spellcheckman's Blog

About the 700b bailout that is.  Today, 11/12, Henry Paulson,  Federal Reserve Director announced that  they would NOT be buying illiquid assets from banks as a result of toxic mortgages, for which it was originally intended for.

And voted for by the majority at that time.   Nancy Pelosi is thinking about giving away 25b or so to the Big 3  carmakers.   So they can lose it all that much more quicker  on the same models GM is losing 2billion a month on.   Ford is right behind them and I don't know what Daimler-Chrysler is doing.   Studebaker, American Motors, and Packard, long dead horses have also applied for the free government give-aways. (not really)  But American Express, the credit card company will be turning itself into a holding bank so it can get in on the bail out bucks.  Really, no joke here! 

To qualify for mortgage help some of the rules there are:  1) owner occupied,  2) 90 days in arrears on the mortgage, upside down or underwater in the mortgage, and payment not to exceed 38% of  gross income.  Well, if it's that bad, you've got one foot hanging over the edge and the other on a banana peel! 

So, as it turns out, they voted themselves a 700b or 850b bailout, because they had to do SOMETHING, ANYTHING, to make themselves feel good, and no idea on how to administer the program or who to administer it to.   And there was all that relief after it was voted in approval.  Why? 

All those reps and Senators who voted for this fiasco have some explaining to do to their constituents, all those voting against...kudos.    If only the voting public could remember which is which.

It is still not to late to sell.  It's going down further.  660pts since Monday!