Housing Bailout Plan

July 26, 2008

It’s official!  The U.S. Senate has passed a housing bailout plan that will end up costing taxpayers an estimated $25B.  This is an estimate that the Congressional Budget Office says could potentially reach $100B.  Now, it’s up to George W. Bush to sign on the dotted line to finalize it.

I’m NOT an advocate of this housing bailout plan.  I saw too many people unwisely refinance their properties to withdraw money from the paper profits in their luxury homes in Miami in order to spend the money on new vehicles, surround-sound systems, large plasma TVs, furniture, clothes, etc.  Now, the government wants the country to foot the bill for these people to reminisce about the times that they were living LARGE?

It doesn’t sound like a “plan” to me.  Senator Charles Grassley, of Iowa, says it best when he states, “This bill has fallen prey to the special interests on Wall Street and K Street at an unjustifiable expense to taxpayers and homeowners on Main Street”.  Who are we kidding when we think that we actually have a say in what happens in this country?  Large corporate banks, mortgage companies, real estate conglomerates, developers and any other real estate-related entities have lobbyists that have the upper hand over what the American people actually want.  We’re all just pawns with hopes to checkmate, but end up being eliminated after the third move.

For details about the housing bailout plan, take a look at CNN.com’s article entitled “Senate Passes Landmark Housing Bill“.

You may also want to watch the video of Congressman Ron Paul’s comments on the housing bailout plan.  It is quite interesting and makes you see the other side of the story from a true American who cares about this country.