Stanstamper’s Blog

February 2, 2009

There They Go Again!

Filed under: 1 — stanstamper @ 9:10 pm
Tags: , ,

A local attorney told me last week that he was representing a Choctaw County family that had fallen behind on their home mortgage payment.
After being notified by the government that they were in default, they figured out a way to catch up their payments.
Guess what?
The government lending agency wouldn’t accept their payments! Notified them that they were going to continue with foreclosure actions and force them out of their home.

At a time when the government is gasping for financial air, one would think this would be one legal fight the government could pass up. Why not give the family another chance or assist them in obtaining a lower interest rate in some of the new funding vehicles being discussed to help homeowners?

Now we hear that the next round of TARP funds or government bail-out funds continues to swell with partisan pork projects. Congress just doesn’t seem to get it! Some say the latest package will swell to $800 billion and others say it will hit $1 trillion. The worst part is that it won’t be 60 days until another group of bad investors or large banks go back to the government trough for more bailout funds.

I am anxious to see how Oklahoma Representative Dan Boren will vote on this package. At one point it had $335,000,000 in it for educational programs for sexually transmitted diseases. What does that have to do with stimulating the economy?

Another thing that is down right tragic, is the fact that the American taxpayer is sitting here listening once again to political leaders (I use the term loosely) who say we must “hurry up and pass this bill quickly.”

What that means is we have to pass it without reading it or debating its merits so by the time taxpayers find out what’s in it—it will be too late to stop it.

This is where our new President comes in. Just recently (in Monday’s paper) we quoted the president as saying that he wouldn’t support business as usual by the Congress and irresponsible pork projects and earmarks in new legislation.

Now he is pushing the latest bill which even includes bailout funds for states which have overspent their means.

If all this passes as planned, President Obama’s approval rating may take its first big drop, and he’s been President for little more than a week.

Small businesses which are the backbone for a very large percentage of jobs in the country, some argue, will get virtually nothing, while funds are being considered to buy more toxic loans made by unscrupulous major banks.

On the other hand, the President’s approval rating could soar along with financial markets if he had the courage to say just one word—NO.

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1 Comment »

  1. The difference between socialism and capitalism? Under socialism, banks are first nationalised and then go bankrupt. In the capitalist system it appears to work the other way around.
    Read more on Crunchreport.com.

    Comment by Editor — February 4, 2009 @ 6:58 pm | Reply


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