Oct 04 2008
Bailouts and Great Depressions
Yesterday our country took a tragic turn. No one can pretend to know just how devastating the effects will be but we do know it will be far reaching and tragic. Did you know this bill gives permission to a judge, sitting in a courtroom, to change the interest rate on a home. Did you know a judge sitting in a courtroom can now change the amount of principle owed on a home? That’s right. If one buys a home for $100,000 at 7%, the judge can say no it will be $30,000 at 2% - and the seller will just have to eat the loss.
This past week our lawmakers wiped their fat rear-ends with our Constitution. A pox on all their houses that voted in favor of this bill. I will be working hard to get rid of those that voted in favor of the destruction of the greatest nation on the face of this earth.
As we continue viewing “Free to Choose” with Milton Freidman today we tackle “Anatomy of a crisis,” which is fitting as it discusses the Great Depression and stock market crash.
Note to my readers:
I began posting the 1990 updated version of “Free to Choose.” Beginning with this episode we are back to 1980 as the rest of the updated series is not yet available online. There are 6 episodes left.
I don’t even pretend to understand all the little nuances on this new bill but from what I do understand it’s worse than the original - and the original was rejected. Why was this bill thought to be better? Makes no sense to me. But perhaps I’m missing something.
As someone who is struggling to pay her mortgage–I would like to ask this: Does this mean that a bankruptcy judge can re-negotiate my current mortgage and change the terms to a lower amount and interest rate in order to help me be able to pay it?
As it is, the house is no longer worth the mortgage amount. Just curious to how this will work.
I figure we all are first Americans in this country. I realize you are walking down the right side of the politicl path and I am basically on the left. However, we both agree this was a big, big, big (I mean huge) blow to our country. I feel like even with my differing political views, I could have written this blog word for word.
I also believe, for what ever reason, the news media did not acurately report on how many Americans were against the bailout. I’m starting to look at all of the conspiracy theories out there and wonder about them being right.
I don’t even like to watch the news because of these bad things happening. It seems history just likes to repeat itself. I don’t like it one bit