Now wait a minute isn't this what got us into this mess?

[uscitizen]

Housing rescue plan passes key Senate test


Jun 24, 7:32 PM (ET)

By JULIE HIRSCHFELD DAVIS


WASHINGTON (AP) - A massive foreclosure rescue bill cleared a key Senate test Tuesday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners.

The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.

http://apnews.myway.com/article/20080624/D91GO9J80.html

 

[Good Luck]

That is the problem with all these types of assistance programs. They create a false economy which eventually threatens to collapse, and the only answer the government can come up with is to increase the scope of what caused the trouble in the first place. It does not matter the party, both blame the other for pushing problems off on future generations, then turn around and push a problem off on the future for political points. Just like the national debt will eventually come home, the continual nation wide increase of personal debt will come home to roost eventually. And someday there will not be enough programs left to push it off to some undefined future.

 

[cawacko]

That is the problem with all these types of assistance programs. They create a false economy which eventually threatens to collapse, and the only answer the government can come up with is to increase the scope of what caused the trouble in the first place. It does not matter the party, both blame the other for pushing problems off on future generations, then turn around and push a problem off on the future for political points. Just like the national debt will eventually come home, the continual nation wide increase of personal debt will come home to roost eventually. And someday there will not be enough programs left to push it off to some undefined future.

Election years are frightening as its this type of garbage that gets passed in the name of "showing the voters we care, please vote for us".