Election Day, Sigh

November 4, 2008 at 10:18 pm (Banking Crisis)

Both Presidential candidates suck. Vote for Coke or Pepsi, it doesn’t matter. Both voted for the 700 billion bailout scam, both support the Federal Reserve fiat money fractional reserve banking disaster system. Both will need more funds for more battles and services. Both think the Constitution is a “living document;” in other words, completely redefinable.  Both like the fact the government is the single largest employer in the nation and want to increase the role and power therein.  Both candidates think having troops in 700 foreign bases is a good thing, and both are ready to pick a fight with Iran and Russia. 

In other news, the day is fast approaching for mortgage bailouts.  This will mean a lot of different things to different people.  Will your taxes increase?  Yes.  Might you get a more affordable deal on your mortgage?  Yes.  Might the housing prices decline for longer than they otherwise would?  Yes.  Might you be tricked into accepting a recourse loan instead of your current non-recourse loan?  Yes.  Time will tell.  If they’re going to bail out the banks, I suppose the socialism should extend to the homeowners.  One thing is certain; it will affect a lot of homeowners being as 18% of homeowners owe more on their house than it’s worth.  Here is Peter Schiff’s sarcastic article on that subject.

Maybe we’ll even have a credit card bailout.  Wonder what stipulations the credit card companies, which might come out in support, will demand?  I guess they figure half is better than nothing, especially if the government can pick up the rest of the tab.  Pretty soon, the government will have to guarantee everything.  Good thing their balance sheet is so stable!

Today’s article of doom: maybe that’s why the government needs to start deploying soldiers at home.

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