The bailout madness continues unabated, with this latest floater out from the FDIC and Treasury. It seems picking winners among banks wasn't enough. They now want to pick winners among house buyers as well:
Government May Guarantee 3 Million MortgagesWe're now way passed the point where we should expect rational policy out of the current batch of cowards and thieves that run our government. That means it's time give a new bunch of cowards and thieves a chance to act in the interests of responsible citizens. If they fail: wash, rinse, repeat until some decent ones turn up.
Officials with the Treasury and the Federal Deposit Insurance Corp. are nearing agreement on a plan under which the government would guarantee the mortgages of millions of homeowners now struggling to avoid foreclosure.
According to three sources familiar with the discussions, the plan would cover up to three million homeowners. It would cost between $40 billion and $50 billion and cover as much as $600 billion in mortgage loans.
Under the program being discussed, the lender would agree to reduce borrowers' monthly payments based on their ability to pay. The reductions could be achieved by lowering the interest rate, slashing the amount owed or extending the repayment period.
These reconfigured loans would help homeowners avert foreclosure.
In exchange, financial institutions that agree to participate in the program would receive a government guarantee for a portion of any losses occurring if borrowers default on the reconfigured loan.
I say we start by voting against any incumbent that voted for the misguided $700,000,000,000 Wall Street bank and bonus pool bailout, and go from there. In the Sacramento region, that means voting for Bill Durston (D) instead of Dan Lungren (R) in the Third District, and voting for Paul A. Smith (R) instead of Doris Matsui (D) in the Fifth District. For areas with no incumbent, I would look at the candidate's statements. For example, in the Fourth District election, Tom McClintock said he would have voted against the bailout, while Charlie Brown said the package was "flawed, but still the right move."
If you want to know how all Congressmen voted on the bailout, OpenCongress.org has a list. There's also some good information at Stop The Housing Bailout and Supported The Bailout.
It's time to take the fight to them! Vote 'Em Out!