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“Homeowner rescue,” my aching wallet!

July 29, 2008

In the latest massive incursion on our wealth, privacy and property rights, both Houses of Congress have passed the ‘‘Housing and Economic Recovery Act of 2008.’’ One propaganda piece on the Wall Street bankers’ bailout begins by saying “Despite reservations, Bush ready to sign mortgage relief for 400,000 strapped homeowners.”

The House and Senate can’t pass up an opportunity to buy votes and President Bush never met a deficit spending package he didn’t like. But what do you suppose is inside this ‘‘Housing and Economic Recovery Act of 2008?’’

Rep Ron Paul called this legislation the “mother of all bailouts.” But it appears to be much more than just another taxpayer bailout of corrupt Wall Street bankers. Some of the more odious portions of this legislation were not reported by the MSM. Rather than reading the 682 pages of HR 3221 they distilled it down to just what you, the voting public needed to hear. Here is my review of the worst provisions of this “mother of all bailouts.”

It seems that some in Congress feel that realtors and those involved in mortgage processing whose background was not adequately investigated by the several states and whose fingerprints were not on file with the FBI are responsible for the current “housing crisis.”  What does that have to do with the fact that the Federal Reserve, with cooperation from our bought and paid for political “leaders” enabled this mess? I can’t think of any possible connection, but Sec 1505 (a) requires background investigations and fingerprinting.

A few years ago (I can’t remember exactly when) Congress authorized Fannie and Freddie a $2.5 billion fund to ensure that they would remain solvent. This week, Congress officially raised that to $25 billion (well, not really, but I’ll get to that later). They also authorized $100 million (from now till Dec 31 of this year) for the “Neighborhood Reinvestment Program.” The funds are earmarked for “foreclosure mitigation activities.”

Section 3083 proves for an increase in national debt ceiling to $10,615,000,000,000. It seems that the reported $25 billion is expected to multiply.

And under the heading “Subtitle B – Revenue Offsets” is the requirement that all “payment card” or electronic payments be reported to the IRS. What does that have to do with Fannie and Freddie being mismanaged by political appointees?

Sen. Jim DeMint proposed a ban on further lobbying or political donations by Fannie or Freddie. In his words “we can’t have the people who are supposed to watch over these organizations getting money from these organizations. At least if we’re going to ask the American taxpayer to be on the hook for billions, possibly trillions of dollars, let’s stop this.” The Democrat majority refused to allow him a vote on the proposal. It appears that corruption business as usual is the order of the day for our corrupt Congress elected representatives.

We are in dire need of a true revolution at the polls in November. The problem is that most people don’t care what the government does, until it directly affects them – and it’s too late to do anything except say “how could they do this to me.” As John Mayer sings in Waiting on the World to Change, “When you trust your television, what you get it what you’ve got. Because when they own the information, they can bend it all they want.”

Until next time,

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