Taxpayer Bail Out For Lenders

Over 700 pages in the bill passed by the House and about to be passed by the Senate, favored by only 21% of taxpayers but more importantly favored by 100% of lenders. This will probably be the costliest piece of legislation in history when the dust finally settles. FannieMae and FreddyMac are in trouble and the people who oversee their activities, (Congress) have received the benefit of $170,000 of lobbying funds from them. No conflict there. Countrywide and Bank of America are other major beneficiaries of this bill and of course their friends in Congress have had some substantial sweetheart deals from them, Dodd foremost among them.
Meanwhile the hoopla in the media covering the election campaign, or at least half of it, contributes nothing to our peace of mind. Our spend crazy government is likely to get a lot worse if we don't make some wise choices. If the voters would simply act like a personnel director interviewing for the most important job in the company the process of choosing becomes simple. Not just this election, any election. Check the resumes. What have these guys done? What kind of choices have they made? What is the basis for the promises made? The face to face interview, (what we're getting daily in sound bites), may sound exciting, but if it doesn 't comport with past performance the promises are simply pleasant rhetoric and without substance. If you're hiring a salesman, and I've hired a few, the promise of becoming your star performer is only as good as past performance. If there are no accomplishments of note in his past then why would you expect something new now?
Real estate is slow, no news there. Mortgages are available to the credit worthy. Home prices in our area are still declining and foreclosures and short sale listings are far too prevalent. For buyers the market is favorable. For sellers it's not a disaster, but realistic pricing is key to a sale.
As usual,
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