The Senate is meeting in a rare weekend session to rubber stamp the housing bailout that most in this country are against. The cost of passing the bill will saddle us and generations to come, while it bails out the companies that should have failed by reckless lending practices, and knowingly giving loans to those they new cannot afford to repay. It is no wonder thatCongress has totally lost touch with the will of the people. NAFTA has taken all of the manufacturing and high paying union jobs our of this nation, and reduced our economy to a service sector non industrial base that pays less than half the wage. It seems as if our housing bubble for the last few years was nothing more than a Ponzi scheme that borrowed from Peter to Pay Paul! That only works for so long before it collapses.
The realities of this bill is not understood by many...including those in real estate is that it will artificially keep the price of housing high beyond the reach of many home buyers, and will raise interest rates. It we let the chips fall where they could have instead of bailing out everyone that knowingly speculated with someone else's money. Now they want to avoid the consequences..and who better to do it before election time but Congress?
Senate to Pass Housing Bill. PASSED!
*** For All those that think this was a great idea, did you know there was a bailout for Chrysler built into this?
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Jim, working on the weekend is my first thought that something isn't right. I agree and say let the chips fall where they may. This will not help the average person in the future. It will only make landlords have an easier time. People will be price out of purchasing property or the terms will not make sense.