I purchased my first flat 4 years ago this month. By American standards, I waited a long time to own my own place. I was careful. Though I could have purchased more, I stayed well under what my finances could afford. When people all over Sodom by the Sea were taking out second mortgages to finance their down payments, I put down the conventional 20%. I was unlikely to be helped, or hurt, by any bill that Congress came up with to stimulate the US housing industry. I don’t need my government’s help. And yet the Senate has managed to come up with a bill that will hurt me and just about everyone else, while at the same time failing to do didly for the millions of Americans facing foreclosure. What are these f*ckers thinking?!
$6 Billion in tax breaks to builders. Builders!!! A huge giveaway that allows them to count current year’s losses against profits from as far back as 2004! $4 Billion to communities to help them buy up foreclosed properties. Though what-the-f*ck they’re going to do with those properties remains a mystery—because right now getting a loan is harder than getting Fed Chairman Ben Bernanke to utter the word “recession”. And for homeowners? A paltry $100 Million to fund efforts to have their mortgage situations reviewed. Not mitigated mind you—no actual relief—just a review that may or may not result in relief. In fact, the one and only decent proposal to help homeowners, letting judges reopen mortgage agreements as part of bankruptcy proceedings, got cut. Go figure.
So once again, we see the Corporate Kleptocracy—a government/business partnership designed to loot as much of the people’s wealth as possible—in action!