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Money Grows On Trees – Or Maybe On Houses
Well, we are going to spend the second 350 Billon dollar bail out package on something. It sounds like this time we are planning to bail out defaulting homeowners. I am not sure how they came up the highest priority of all those hurt by this financial mess.I am having trouble figuring out just what this entails. Are we focused on those who lost their jobs? If so, for how long will we foot the bill? Do we fill in for a few months while they find another job or are we in this for the long haul? Are we helping those deceived by unscrupulous lenders? If so, are we pursuing those unscrupulous lenders or just helping the victims. Why help these victims as opposed to any other victims? How do we know they were deceived – because they say so?Are we helping those who have not really been impacted financially by the meltdown but who are defaulting because they knew or should have known there was no way they could service the debt? Does this really help the financial meltdown? It sure does not sound like we are helping the lenders. It sounds like we are making the lenders write down the loan. Are the rest of us going to pay for that in our own loans?Are we going to help those who were greedy and flipping houses for fun and profit. They were caught! Are we now going to make them whole? Are we going to help them make a profit? Isn’t this group concentrated in places like Las Vegas, San Francisco, Washington DC and other formerly major hot real estate markets? Isn’t our senior political leadership from these locals?I can’t seem to find answers to these questions. If somebody knows, could you enlighten the rest of us? If nobody knows how can we be throwing 350 billion dollars at something nobody knows much about? I just hope we will be spending this money on deserving homeowners. It would be a shame if we rewarded deceitful and deceptive behavior. That would be a slap in the face of the vast majority of Americans who bought homes they could afford. Of course, the old adage “no good deed goes unpunished” has ample historical underpinning.