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Bridging climate science, citizens, and policy

Financial Crisis News: Mortgages & Bush’s Bailout Update

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After waiting for the near-collapse of the global economy, the Bush “administration” has finally rolled out a plan to assist homeowners who are being crushed by record numbers of foreclosures and owing more on their house than it’s worth.  The Big 3 leftover banks have already announced plans to modify home mortgages to ensure people can stay in them.  But I’m going to be more specific than the article.  Here’s one paragraph that needs more information:

Despite calls from members of Congress and some housing advocates for the government to take a more direct role in preventing foreclosures, federal agencies have been slow to present their own plans to modify the loans of millions of homeowners at risk.

How about:

Despite calls from members of Congress and some housing advocates for Bush’s government to take a more direct role in preventing foreclosures, federal agencies stuffed with Bush’s cronies have been slow to present their own plans to modify the loans of millions of homeowners at risk.

Agencies are under one branch’s control: Bush’s.  Bush, under direction from unitary executive advocates, hasn’t shied away from doing whatever he wanted with regard to torture, rendition, enforcement of regulations on industry and countless other issues.  If Bush were the compassionate conservative he sold himself as during his elections, he would have already done something about the mortgage crisis.  Instead, Bush the Con chose to do nothing for those he didn’t consider “his base”.

Speaking of executive powers, Treasury Secretary Paulson has, without advance notice, changed how the Bush Bailout will proceed.  The money will not be used to purchase bad bank assets.  Instead, Paulson’s Treasury Dept. will purchase more bank stock, in the hopes that it would help their balance sheets and encourage banks to lend more money.  As additional evidence that the Bushies only cared about power to further enrich themselves, Paulson isn’t lifting a finger to help out the struggling auto industry, which by the way is also about to collapse.  Rich Wall St. campaign donors, union auto workers or average homeowners: which group is receiving assistance from Bush?

The lack of transparency with Bush’s Bailout (our tax dollars) has finally found its way into the corporate media’s hazy focus.  Basic questions about what banks are doing with the money cannot be answered, despite assurances when the Bailout was made public that transparency and accountability were strong features of the bill.

On a more irritating note, the Wall St. elite are saying that the woes hitting Wall St. are finally hitting Main St.  Ummm, no.  Actually Main St. did not benefit from the economic “recovery” from 2003-2008.  Wall St. sure did, but the vast majority of us did not. The view that Main St. is “finally” hurting, just like the poor Wall Streeters is painfully immoral.  They want our tax dollars to bail them out with no accountability and no transparency and nothing in return.  Some trust-busting needs to happen early in the Obama administration.  There is no reason to leave these snobbish Wall Streeters in charge of their corporations anymore.  They, along with their puppets in our government, have destroyed the economy and countless livelihoods.  Enough.

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