Housing Bailout Bill (OT)

[Guest guest]

Do you know what just happened??? WE TAXPAYERS are bailing out INVESTORS in the stock market!!!! We taxpayers should only be paying for government services, not for the losses of the people who put their money into the stock market, make a bad choice and then lose it!!! We can’t keep ahead of government spending as it is and now they are going to bail out the bankers and investors, too!!! Protest this!!! It is $300 BILLION! Housing Bailout BillCitizens Against Government Waste this month strongly denounced the Bush Administration’s cave-in on H.R. 3221, The American Housing and Foreclosure Prevention Act, which the president is expected to sign into law this week. “The Bush Administration’s reversal on its veto threat on H.R. 3221 virtually ensures that taxpayers will be saddled with the huge costs associated with this bill for decades to come. There are so many bad aspects to this bill, it is almost impossible to know where to begin,” said CCAGW President Tom Schatz. The bill, which was already expected to cost $300 billion, was changed to include a rescue plan for the nation’s two housing government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, after they suffered an alarming stock slide on July 11. The GSE rescue plan, which is expected to cost $25 billion, places taxpayers squarely and explicitly behind the GSEs, but fails to address their critical long-term structural problems or lay claim to any future GSE profits on behalf of taxpayers. In addition, House Democrats resurrected a controversial $3.9 billion grant program that had been removed from the bill earlier due to opposition from President Bush. The grant program, designed to assist states and localities in purchasing foreclosed properties, will be just another slush fund for pork-barreling politicians. Read more about the housing bailout bill.