Monday, September 08, 2008

And while I'm at it...

A big congratulations to our imperial government for taking further steps into the housing market with the bailing of Fannie and Freddie. I mean really, why should we let the market regulate?

Yeah. I got hit by the crunch. My landlord got foreclosed upon and I had to move my family out of pocket. Here's the problem... people who couldn't afford houses bought houses. People who shouldn't have lent them the money lent them the money.

But why did THAT happen?

Because we've heard for years and years that the minorities and poor are being denied the right to the American dream. They are being discriminated against and are not being afforded the opportunity to purchase homes. Year after year after year after year after year after year we heard the same thing.

Someone listened.

The housing lenders were catching flack. The mortgage companies were given subsidies, the government stepped in and influenced the formerly free market to tailor it to a state where the downtrodden could get what those rich folk had.

You're welcome.

Ok... recapping from previous posts:
  • Don't litter
  • Don't be snarky
  • Do your homework
  • Know what you can/cannot afford
And the most important lesson of them all... even if you forget those four...

Government is always there to bail you out.

Trust the government... trust the government... trust the government... ..... ... ..........

Big Brother will make EVERYTHING alright.

1 comment:

Mary Ellen said...

Well if that's not moral hazard, I don't know what is. I predict the next bailout will be in about 10 years and cost us over a trillion dollars. Businesses do learn and they've learned that they can ratchet up their risk levels in order to catch higher returns knowing that the taxpayer will pay for it in the end when they end up insolvent. The entire US banking system is bankrupt and guess who's going to pay for it...FDIC insurance of course! Yes, that's the Federal Deposit Insurance Corporation and they get their money from taxpayers! Gotta love the American system!