Today, the U.S. Senate ran a test vote of legislation that’s designed to rescue home owners from foreclosure situations. The Senate voted 83-9 in favor of hurrying the new law that will have as its focus a foreclosure rescue program that provides $300 billion in cheaper mortgages for financially unqualified borrowers.
As always, follow the money. Where does the $300 billion come from?
If you are a U.S. taxpayer, it comes from you, my friend. What’s happening is that the U.S. government has decided that the hard work you put in to earn your money and pay your taxes is worth less than the political benefit that the Senators will receive for creating such a terrible bill. To them, your money and your effort is worthless, because they are throwing your good money in a pit of proven unreliability.
Chris Dodd, Democrat from Connecticut, offered this brainless endorsemement, saying that the legislation
“would allow us to begin to put a tourniquet on the hemorrhaging of foreclosures in this country.”
Chris Dodd is either an idiot, or simply evil – and I suspect the latter. I guess he forgets that a tourniquet frequently results in the amputation of a limb in an effort to save the whole body. But what is being amputated here? If you are a tax-paying U.S. citizen – your money is being thrown into a raging inferno of waste and irresponsibility. It’s financial amputation at its best.
This is shameful. You Senators who voted for this legislation should be ashamed of yourself. Where in the Constitution is there any legal authority for the U.S. government to bail out people because of their own financial weakness? I’ll make it easy for you: That authority doesn’t exist.
Not only is the Homeowner Rescue Bill bad policy, I think a very sound case can be made that it’s fully unconstitutional. Hopefully the President will veto it.
If you disagree with me on this, bring it on. I’m ready for a pleasant discussion
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