As the year 2008 came to a close, legislators were confident that an economic stimulus package would be presented in the media as to be incredibly beneficial for American Citizens.
Yet we were not being bailed out by our government, in fact. Wall Street was. And we are paying for it whether or not we approve of what has been implemented. And what has been implemented may cost us, the American citizens, nearly a trillion dollars.
Officially called the Emergency Economic Stabilization Act of 2008, this act was sold to the American public as relief from their financial concerns and their families would then be able to maintain what may be left of their financial stability- including their homes.
We get to now keep our homes! I love my country!
In actuality, this Act included what was called the troubled asset relief system for corporations who had to find their quid pro quo government cronies for some cash to get by until they get paid next with this bailout for them.
Really, can assets be actually troubled? I always believed that if one is troubled, one is worried and concerned, or emotionally and mentally disturbed. I’ll accept the definition with the latter words of this definition if I were to define a corporation.
This bill has over 100 pages of fiction divided into three titles: Title one is the troubled assets relief system. Title two is the budget related provisions (the words here are very specific, are they not?). Title three is creatively called tax provisions.
Yet Obama called mortgage lenders greedy and irresponsible- and accused them of being the catalyst for our country’s financial crisis (so it has been reported), So Obama created the foreclosure rescue program, and dedicated 75 billion of that economic stabilization to assure home foreclosures would not occur, if he could help it.
Meanwhile, as of last January, sales of existing homes rose well over thirty percent versus this same time last year due to foreclosures. Many who are buying these homes are first time buyers, who Obama allowed an eight thousand dollar contract for such people who were virgins of domestic ownership.
Obama said that this money would be issued to various mortgage securities firms so that they would significantly lower the mortgage payments of others in need. Well, of course, this is not overall mandated by our new president. It is left to the discretion of each mortgage security as to how and if this money will be disbursed as intended.
We have been pacified by a virtual benefit for our homes, ladies and gentlemen.
Corporations, by their very nature, are simply something that exists, like evil. Corporations receive legal rights that most citizens are unaware of, and are not shared these same rights as the corporations. The corporate system is designed with deliberate intent to protect the owners of the corporation, the shareholders, from any potential liabilities.
The corporation’s Board of Directors in fact run their corporation. This legal independence, ultimately, allows corporations to act autonomously. Their freedom regarding this profit motive has become progressively more overt, and witnessed by the American public, finally, in recent years.
So foreclosures are still happening throughout the country, and as a result, people are losing their homes and livelihoods. Such Americans are penalized for not being economically viable at the time- while their employers are given a blanket by their government. And this reminds me of something that happened over twenty years ago.
So, does anyone recall the Savings and Loans Crisis that primarily occurred n the 1980s? The savings and Loan industry thankfully received new parents in 1982- very wealthy parents. The GSDI Act of 1982 was created to increase competition, or narcissism, I’m not quite clear on this, within this industry.
These two faceless new parents of the savings and loan industry were not only rich, but believed in freedom from their acquired offspring. While they monitored the behavior of their older siblings, banks, with appropriate regulations, they took a stance of apathy with their newly adopted children involved within the Savings and Loan Industry. The industry was extremely elated, obviously.
The institutions in this industry realized that they could do whatever they wanted, and if something goes wrong, mommy and daddy will ‘bail’ them out of their troubles, which is actually what they did for about a decade.
We, the American citizens, paid at least 150 billion dollars for that crisis created by few others who acted with reckless disregard for the welfare of others. And of course, another pacifying Act was created by our lawmakers towards the end of this crisis called the FIRRE act of 1989. Again, this Act was basically to reassure the public that problems are being resolved that happened by those few bad people.
One particular Savings and Loan company illustrated politics for many of us. Charles Keating, chairman of the Lincoln Savings and Loan Association in Irving, California, overall paid 5 senators well over a million dollars to keep regulators from his front door, which they did for quite a long time. It is amazing what others may do if you pay them enough money. Keating was convicted of multiple acts of fraud after the damage he did to so many others.
Should our Federal Government bailout those many homeowners facing foreclosure? Probably, but not many are optimistic that this will occur. What should occur immediately is a moratorium with those facing foreclosure and the lending institutions that are the reasons for their foreclosures. They deserve such a moratorium considering all that has happened to all of us that was not our fault. A moratorium is appropriate for most experiencing this form of damage presently with foreclosures.
And our government has to stop encouraging corruptive behavior by rewarding such criminals after they create a crisis that potentially destroys so many others,