Dec 23 2008
More companies looking for their handout!
Well - Merry Christmas! I know it’s been a while since I posted up something - been kinda busy lately with Christmas fast approaching. So - while I was doing my regular cruising - I came across this story - it looks like there are a whole lot more out there lining up in the welfare line trying to get a handout bailout from the government.
More companies lining up for piece of bailout fund
WASHINGTON (AP) - A trio of reports due out Tuesday are expected to paint a bleak picture of the nation’s housing market and the broader economy, as the deepening recession sends more companies lining up for a piece of the government’s $700 billion bailout fund.
Wow. Didn’t see that coming! But, what pisses me off the most about this story is a statement from that dickhead Barney Frank - you know the one - the asshole that helped cause this whole mess:
Barney Frank, chairman of the House Financial Services Committee, said Monday he is preparing legislation to require that some of the bailout money be spent for specific purposes, such as stemming foreclosures and reducing mortgage rates. Frank is pushing to get the second half of the $700 billion rescue fund released next month, before President-elect Barack Obama is inaugurated.
Frank said his legislation would include a version of a plan, supported by Federal Deposit Insurance Corp. Chairman Sheila Bair, to spend $24 billion to give lenders financial incentives to modify more loans and help more borrowers keep their homes. Bair has estimated it could prevent 1.5 million foreclosures.
His proposal also would include a measure, under consideration by Treasury, to use government-controlled mortgage companies Fannie Mae (FNM) and Freddie Mac (FRE) to reduce mortgage rates to 4.5 percent or lower to stimulate more home buying.
Frank also wants to revamp the Hope for Homeowners program, which was launched Oct. 1. It was intended to let 400,000 troubled homeowners swap risky loans for conventional 30-year fixed-rate loans with lower rates. The early results have been disappointing, with only 312 applications so far, and officials are looking at ways to expand the program’s use.
Screw you, you fat bastard! Let those lenders foreclose on those homes. This is just more damned government interference trying to keep people in homes they never should have gotten in the first place. What about the rest of us in this country who have played by the rules? We bought the homes we could afford. We got the right loans for our budgets. We continue to pay our mortgages on time. Now - you want to modify the loans for those deadbeats that shouldn’t be in a home to begin with using my money?
I don’t want a handout. I don’t want my home loan modified. I want you to keep your freaking mitts off my money and let those chips fall where they may. If those people can’t afford the homes - let the banks do what they’re supposed to do - foreclose! You are creating a damned welfare state by bailing out regular people who made some stupid mistakes because of their own idiocy. It is NOT government’s job to protect the people from their own stupidity.
We can’t keep giving everyone a handout. All over the country state and local governments are in the red, with no relief in sight. Obviously the government is too big. Which is why we’ll probably just make it bigger and create more money out of nowhere to throw at our problems.
Maybe one of these days America will wise up and elect a libertarian. Otherwise this game of S&M will continue.