Payday for the Wealthy

It will wind up being one of the largest transfers of wealth in history,
http://www.msnbc.msn.com/id/20546324/site/newsweek/
The congress is paying lip service, as is the president, but no one is helping or stopping the thousands of Americans who are losing their homes each month.
Drawn into risky and ill conceived loans by the draconian economic measures Bush put into place in 2000 to buck the recession caused by Clintons irrational exuberance in the tech market, and post 911 when the fed dropped interest rates practically to zero.

Both times there were warning signs and people ringing the alarm but because the housing boom bouyed Bush economic numbers no one wanted to get in it's way, even though they all knew that disaster was laying in wait for millions of Americans.

In the end land is wealth, and has value, if that value is degraded and the land picked up for a song, well the little homeowner gets it in the end, as the banks or creditors pick up the property.

Big money is lining up for these fire sales, ready to scarf up America's despair at 30-40-50% or more off the list price. Pay the difference or the back taxes and take over the mortgage (refinanced) at the Big money rate (brother in law rates). Land my boy, land, you can't go wrong with land, that is if you can hold onto it. Unfortunately for millions of poor and middle class Americans holding on to it is the one thing they will not be able to do.



Fair and Balanced,
To quote the GOP right wing-nut pundits, who constantly use this phrase as a get out of jail free card for GW, "Clinton did it too". Clinton was warned and knew about the Tech Bubble, Greenspan called it irrational exuberance, (doesn't that mean crazy, as in It's Just crazy, think about that the head of the federal reserve calling the market "irrational".
Ok nevermind, Clinton knew a big part of his legacy was the economy he could brag about, surpluses, how many US presidents could say that (Carter for one).


MT