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There is an increasing backlash against the biggest government meddling in private enterprise, and its takeover of whole sectors of the economy, since FDR. (Though wait until Obama tries to ram his ‘universal health care’ down your throat). The ‘whisper’ campaign against socialist notions and bailing out Wall Street ”big men” is beginning to be heard. Idiocy and massive greed got “them” to this point. Why is it my responsibility to help them get “out of it”? Actions have consequences and chickens come home to roost.

 At least a few GOP’ers had the unmitigated gall to at least question why the US taxpayer should be doubly screwed; first by the banks and mortgage companies charging outrageous interest rates on “adjustable” rate mortgages once the initial “tease” rate is expired and the “homeowner” is unable to finance, and then as a taxpayer paying for the pathetically poor decision making of banks and mortgage companies.

I have customers coming in who lost their homes when their interest rates jumped to 13% and even higher on very modest priced middle class homes. Most people can’t afford a jump from $1100 a month to $2500 a month and the casualty rate among the middle class due to the insatiable greed, fraud and get rich manipulations of large numbers of unscrupulous people is staggering. Those holding the billions in potentially bad mortgage debt should be forced to negotiate with homeowners instead of bailed out by those same people now wearing the label of US taxpayer. With the government stepping in we will only be back to business as usual instead of changing the way business has been practiced in the past.

 I’m not taking a hundred percent stand one way or the other on this bailout (not that it matters) and I could still be persuaded to support it, but I am suspicious of it and am glad to see some voices of caution being raised about what is now happening in D.C. As far as I can see, this does very little for the little guy, and that concerns me greatly as one of the little guys who will be desperately attempting to refinance at the end of the month to avoid possibly becoming just another statistic in two short years. The key has got to be to stop the massive cycle of foreclosures and help keep people in their houses. Anything else seems to be just putting more “lipstick on the pig”.

Kill The Bailout

Quotable: “‘Just because God created the world in seven days doesn’t mean we have to pass this bill in seven days,’ said Rep. Joe Barton, R-Texas.”

Or at all.