Yeah, no problemo (just getting ahead of the curve here trying to learn Español as the border of Mehico migrates North). What’s another $10.6 Billion? Just add it to our tab.
According to the Orange County Register since rescuing Freddy Mac, effectively owned by the government, the total tab is now $61.3 BILLION climbing toward a number (TRILLION) most of us could not even fathom pre-Sept 2008.
I don’t get it. The administration (Obama, Biden and Turbo-tax cheat Geithner) and many others of all political persuasions in Congress, like Chris ‘no special treatment from Countrywide‘ Dodd and Barney Frank, one of Fannie & Freddy’s main defenders in the House are pushing for this big financial reform of banks (nothing more than another power grab, more bureaucracy and regulations and further intrusion into private enterprise). They come down hard on Goldman Sachs even though many of the key government positions are occupied by previous GS employees and visa versa, without any mention or idea of reining in the brother-sister act of Freddy & Fannie, once again being bailed out by the US taxpayers.
To make matters worse, the federal government through the USDA (US Dept of Agricultural) is still issuing Section 502 Direct Loans to low-income and very low-income families to acquire, build, rehabilitate, or improve single family dwellings in rural areas. The lenders may loan up to 102% of the appraised value (read -more than the improvements are worth and therefore very likely to be foreclosed upon)!
Pardona me, but isn’t that sort of how we got in the mortgage mess to begin with? And isn’t this why our taxes will keep going? Ya think? Remember the VAT (value added tax) I warned you about? This looming disaster will hit all consumers -not just those making over $250,000 despite a certain promise continually made by ‘you know who’ during and after the campaign.
What ya gonna do, call Ghost Busters? NO! Remember in November!