Wednesday, October 1, 2008

A Fair Deal for the Homeowner

A Fair Deal for the Homeowner
By Jerome Grossman

Banks and other financial institutions need capital to replace losses incurred when they bought real estate mortgages that collapsed.

Homeowners need capital to replace losses incurred when they signed real estate mortgages for values that collapsed.

The United States Congress is bailing out the bankers but not the homeowners. Why? According to the Wall Street Journal 10/1/08, "A chorus of business leaders and trade groups urged Washington to enact a financial markets rescue plan…. General Electric Co.... Verizon Communications Inc.... Microsoft..... AT&T..... Caterpillar Inc...... The Business Roundtable...."

Here is a fair question. Who was lobbying for the homeowners? If the US government will buy the mortgages from the banks, mortgages that may or may not prove to be worthless, why not credit each homeowner with his/her share of the bailout to reduce the mortgage and avoid a foreclosure? The banker gets the money, the homeowner stays in the home, and the politician gets wisdom, all for the same amount of money.

Wouldn't that be fair? Wouldn't that satisfy two political constituencies instead of one? Why should one end of the failed transaction be subsidized and not the other? Is it because one has political clout and makes campaign contributions?

3 comments:

an average patriot said...

Jerome
Most home owners are average Americans and they do not matter. They Are On Their Own Period!
There is no justice just lies' justice is only for us as you know! This fascist mess is so obvious it is sickening!

Congress is powerless to stop this agenda. It sickens me that we all know that all we have to fear is fear itself and the right uses fear mongering constantly to follow their Fascist agenda!

From the abusive Patriot act to the bankrupting of America, to the rapidly developing forever war, it looks like ineptitude and you know that is true but it has all been done on purpose and fear mongering is the tool in the total lie we live today!
By the way I am happy to see a picture of your Beautiful wife. Hope all is well!

Gregory said...

Jerome,

I'm glad that you ARE a RELENTLESS liberal - however, in a capitalist society, driven by corporate greed and an agenda to keep the general population in servitude, "Liberal" translates into "idealist". (This is NOT a criticism, just a vented lament from paying attention and doing a reality check!)

The Republicans are an iterssting group of bedfellows; 1) consisting of bussiness intersts who don't want a fair shake for the general public, becasue they are afraid of the power of a population that desen't NEED to be in the workforce, so a climate of servitude is maintained.
2) The other faction in the GOP are the "Christians", who tout the Chrisitc Traditional values that this nation is allegedly founded on. (G. Washington, T Jefferson, John Adams, and B. Franklin were actually Rosecrutions, and practiced a form of esoteric religion that would be considered Neo Pagan in todays spiritual scene.) These "Christians" beleive that cut throat capitalism is a Christian virtue, and they honor and respect successfull bussiness leaders, many of who got there by cheating and (blue collar) robbery! The only sin in their book is sex, and maybe unemployment!(Intersting - the New Testament describes the Early Christian Community as a socialist commune. "Each work acording to his (her) ABILITY, and each recieve according the his (her) NEED". What a concept - where is this biblical prinicple in so called "chrsitian" America!!??!)

That's the problem here. Religion, Govenrment, and Education are a sydicate designed to enable and maintain the status quo which lines the pockets of the rich even more. SO WHY ON EARTH WOULD CONGRES WANT TO HEAR FROM A HOMEOWNERS LOBBY??!!?

Their resposne to homeowners would sound like this; "Just get a second and third job, never see your children again, and have your health deteriorate from lack of sleep, so you can pay your home loan (oopps - I mean the interest on your loan - you won't start paying down the principle for at least 18 years!) But we will give you a tax break that will alow you to pay through the nose and with either an arm OR a leg, for your own health insuracne rather than have to pay with all three."

The Dems - well, they're just runnng scared; afraid to do anything, because they can't fiqure out how to stand up for anything without loosing their campaign support from the same corporate interests that the GOP thrives on.

Jeeze; and they say the terrorist are in Central Asia! (BTW - terorists use the local popular religion to justify thier crimes too.)

Long live Idealists and Relentless Liberals!!

Peace and Justice,
Greg Brown,
Mill Valley California.

Anonymous said...

Very Interesting!
Thank You!

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