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President George W. Bush has decided to weigh-in on the side of bailing out the mortgage industry to the tune of approximately $700 billion dollars in taxpayer dollars. Some predict the number will be $2 trillion plus.
The Fed is going to buy up all the bad debt with money supplied by tax payers and then discount the purchase of the mortages to a new set of buyers, yet to be named, by as much as 50-75%.
Yikes! The great American dream of homeownership may become the great American real estate devaluation. It appears, based upon early reports that the Fed may be about to create an RTC concept for residential homes and their mortgages.
What will this move do with respect to McCain and Obama and their positions on the economy and the housing crisis?
What about the fact that Ron Paul turned out to be right in his predictions and his numerous chatenings of Ben Bernanke in front of the Senate and the nation?
Should Ron Paul be America’s new write-in candidate for President of the United States? After all, it appears that he might be the only one who was will to actually tell the American people the truth. See Ron Paul in action. Here’s another example of Ron Paul telling the truth. And here is Still another.
What will you property be worth among the sea of foreclosures and discounted properties?
Should government butt-out and let the private sector fix the problem? Should the government be in the mortgage and real estate value regulation business?
George said, “Let’s play house!”
iVoteAmerica believes that yesterday’s whopping plunge in the stock market was NOT…mark it down…NOT due to just the Lehman Brothers and Merrill Lynch problems but rather the cumulative effect of a market in denial. It has been a liars market following the pattern of the old liar loans where borrowers received financing they could not afford.
We’re finally able to see the bottom through the murky water. It’s a bottom we did not want to see and one we tried to avoid for as long as we could. Politicians, the Fed and just about every other major financial player tried to put on a smiley face, pretending that we could avoid the inevitable.
We’re close to the end…that’s the good news. Hitting bottom is good, it means we can repair the damage and start recovering.
The real estate markets are entering a new era and here are “Ten Commandments for the New Housing Reality” (© 2008, iVoteAmerica) that will impact everyone for the next decade:
1. You shall not borrow without the ability to repay.
2. You shall not be allowed to avoid rigid financial scrutiny.
3. You shall not buy property without a 20-25% down payment.
4. You shall not acquire 2nd homes without a 20-25% down payment.
5. You shall not be able to acquire additional credit cards easily.
6. You shall live in your home longer than you thought and sell it for less.
If you have tracked the mainstream media’s portrayal of Ron Paul (Rep. TX) he is either the greatest nut case on the planet or, if on the other hand, you listen to him, study his policies and statements, he is potentially one of the great thinkers of our time. iVoteAmerica is beginning to lean toward the later.
Paul is one of the only Republicans to tongue thrash both Alan Greenspan and Ben Bernanke over the Federal Reserves contributions to the decline in the value of the dollar against international currencies and he comes as close as anyone dare come to blaming the Fed for the mortgage crisis by making money too cheap and available to people who couldn’t afford to borrow it.
With unemployment now on the rise and the Federal Reserve running out of idea, options and money solutions, Ron Paul is looking like he has been reading a proverbial crystal ball. His analysis and his statements on our policies both foreign and domestic seem to be true as they play themselves out right before our eyes.
Ron Paul has literally stated that we are going bankrupt as a nation.
