Yes. I'm feeling screwed over multiple times here. First the speculators drove up the cost of housing beyond what my wife and I could responsibly afford. Then when the music stopped and the speculators were left over their heads in debt, the government starts talking about how to bail out the speculators. This has the net result of keeping housing prices out of reach of responsible buyers like my wife and I.
Thanks a lot D.C.
“Then when the music stopped and the speculators were left over their heads in debt, the government starts talking about how to bail out the speculators”
Reading between the lines of article, the Bush Admin and Congress are not going to do one thing to compel the banks to refinance loans to eat some losses they caused. There will be “government guarantees” that will supposedly incentivize refinancings — of course this means no risk, no responsibility for banks.
Early on in this crisis Bernanke sounded sane and said banks should be compelled to refinance, a govt. intrusion, yes, but at no cost to the US taxpayer.