Housing Bailout Bill
July 24th, 2008This is “good news” for the realtors and wall street who said the housing market would lock up if this wasn’t passed. FRM and FNM stocks were in free fall. Happy days are here again for the irresponsible lenders and their stockholders. For the US dollar and the taxpayers, happy days, not so much.
The House of Representatives approved a bailout for Fanny Mae and Freddy Mac on Wednesday. The senate now has to vote, but apparently it’s all but a done deal.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aEUQ4aE8D2HI&refer=news
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There is a video on this page put up by Fed Up USA, regarding the bailout. (I can’t watch the video on Firefox but it works on IE)
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This has the tape from Senator Bunning blasting the fed about the bill that was passed by the house today. It’s located on the bottom of the page, just click on it to play.
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And Senator Bunning’s June speech from the Senate floor regarding the bill.
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Cramer also spoke about this bill. He said it was absolutely a necessity. He said it will stop home depreciation and keep the lenders investments worth more. In other words, help his wall street buddies who gambled and are losing.
The current news that the Obama administration raises deficit forecast to $9 trillion also means that the White House has been way off with its economic projections. The effects of obama bailout on different sectors can be felt but not on a large scale. I think that’s the best option the current administration have to pull thru with the economic crisis.
You are of the group that thinks you can spend your way out of debt? I think all the bailouts have done is increase our debt and make our future scarier than ever. Once the government stops subsidizing everything from cars to houses to ??, the game is over.
The situation we find the US in now was inevitable when the majority of our economy was based on consumer spending.