First Amnesty....Now Bailout?

FIRST AMNESTY...NOW BAILOUT

Is it me or is the president grasping for a lasting legacy besides his the war on terror. I'm starting to think he doesn't believe in his cause of securing our nation from terrorist threats. I think and I've seen firsthand the threat of terrorists attacks. I believe these rogue countries truly do believe that their cause or ideology is the correct one. For that matter, so do I. I believe in our constitution, it's not perfect, and it has it flaws, but to me it's the best thing yet.



But the President is looking for history love in all the wrong places. First, he abandoned the notion of some type of social security reform. I think some type of privatization is needed in regard to a broken system. It doesn't pay enough for our retired now and unfortunately not everyone, keeps a nest egg for retirememt or hiding cash in the freezer. No! for whatever reason to themselves, most folks depend on social security and the cycle of that behavior will continue. So what's wrong with fixing a problem in which a person who bust their azz for over 30, 40 and maybe 50 years, can have a nice nest egg and actually have something to show after all those years. Politicians, gov't workers are afforded nice retirement pensions after they leave their jobs, why not the people who actually pay their salaries? What about black folk? just four or five years ago, the life span of black men in particular was around 65, 67 years old. I know someone who worked all his life, retired and died just two months after his 65th birthday. All the monies taken from him and for what? Now if had a private social security account equivalent or better than a 401K and worked all those years...and died, his family would have something better than the measely burial payment and monthly payments given. Surely the president and congress, especially a democratic congress thats supposed to be looking out for the little man could work out a reasonable social security reform bill....



But instead, the President concentrated on reforming immigration by way of amnesty. Going against the emotion and the will of the American people regardless of what political background. The president and few president wannabees, decided to ram down our throats ten to twenty million illegals down our throats and kicking real law abiding, standing in line immigrants in the backsides by putting them in the back of said illegal aliens. The president stood by that underestimated the will of the people and he's not alone, any politician that stood in the way of the people found out, how unforgiving and unforgetful we are.



So do you think the president, concentrating on other biting issues such as education reform? No. Instead after saying he won't support a "bailout" of individuals who willfully signed home loans with the notion that the interest rate will rise and their payments will balloon to something they couldn't afford because they bought a half million dollar home, when they really could have afforded a home for hundred grand. I guess "if" should be in that last sentence. So after the president says he won't support a bailout, he's looking to take money out of the tax payer's pocket and give it to the same people who messed their own selves up. How is that the fault of the american people? How is it mine or your fault. But yet the president is thinking that since the populus thinks he's a dullard, then the rest of nation is dumber than he is.



Mr. President, I know you are a lame duck president and the only legacy is the war on terror. I suggest you let this play out. If the next president decides to withdraw troops and implement Dr. Spock with terrorist nation and it blows up in their face....Your legacy is that you were right and the war needs to be fought....You'll be right and they'll be explaining to the American people on why they listened to the likes of Cindy Sheehan and why they voted for it and then changed their minds and now regretting they didn't support it.



Article from Booker Rising:



Bush To Outline Aid To Mortgage Holders
Offering federal aid for strapped mortgage holders, the White House outlined proposals today to help borrowers hard hit by credit problems and the housing slump.

It was the Bush administration's first efforts to deal with an expected wave of mortgage defaults fueled by the subprime-mortgage crisis.White House press secretary Tony Snow said he could not provide an estimate of how much the proposals would cost taxpayers or what affect they would have on the housing market. He bristled at questions about why the measures had not been taken sooner. "I'm sure we'll have plenty of time for backseat driving," Mr. Snow said. The White House said the plan was not a bailout for lenders or speculators.One of the key elements of President George W. Bush's plan would allow homeowners with a good credit history, but who cannot afford their mortgage payments, to refinance into mortgages insured by the Federal Housing Administration to keep from defaulting. However, he rejected any direct government aid to homeowners losing their houses to foreclosures, saying he only supported federal government help that would encourage refinancing and educate prospective home buyers about risky mortgage terms. Today, the conservative Republican president planned to urge Congress to pass legislation that would give the Federal Housing Administration more flexibility in assisting mortgage holders with subprime mortgages; pledge to work with Congress to reform the tax code to help troubled borrowers rework their loans; call for rigorously enforcing "predatory lending" laws and strengthening lending practices.Foreclosure and late payments have spiked, especially for so-called subprime borrowers with blemished credit histories or low incomes. Higher interest rates and weak home values have made it impossible for some to pay or to keep up with their monthly mortgage payments. Some overstretched homeowners can't afford to refinance or even sell their homes. Mortgage foreclosures and late payments are expected to worsen. Some 2 million adjustable rate mortgages are to reset to higher rates this year and next. Steep penalties for prepaying mortgages have added to some homeowners' headaches.





Moderator of Booker Rising response: This is a bailout. The government is only encouraging risky behavior in the future - as it has done in the past - with this move. Mortgage lenders loaned to risky buyers (who knew they were risky prospects), so it is these two entitities - and not taxpayers - who should shoulder the burden. Question: if the homeowners who President Bush wishes to target truly already have good credit histories, why can't they refinance on their own - as others do - without government help? Why were they in an ARM - i.e., a risky mortgage - in the first place? I don't own a home yet, but no way would I enter a contract where there is a penalty if I prepay on my mortgage so I can pay it off faster.