bailout bill

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Bailout Bills Will Cost Average Household over $17,000

Sunday, October 5th, 2008

All because irresponsible mortgage companies were pressured to lend money to irresponsibleĀ people with very low income and who couldn’t pay it back, drying up the credit and causing those companies to fail:

Bailout type Cost to taxpayers (Source: Reuters)
Financial bailout package approved this week up to or more than $700 billion
Bear Stearns financing $29 billion
Fannie Mae and Freddie Mac nationalization $200 billion
AIG loan and nationalization $85 billion
Federal Housing Administration housing rescue bill $300 billion
Mortgage community grants $4 billion
JPMorgan Chase repayments $87 billion
Loans to banks via Fed’s Term Auction Facility $200 billion+
Loans from Depression-era Exchange Stabilization Fund $50 billion
Purchases of mortgage securities by Fannie Mae and Freddie Mac $144 billion
POSSIBLE TOTAL $1.8 trillion+
NUMBER OF HOUSEHOLDS PER U.S. CENSUS 105,480,101
POSSIBLE COST PER HOUSEHOLD $17,064+

As one article points out, this bill is also full of free handouts, at least one of which probably was sponsored by the House speaker, Nancy Pelosi:

“That includes, as the New York Post pointed out, millions in tax breaks and related pork for kids’ wooden arrows, Puerto Rican rum producers, auto race tracks, and corporations operating in American Samoa. (The likely explanation for the latter: StarKist has a large tuna-canning operation in American Samoa. And StarKist’s parent company happens to be located in the district of House Speaker Nancy Pelosi.)”

New Bailout Bill Size of Novel, Includes Pork

Thursday, October 2nd, 2008

no, not vital money for education, police, defense, the basic functions of government…

but millions of dollar giveaways of taxpayer dollars, putting the country more in debt for free giveaways. Remember the mostly Democrats, and also some of the Republicans, who betray our nation this way, so we know not to vote them back into office.

The special provisions include tax breaks for:

* Manufacturers of kids’ wooden arrows – $6 million.

* Puerto Rican and Virgin Islands rum producers – $192 million.

* Wool research.

* Auto-racing tracks – $128 million.

* Corporations operating in American Samoa – $33 million.

* Small- to medium-budget film and television productions – $10 million.

All for a bill that is supposed to bail out Wall Street, because they let irresponsible people borrrow too much money and sucked all the credit up! And all because the people got into too much debt and got a huge house they can’t afford, instead of getting a smaller one.

The vote’s tomorrow. There’s $150 billion of additional spending. Remember, YOU owe this money as a taxpayer, and YOU are taking on the debt because of the greed of Wall Street and the greed of irresponsible borrowers. YOU are now responsible for “toxic debt” that will NOT make money. America will lose money.

Read more of the article here:

http://www.nypost.com/seven/10022008/news/nationalnews/
piggy_pols_in_hog_heaven_with_pork_packe_131770.htm

see also

http://michellemalkin.com/2008/10/02/kill-the-bailout-operation-hold-the-line/

Bailout Bill is a Socialist, Irresponsible Sham

Sunday, September 28th, 2008

Only an ignorant, illiterate populace would approve this garbage.

Instead of encouraging people to be responsible and pay back (gradually) their home loans, student loans, car payments, etc., we now have the socialists in Washington stealing taxpayer dollars from responsible borrowers to give to irresponsible borrowers who borrowed more than they could handle. Stealing from someone who works hard, to give free handouts to others who borrowed too much.

Example: I heard from someone that if you only have 15,000/year of provable income, you recently could get a home loan for up to 250,000 from some mortgage companies! Ridiculous. Then the person claims bankrupty, and it tanks the economy for the rest of us, who LIVE WITHIN OUR MEANS. The funds come from taxpayers, many of whom know to buy within their means, and buy a cheaper house that is actually afforable.

Be responsible with your income, and stopĀ complaining for taxpayers to bail you out, whether it’s irresponsible mortgage companies or irresponsible borrowers who bit off more than they could chew. Tax funds need to go to other things, like police, education, to protect the innocent, educate people, etc., and NOT to give free handouts to irresponsible nitwits who borrowed too much.

This bill also has a “provision to allow trial judges to arbitrarily adjust mortgages, creating bonanza for trial lawyers.”

So instead of your mortgage contract having legal weight, irresponsible borrowers can sue now for their principal to be reduced, OR the government can decide to reduce the principal! Talk about free giveaways at the expense of the taxpayer.

This bill rewards irresponsibility (both wall street and irresponsible borrowers who now can get a huge deal on an expensive house) and punishes responsibility, by not allowing house prices to fall even more so those of us who bought within our means can get a nicer house.

Gee, I wish I would have bought a 400,000 house and then whine that I can’t make the payments, so I could sue to get the principal reduced or have the government reduce it to say, 200,000. Yeah that sounds right. Wow the left-wing Democrats make so much sense, don’t they? Where’s the opposition from conservative Democrats and Republicans? Call your congressman and tell them not to steal from hardworking Americans who bought a cheaper house to give to those who borrowed too much.

It’d be one thing if the bill was shorter like it started, and it just let the companies BORROW this money and then they’d have to pay it back to the taxpayers WITH INTEREST. But now it’s extremely long and filled with pork and socialist policies that steal from responsible taxpayers to give basically free houses to people who were irresponsible and borrowed too much.

Conservatives consider a primary function of the government to reduce violent crime, protect the innocent, you know, basic things. Liberals consider a primary function of the government to steal from hardworking, responsible Americans to give to embezzling, race-baitingĀ organizations like ACORN and La Raza and to irresponsible people who borrowed too much.

Read commentary here:
http://michellemalkin.com/2008/09/28/all-aboard-the-bailout-bandwagon-hell-no/

and

http://hotair.com/archives/2008/09/28/bailout-deal-reached/