The plan also includes a $4 billion program that would allow local governments to buy and rehabilitate foreclosed properties. Bringing socialism down to the local level,I guess.
The bill is expected to easily pass the House and will likely pass the Senate. Lawmakers also plan to raise the federal debt limit as part of the legislation to $10.6 trillion from $9.8 trillion
Who knows what ugly details lurk in this shotgun legislation? The highlights are astounding. This King Kong of a package hasn't taken over the Empire State building, but it will do much more. It will step on, climb through and take over huge swaths of the financial end of the housing market--billions upon billions.
Since the devil is always hidden in the details, it maybe years before we learn what crooked, sneaky and stupid results will develop as a result of this legislation.
Lobbyists are popping champagne tonight.
This whole bill is going to be one gigantic clusterfuck. Who gets saved, who doesnt, why Freddie fannie and not me. At least Bush gets to leave and let it be somebody elses problem.
ReplyDelete