Sen. Dodd thinks TARP money should be used to bail out individuals! It should not.
This is just a quick post to say that none of the TARP money should be used to help homeowners facing foreclosure. The TARP money was never intended to bail out individuals. The money was to be used to help calm the credit markets and get lending happening again. The government should never bail out individuals.
I just heard an interview with Senator Christopher Dodd and he said, “Over 80% of people whose homes are underwater…don’t want to move, they’re not interested in selling and we oughta be able to figure out a way to get the cost down so people can do just that, to stay in their homes.”
That above statement does not at all reflect the purpose of American government. The above statement is pure socialism. 80% of the people with upside down mortgages can’t afford their mortgage and don’t want to move? Oh well. That’s life. These are the consequences of decisions made. There are plenty of people who can afford a mortgage. First time home buyers are waiting on the sidelines for prices to come down from these very people. But the majority of Congress wants to help them out. It doesn’t make any sense.
Senator Dodd is the chairman of Senate Committee on Banking, Housing, and Urban Affairs!! What qualifies him to use my money to push me out of buying a home so an irresponsible person can live in one?
Last 3 posts by Eric
- Social Security Finally Bankrupt? - February 4th, 2010
- Business Cliches - January 15th, 2010
- Conan O'Brien - January 12th, 2010
I couldn’t agree more. Its like they have the housing market confused with the financial market. Sure, securities made up of sub-prime mortgages have hurt the financial markets, but taking measures to keep people from foreclosing doesn’t mean that someone won’t eventually have to take a loss on the loan that is worth more than the house.
This bailout makes me as mad as the first $850B (is $700 to $850 some kind of magic number cause every bailout seems to be in that range?).
Two key provisions that I also hate are:
1) Fannie will be able to use some of the funds to offer refinancings at 120% of a home’s value to prevent bankruptcy. What??? Who is the jack-A that will go for that deal? At least a bankruptcy is off your report in 7 or 11 years.
2) Everyone keeps talking about the $90 - $150B that will be used for infrastructure, roads, bridges, etc. I listened to an interview with Nancy Pelosi two days ago where she was asked how they were going to keep this money from going to pet projects. Her response was, “You won’t be able to tie this money to any specific project because its not going to be used to build anything. It will be used for the study and research of these issues. The research behind bridges, the research behind highways. This isn’t the Public Works bill of FDR.” I don’t think this point has been discussed anywhere. My impression is that everyone thinks we are going to be creating construction jobs to build roads, not jobs to research the building of roads.
These should be the consequences of the decisions that they have made. Unfortunately we live in a time where very little thought is given to the consequences of actions. We live in a society where consequences only exist if you get caught. So you have all of these clever ideas and schemes people, institution, and government are coming up with to avoid consequences.
I believe the purpose of the American government is lost with crooked politicians willing to do whatever it takes to get the popular vote regardless of the consequence.
The thing that bothers me is that it will get worse before it gets better.
Solid as Barack!
I freaking hate the democrats. That’s why we shouldn’t have elected them.
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