The bill, which legislators from both sides of the aisle have described as vital to stem fallout from a slumping housing sector, provides 300 billion dollars in federal guarantees to help refinance troubled mortgages.It will be interesting to see if the NYSE jumps today. Day traders are probably salivating.
Wednesday, July 30, 2008
Bush Signs Housing Rescue Bill
Breitbart.com: Bush signs huge housing rescue plan
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3 comments:
He's just throwing a rope to the sinking banks. He's bailing out more rich people is all. Most of the $$ will go to bolster the stock and options of the top 1%. The rest will be pissed away of administration. What's left will do nothing to help the millions stuck in upside down loans. The ultimate price is more inflation since the FED will just print this 300 billion and then someone eventually will raise taxes on the middle class and the poor to pay for it. It's just another example of "disaster Capitalism" in action. It also bankrupts the Gov't even deeper something the D's are more then happy to go along with. It will just make things worse. But, it makes BV$H and Rethugs look better for Nov.
Its interesting, Im posting this at around 10:10 AM, the stock market is really rising, really rising. It would be interesting to see have much stock value has been added in the past hour. Then there are so many ramifications, how are corporations gaining, how is the Federal government gaining. I have to guess its all from this signing.
My initial take having watched the markets closely for a while now, was that this announcement was a call to investors to have a real happy day. We will see at the end of the day if it maintains. The news to offset this would have to be really really harsh, like another investment bank is insolvent or several major corporations show tiny profit.
There is a real interesting story in here. I suspect some people will keep their homes as a result of this law, but I would definitely agree that the majority of this money 300 billion I think, will end up in the hands of the elite. Let's face it - its Bush. That alone skewers it entirely in favor of the top 1%.
We are to blame. This is true.
The thing is, they got the got media all bottled up. So the information is in the hands of the corporate elite. They can contrive any damn myth they want.
The information is there, but look at what you have to do to get it. Its a damn commitment. You have to be committed to getting the news. Even when we get the news, from liberal sites etc, lots of it is still missing, out of context, planted information. Most people don't do that because they don't think its important. So they remain ill informed and making bad choices.
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