Comments on: CONGRESS PASSES “HOUSING BILL” WHICH IS REALLY A BAILOUT: WHO WILL IT HELP? http://www.newsdissector.com/blog/2008/07/24/congress-passes-housing-bill-which-is-really-a-bailout-who-will-it-help/ Danny Schechter's daily media dissections Thu, 04 Dec 2008 07:39:07 +0000 http://wordpress.org/?v=2.0.9 by: Michael Blomquist http://www.newsdissector.com/blog/2008/07/24/congress-passes-housing-bill-which-is-really-a-bailout-who-will-it-help/#comment-37552 Thu, 24 Jul 2008 21:47:13 +0000 http://www.newsdissector.com/blog/2008/07/24/congress-passes-housing-bill-which-is-really-a-bailout-who-will-it-help/#comment-37552 Incredible! What is congress thinking? Re-election? It will be much cheaper to let Fannie & Freddie fail than to have our Treasury fail. We should take the opportunity NOW to negotiate with our creditors before the creditors escape with bail outs from this recent bill. It is time to face the music America is bankrupt! Click this link NOW and sign the petition. http://market-ticker.denninger.net/ We need to concentrate on jobs and restructuring government debt NOT bailing out banks and foreign investors. Similar to the "stimulus act" this new bill is pitched as protecting homeowners, but in reality bails out criminal enterprises. We are in uncharted waters. Economic growth for the past 7 years has been built upon a foundation of loan fraud; housing, equity extraction and government debt spending (including Wars). The trillion dollar pendulum is now swinging in the opposite direction and the consequences will be devastating. Instead of borrowers and banks failing we could see government debt fail and/or Africa type inflation. This is NOT pessimism it is reality! It is quite obvious that congress is incapable of facing reality and would prefer concealing crimes than prosecuting them. Our nation has NEVER before experienced a similar crisis/theft against the backdrop of supposed benign economic conditions (historically low unemployment and interest rates) Despite the fact that interest rates and unemployment are rising; numerous government and industry insiders are calling the bottom in housing. HOPE and irrational exuberance does not pay bills. If we want to cure the housing crisis we need to let prices fall to affordable levels and shore up our labor markets. Anything less is just delaying and magnifying our problems. We need to demand that our government officials begin negotiations with our creditors. Bailing out China and other "investors" with this latest bill will only weaken our ability to negotiate. It is time to face the music...America is bankrupt! The judiciary committee is holding hearings on impeachment tomorrow, Friday July 25. Call your representatives today in support of impeachment. At least through impeachment we can show the world that "We the People" will not tolerate criminal activities from corporations or our government. 800-828-0498 We should not have to bail out foreign creditors who have aided and abetted fraudulent schemes of biblical proportions. Spitzer and numerous others can connect this administration to the housing crisis. Impeachment is about much more than torture and abuses of "national security". Incredible!

What is congress thinking? Re-election?

It will be much cheaper to let Fannie & Freddie fail than to have our Treasury fail.

We should take the opportunity NOW to negotiate with our creditors before the creditors escape with bail outs from this recent bill.

It is time to face the music America is bankrupt!

Click this link NOW and sign the petition.

http://market-ticker.denninger.net/

We need to concentrate on jobs and restructuring government debt NOT bailing out banks and foreign investors.

Similar to the “stimulus act” this new bill is pitched as protecting homeowners, but in reality bails out criminal enterprises.

We are in uncharted waters. Economic growth for the past 7 years has been built upon a foundation of loan fraud;
housing, equity extraction and government debt spending (including Wars).

The trillion dollar pendulum is now swinging in the opposite direction and the consequences will be devastating.

Instead of borrowers and banks failing we could see government debt fail and/or Africa type inflation. This is NOT pessimism it is reality!

It is quite obvious that congress is incapable of facing reality and would prefer concealing crimes than prosecuting them.

Our nation has NEVER before experienced a similar crisis/theft against the backdrop of supposed benign economic conditions (historically low unemployment and interest rates) Despite the fact that interest rates and unemployment are rising; numerous government and industry insiders are calling the bottom in housing. HOPE and irrational exuberance does not pay bills.

If we want to cure the housing crisis we need to let prices fall to affordable levels and shore up our labor markets. Anything less is just delaying and magnifying our problems.

We need to demand that our government officials begin negotiations with our creditors. Bailing out China and other “investors” with this latest bill will only weaken our ability to negotiate.

It is time to face the music…America is bankrupt!

The judiciary committee is holding hearings on impeachment tomorrow, Friday July 25. Call your representatives today in support of impeachment. At least through impeachment we can show the world that “We the People” will not tolerate criminal activities from corporations or our government.

800-828-0498

We should not have to bail out foreign creditors who have aided and abetted fraudulent schemes of biblical proportions.

Spitzer and numerous others can connect this administration to the housing crisis. Impeachment is about much more than torture and abuses of “national security”.

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