How stupid DO they think we are? Part 2

It would appear that the 3rd, yes there have been three, Secretary of the Treasury has awakened from a long stupor and has come to the realization that there is a little problem with the economy, or more exactly with the ability of the financial markets to maintain the credit market circle jerk they have been orchestrating for the last 4 years. You know the one where they loaned money to people that had never successfully repaid a loan in their entire adult life and then were shocked, shocked to find out that these loans were defaulting by the hundreds of thousands and eventually perhaps 2 million or so. In just a few short years these money changers have managed to bring the US economy to the brink of disaster. But keep in mind that they made billions of dollars in fees doing it.

Now the latest apparition to appear as the Secretary of the Treasury, Henry Paulson has risen to the challenge of repairing the damage that was allowed to be done to this economy on his and Bush's watch. He has been touched by the spirit, he has found the faith...praise the Lord...we must save these poor wretches from the ravages of the resetting adjustable rate mortgage. Yes, that very same "mortgage mutt" that he and the rest of the financial "watchdogs" should have sent to the pound years ago. The ARM that will cause these deluded borrowers to see their monthly notes soar from $1000 to $1500 dollars in the worst case scenario.

With the colossal gall and temerity that has been the keystone of this Republican administration, they are now suggesting that the very same financial midgets that brought you this unmitigated disaster should be allowed to decide who of the unfortunate ones who bought into this scam should be allowed to suffer a little longer before the blade drops. "Freeze the Teaser Rates" as some wag on the Street suggested the bailout plan should be called tells you all you need to know about the quality of the "NINA" no income, no assets loans and the Liars loans,"make up any income figure you want cause we won't check."

One has to ask, why should they care now when they didn't give a wit a year or so ago. The whole industry knew that these loans were being pushed and sold to people who had no business being allowed to take on any mortgage much less one that would, in some cases, double in a year or two.
The legacy of this dysfunctional administration is on the line. If something is not done soon they will be flushed down the sewer line of history. Destined to disappear as perhaps the worst bunch of elected officials ever assembled to lead the Republic.

The sorry truth about this supposed bailout for troubled homeowners is that the actual result will be to buy time for a housing market that could hardly stand to have an additional 500,000 homes dropped into the already glutted market. In other words if they can continue to keep these over extended homeowners sending in their payments for a few more years then when these poor souls do start defaulting, and you can bet the farm that they will, the theory is that by then the market will have recovered and be able to absorb these new foreclosures.

You have to ask the question...Do you really believe this administration and the Wall Street crowd gives a bloody wit about the strapped home buyers or are they trying to salvage what they can of their own reputations and save what they can of this mortally wounded credit market. Make no mistake about it, this crowd would sell their grandmothers if it would turn a lousy profit. Nice work if you can get it.