulators (who want consulting jobs in the industry when they finally get their due) are quietly supporting their position in the media.
I have written in previous posts that the core problem is the bad paper (mortgages) that plague the economy, and this will not be fixed by a handout to the people who MADE THIS PROBLEM in the first place.
Write to President Elect Obama, your Senators, and Congressmen, to let your voice be heard before we get to watch big money doled out to everyone but the people on Main Street, who really need it.
Note that AIG got money as more of a Grant than a Loan. Personally, the Government should give those guys an adjustable loan with penalties and interest going to the US Citizens!
Make your voice heard!