Critical Observer

As you may have heard Congress passed a bill earlier this week that will supposedly "save" the housing market and prevent the collapse of Fannie Mae and Freddie Mac. I have a very limited understanding of Economics but I think this bill is going to cause some major issues in the future. I am even going so far as to predict that when we look back at history hundreds of years from now, the collapse of the United States and the US Dollar will be blamed on The Housing Bailout Bill - H.R. 3221. Don't Believe me, maybe you will believe Texas Congressman and the man who should be running for office instead of John McCain, Ron Paul: <object height="344" width="425"><param name="movie" value="http://www.youtube.com/v/Wy6SlUpbnIU&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&fs=1"><param name="allowFullScreen" value="true"><embed src="http://www.youtube.com/v/Wy6SlUpbnIU&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object> The Bill is over 700 pages long and I am sure there is a bunch wacky stuff in there that I can't comprehend but here are TWO things I do Understand: <ol><li>The federal government has decided to bailout Fannie Mae and Freddie Mac. Of course, since the government has no money itself, “bailout” means that the American taxpayer is now on the hook for billions if not trillions of dollars. It also increases the "cap" on the national debt to $10.6 trillion. Congress has made the American taxpayer liable for another $800 billion; that's about $2,500 per person. I am curious as to why no one asked me?</li><li>In a section entitled "Flexible Underwriting Criteria," the bill says that a troubled homeowner can still qualify for a new government insured loan despite bad credit and past financial mistakes. This is encouraging for those truly trying to get out of their real estate nightmares, but I imagine it will probably result in more defaults because some financially irresponsible people just never change. When those second defaults come in, tax payers will have to eat more loan losses. Once again, I don't believe I was consulted about this. </li></ol>Thankfully I'll be dead in no more than 75 years and I won't be around for the collapse of one the world's greatest empires. Many of you are probably thinking that I am a loon and a conspiracy theorist. Well, Yes. Thank you for the kind words but remember every empire falls eventually. The Roman Empire once controlled most of Europe and parts of Asia, Where are they now, you ask? Well, they made the same mistakes that the US is making today. Conquering Far away lands that they don't have any business in and allowing a corrupt government to run amok. Eventually the Citizens will revolt and in my Opinion it has been a long time coming. One of our greatest founding fathers, Thomas Jefferson predicted these events through these three quotes:1. "I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."2."The spirit of resistance to government is so valuable on certain occasions that I wish it to be always kept alive."3. "Every generation needs a new revolution."I will leave you off with a cut from the new Metallica album, which surprisingly Doesn't Suck(Lars Ulrich is still a tool, though). After putting out crap for almost two decades, the Bay Area Bashers finally come through with album reminiscent of their heyday: Metallica-The Day That Never Came <object height="344" width="425"><param name="movie" value="http://www.youtube.com/v/Mlahvvymkxc&hl=en&fs=1"><param name="allowFullScreen" value="true"><embed src="http://www.youtube.com/v/Mlahvvymkxc&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>

Our Grandchildren are Officially Royally Screwed!

As you may have heard Congress passed a bill earlier this week that will supposedly "save" the housing market and prevent the coll...

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