Tuesday, March 18, 2008

Bending Over Main St. To Kiss Wall St.

Despite the fact the Dow ended up yesterday by no means constitutes a well balanced marketplace. The financial sector is in chaos and the Bush Administration is doing nothing but making it worse. The power is in the people Mr. Bush and you are trying your best to help corporations while royally screwing the rest of us. This is more than evident after Bear Stearns and JP Morgan were helped along in their deal by the Federal Government, to the tune of $30 billion dollars in credit. And what does the White House have to say about it?

From ThinkProgress:

During today’s news briefing, reporters questioned White House Press Secretary Dana Perino on the Fed’s actions, noting that the White House has repeatedly refused to extend similar assistance to homeowners facing foreclosure. Perino replied that help to homeowners — a “boost of liquidity” — would come “in the form of a stimulus package and a tax rebate.”

The average rebate check will amount to about $600 for single people and $1,670 for middle income families. Compare this figure to the nationwide median mortgage payment, which stood at $1,566 in September. Or to the average increase in subprime mortgage payments in early 2007, which was $320 per month.

These checks obviously won’t help Americans stave off foreclosure — a frightening reality facing an increasing number of people. Foreclosure rates skyrocketed 60 percent last month from February 2007, and Americans own less equity in their homes than they have since World War II.

As TP continues on, the White House claims that bailing out Bear Stearns is necessary, but for hundreds of thousands of homeowners losing their little slices of the American dream? Not so much. Barack may have the audacity of hope, but George Bush and his cronies have the audacity to screw over as many Americans as possible.

Bailing out the financial sector is hypocritical and shameful.