Wednesday, July 23, 2008

Congress hurts American people, again

It boggles my mind that the only people who honestly and bluntly report what the US Congress is going is not the mainstream media, but rather the small blogs and whatnot. Something has to change; it's just ridiculous that our government so blatantly acts against the interests of the people, and our media ignores it. Or worse, acknowledges their actions but misrepresents them as neutral, or even worse as beneficial. I'm not sure if their actions or the general stupidity of the American people in analyzing them is a worse blight on the country, but they are both pretty horrible.

Today's idiocy is Congress spending $300+ BILLION dollars on absorbing bank losses for giving out the bad loans which fueled the housing bubble and kept housing unaffordable for responsible Americans.

...but wait, that's not all! In addition, they are refinancing millions of borrowers who "own" properties they cannot possibly afford and most of whom will default on their home loans into taxpayer-backed loans. So the taxpayers can expect the ultimate cost to be higher than the amount Congress is immediately giving to the irresponsible lenders as a "thank you" for creating the housing bubble.

...but wait, that's not all! They are also giving $4 BILLION dollars to municipalities, to buy foreclosed properties at inflated values so the banks don't have to sell them at market and can offset some losses to taxpayers.

...but wait, that's not all! They are also writing a blank check to the Treasury to pump unlimited government money into supporting the GSE's, which have fleeced the country for billions while the housing bubble they helped create was going strong, and funneled that money directly into the executives' pockets. Moreover, this should help prop up their bonds, which is great for all the investors who have been getting a better return on them than Treasury bonds because of the greater risk, which the government is eliminating by putting it onto, you guess it, THE TAXPAYERS!

I don't think I can express enough how much I hate our government right now, although in fairness, they are just doing what the blithering idiot voters and corrupt media apparently let them do. WTB government for the people, are there any countries which still uphold that principle?

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