I can't believe that congress is actually considering this.
to bail out the very builders who were complicit in this
whole economic debacle. 

Extending the "net operating loss carry
back" provision "would benefit home
builders, financial firms, and other
companies which have suffered losses
that exceed their prior two years of
earnings," Seiberg said.

CORPORATE HANDOUT?

But the Laborers' International Union of
North America criticized the measure,
labeling it a $33 billion "handout for
corporate home builders who helped cause
the housing crash and the mortgage
crisis."

They've got to be kidding. Listen I've seen some of these
(and I use the term loosely) houses going up here in Fl.
and believe me, they aren't worth the wind that it would take
to blow them over. Many built on swamp land that returns to
same the minute it rains.

And these same congress critters have the unmitigated gall
to consider this while telling Detroit to take a hike ??

I'm mortified.

C
 

The government's current attempts at rescuing our economy  will
at best delay the inevitable and most likely make matters worse
in the long run. The last thing we need right now is for the populace
the fall further into debt.

But what is their solution ?? You guessed it. Make it easy to get
loans and credit cards.

The two new efforts -- one mainly to
finance loans for consumers, and an
even bigger one to push down home
mortgage rates -- marked the latest but
hardly the last of the federal
government's efforts to shoulder the
losses that began with subprime
mortgages and have spread throughout
the economy.

All told, the government has assumed at
least $7 trillion in direct and
indirect financial obligations in the
form of Wall Street bailouts, emergency
lending and government guarantees on
bank deposits, inter-bank loans and
home mortgages.

For crying out loud, people are already in hock up to their
proverbial eyeballs.

I received a catalog today from Casual
Living and in big bold print on the
front page, it said "BUY NOW, PAY
NOTHING". Then in significantly smaller
print underneath, it said, (until
April). That mantra has been sung
throughout the credit markets over the
last 10 years. The banks waive a carrot
in front of the consumer and reel them
in and encourage them to go deeper and
deeper into debt. They do this by
prescreening customers through credit
reporting agencies, mailing offers to
apply, and to transfer balances at
teaser rates or zero percent financing.
They base it on credit score and not on
capacity to repay. A good credit score
does not equate to the ability to repay
debt.

What needs to be done is for people to be able to make a GOOD
wage and have access to AFFORDABLE housing. And  AFFORDABLE
transportation. Regulation on all the credit and finance as well as
real estate and health care and insurance. Instead of increasing
American consumers'  2 trillion dollar debt or bailing out the very
banks that encouraged it.

As the man stated, this whole credit thing is just one big con game
perpetrated on the American public.  If not stopped we will have
a depression the like of which this country has not known.

I do hope that Obama makes the regulating "credit con" a part of his
program. But I ain't holding my breath.

C

 

And they should be.   As stated here by Mike Menzies.

With all the big banks grabbing so
much money, Menzies said, "I have to
question if there will be funds left
for the community banking industry
when we get through all this."

Big banks should not benefit from
the mess they created, he believes.

"We absolutely did not participate
in this train wreck. We did not get
into credit-default swaps and
option-ARM loans and no-doc loans
and all the other products that
created the toxic waste on Wall
Street," he added. "The reason
community banks did not get into it
is because we have our own personal
skin in the game. If our banks get
into trouble, we get into trouble
personally. It hurts our standing in
the community. Clearly, that has not
been the case on Wall Street."

Camden Fine, president and CEO,
Independent Community Bankers of
America, said he was "outraged" by
the aid to Citi.

"Right now, all we see is taxpayer
money ... being used to bail out
incompetent management and prop up
common shareholders," he said.

Welcome to capitalism republican style. Where money talks
and the rich don't walk. But everybody else gets walked on.

C