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7/28/2008
Dooley: How many votes can you buy with $1.43 TRILLION?
Show me an Internet poll and I’ll show you something not very scientific.
However, when nearly 60,000 people vote on a CNN poll, that’s a pretty good sample.
The question: How do you view the housing rescue bill?
Needed boost to the economy: 28% - 16,418
Bailout to reckless homeowners: 72% - 43,030
The cost of this bailout, $1.43 Trillion dollars. Dude, like that’s enough to drive a Hummer coast to coast. Not one of those wimpy H3’s either; I’m talking an old school 8 miles to the gallon, look at that pretentious jerk Hummer.
We’ve got $446,000,000,000 going to the Federal Reserve, $274,000,000,000 to the Federal Home Loan Bank, $621,000,000,000 to Fannie & Freddie, and $90,000,000,000 to the FHA. Add it all up and we have $1,431,000,000,000. I know that is a whole lot of zeros but I think it helps to put it into perspective to have to actually look at all of those not-so-Cheeri-0s.
I guess we need to bail out the pompous windbags who bought more house than they could afford using gimmick interest-only loans hoping their home values would continue their meteoric rise. And we mustn’t forget the idiots who wrote the notes for those ridiculous mortgages too.
Above all though we must never mention the elected officials who pushed lenders into loosening up their lending processes so that credit challenged persons could own homes they couldn’t afford in the first place. After all those same government loudmouths need to complain about predatory lending practices now.
Oh well, it is an election year.
How many votes can you buy with $1,431,000,000,000 anyway? I’m not entirely sure how many votes that will buy but it would buy 357,750,000,000 gallons of gas. That is 1,192.5 gallons of gas for every man woman and child in this country at 4 bucks per gallon. If someone were to buy me more than a thousand gallons of gas right now, I can pretty well guarantee you that they would win my vote come November.
I wonder what will get the next bailout? Hey, President Obama, I’m getting my butt kicked in my 401K this year. A little help please?
Fred Dooley blogs regularly at Real Debate Wisconsin.
COMMENTS
Sick, sick, sick...like almost everything else cooked up by runaway Big Govt
emily matthews (Mon Jul 28 09:23:18 2008)
The chickens of deregulation have come home to roost, Fred.
I especially like the part you wrote about politicians pushing poor defenseless lenders into making bad loans. It's almost as if the free market made a really, really bad choice on behalf of all of us.
Who would you blame for that?
grumps (Mon Jul 28 14:54:57 2008)
Without any question, this is the greatest boonswaggle perpetrated on the American taxpayer since, well name any of the more recent Democratic (Party)swindles, i.e. the Rooseveltean programs or L.B.J.'s Great Society, yeah, really great, endeavors to supply the downtrodden, mistreated masses, especially by Republicans. The worst part of this perpetration is the complicity of so-called conservatives. Don't talk with me about conservarives until I've seen their library and reading list. This legislation is pure crap, and I say this from 15 years of lending and the appointment by the WI Secretary of Finance to correct the lack of testing and licensing requirements for Mortgage Originators. I have dedicated the latter part of my adult working life to responsible lending and feel fully qualified to address the issue.
God help this Nation.....
Richard Parins (Mon Jul 28 22:12:23 2008)
What the original poster and those posting prior comments did not address is the boom bust cycle created by fiat currency. This is most accurately addressed by economists of the Austrian school. The legalized counterfeiting of the Federal Reserve system and member banks creates an artificial boom that can only be sustained by further debasing the currency.
The poor and middle classes tend to be hurt most by this, as they have little or no recourse to "inflation hedges." The legalized counterfeiting sends false signals to economic players who over invest in such things as, say, housing, dotcom or other stocks. Ultimately the house of cards falls apart, and the longer the Fed tries to postpone it, the worse the correction phase is likely to be. Funny that leftists can not figure out that an important part of a free economy is that those who miscalculate be allowed to fail. Or they deliberately misrepresent the "free market" in order to skew the argument in favor of what they desire most-more regulation.
The bailout is just as much about bailing out the bad decisions of bankers as it is about bailing out home owners who got themselves buried in debt. Just like the Mexican currency bailout early in the Clinton administration was more about bailing out the bad decisions of David Rockefeller and his friends than it was about maintaining economic stability. I find it curious that the leftists are now in bed with the big bankers, while us "free marketeers" want them to stew in their own juices.
Ken Van Doren (mon aug 04 8:24:26 2008)
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