President Bush Flip-Flops on Mortgage Bailout Bill
By Mr.Pink Eyes
President Bush has flip-flopped on the mortgage bailout bill and will now sign this burden on the taxpayers into law if it reaches his desk. He has been threatening to veto this legislation but is now clearly in public relations mode. He wants to try to raise his approval ratings before he leaves office and he thinks that this is a means to do so.
He is now prepared to bail out people who bought houses that they couldn’t afford and he is ready to make us pay for it. President Bush is desperate, he needs to get something accomplished before he leaves office so he has decided to capitulate to the Democrats during his final months. Will it end here, or is he so wanting of approval in his last days that he will bend over and take whatever the Democrats give him? What other Democrat bills is he willing to sign on to in order to improve is record low approval rating in time to gather donations for his presidential library?
President Bush is no conservative. Remember he is a “compassionate conservative” and now he is showing us his compassion by ramming this legislation down the throats of ordinary tax paying Americans who work hard to keep their families in their homes.
I haven’t written or talked about this until now but I have become ever more bitter (maybe dissappointed is a better word) towards the president in recent weeks, and this just tops it all off. He spends too much money, is for amnesty, and worked with Ted Kennedy on the education bill. The one issue that I thought would be his defining moment were his nominations to the supreme court. But the recent Washington DC verdict on the handgun ban has made me re-think that success. Sure the verdict was a victory for the second amendment, but is was a close call. President Obama will easily be able to overcome President Bush’s supreme court appointees because he will have at least two nominees of his own. Throw that Bush victory out the window. Normally I would say that it isn’t his fault that President Obama will have the chance to appoint supreme court judges that will reverse the good that Alito and Roberts have done, but it is his fault.
President Bush has done one thing better than anything else, he has energized the Democrat base and there is no stopping the slaughter that is going to take place in November. He has killed the national Republican party and it now has to be built from the ground up. It is going to be a long process but we have President Bush to thank for it. This bill is just another reason why conservatives will stay home in November.
Conservatives stayed home in 2006 to teach Republicans a lesson but it seems like the Republicans didn’t understand the lesson. Learning is done through repetition, and in November the lesson of 2006 will be repeated. Will they learn then?
America's Watchtower 
Yeah, I just love how that I, as a taxpayer, am going to have to help bailout the people that were fiscally irresponsible and took loans they couldn’t afford while on the other hand I have to help bailout the banks that were fiscally irresponsible in giving the money to people who couldn’t afford them.
I thought the whole purpose of an ARM is that the borrower takes on more of the risk of the loan for a lower rate. What is the point of a fixed rate mortgage if the government bails out people with ARMs?!?!? Pissed off does not begin to describe how I feel. In spite of the fact that I have a fixed rate mortgage, my mortgage went up 10% this year (escrow shortfall due to increases in taxes and insurance).
Where’s the bailout for those who are responsible and bought a smaller, less expensive home and saved years for the down payment?
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It’s a double edged sword and it is pointed at us. It is maddening that people who are reponsible have to bail out those that are not.
Great point on the mortgage increase due to higher taxes. I also have a fixed rate and every year my payment goes up. I don’t ask for help and don’t expect it, but why should people who shouldn’t have even had the house in the first place get a break?
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I put money in bonds that were tied to the real estate market and lost $20,000…who is going to bail me out?
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I would really like to go out and buy a brand new car.
Possibly one that’s far beyond my means.
I guess the only thing holding me back is that I’m not stupid enough to buy something I can’t afford.
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Where exactly was the government when these loans were going out? What happened to the regulations THEN, before this became an outrageous problem? I agree that both the banks and the borrowers were irresponsible in their lending & borrowing, but, as someone who did take out a loan in the days of “sub-prime” lending, you cannot believe some of the tactics used to try to get me to sign with one company or another.
We did our homework, we have a 30 year-fixed, but some of the other options were mighty tempting.
I also live in an area where housing values have dropped significantly. In fact, I owe more than my house is worth. But, 3 years ago when I needed to relocate due to a job transfer and the market was still holding strong, what should I have done? Rents were actually higher than mortgages at the time, and there was little talk yet of the housing bubble about to burst. I guess I’ll just wait it out… There’s probebly no help for me either…
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The banks and the mortgage companies did EXACTLY what they were told by the government: to make available loans for people who cannot afford a house otherwise. So, the gov. should be the one to take the blame, not the one who is seen as a savior!
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these people that are againest must be rich are do not have to fight illegle immigrents for ajob because of cheep labor you dont see to maney mexicans on the news boradcast or if it was thare familey would they have a differnt view or if they lived in louisiana they most likey came from a rich familey thankes please reply
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This is not an issue of rich vs poor. Just because some people can afford expensive houses that doesn’t mean that everyone should live in a more expensive house. People need to live within their means. Am I rich? Hell no. I own a house, but it is a house I can afford. If someone buys a house that they can’t afford and have no way to pay for then why should the government relieve them of their responsibilty of either paying for it or losing it.
Live within your means, that is the lesson that would be taught if the government didn’t step in and save people from their own stupidity.
The lesson taught from this is, fuck it, I will buy whatever I want and if I can’t pay for it all of the other suckers, I mean taxpayers will pay for my irresponsibility. There is no consequences to the action of living outside of your means other than the consequences being pushed on to hard working, taxpaying Americans who are trying to supposrt their own families and do not need the burden of supposrting other people and their irresponsibility.
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