Posts
![[Most Recent Quotes from www.kitco.com]](http://kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
![[Most Recent USD from www.kitco.com]](http://www.weblinks247.com/indexes/idx24_usd_en_2.gif)
Hey, where's my free cheese?
Friday, December 07, 2007
From the looks of what appeared in newspapers today, that sucking sound you may have heard yesterday afternoon, shortly after the formal announcement of the Bush Administration's mortgage rate freeze plan, was apparently the noise that is made when the nation's newspaper reporters scour the land, eliciting opinions from citizens on a controversial subject.
In this case, it appears that nearly everyone felt wronged in some way.
While confessing to not having read the entirety of the reactions to the mortgage bailout plan, it doesn't appear that any reporter was able to find anyone who would benefit from it.
Here's a compilation of the reaction to yesterday's "tease freeze" plan:
Your humble scribe was the subject of one such inquiry for one of the above reports and offered his opinions forthrightly, however, none of these comments made it into print.
Apparently the plight of a retired couple in their mid-40s who already swapped their overpriced California house for some dumb old gold coins a few years ago and who wait patiently in a quiet mountain resort community for home prices to return to more normal levels so they can transition from renters back to homeowners while, in his now ample spare time, the man of the house makes fun of the whole mess on his blog and writes a very serious investment newsletter - well, somehow this just didn't fit in with all the other views on the subject.
Maybe next time.
6 comments:
The part of your Constitution that I most admire is the bit where it says that the federal government has only the powers listed, and everything else is reserved to the people or the states. Long abandonned, I suppose?
If only they could delay the force of gravity I could have had enough time to finish my beer before it crashed to the floor.
Don't laugh, that wasn't a joke, it remains a metaphor.
I look forward to the presidentially announced "Casino support program". This will occur when the casinos start to fail due to reduced patronnage. The scheme will involve the few remaining savers being frog-marched at gun point to the nearest casino, where they will be encouraged to 'deposit' their savings.
Then again maybe real estate has been the casino, and the savers will be taxed to fund this bailout ? Hmmm.
Tim, in answer to the question you posed. Your cheese may be found where it always is - attached to a mechanism restraining a spring loaded piece of heavy gauge wire !
Tim,
Don't worry. You'll be the person everyone else envy's when gold hits +$2,000 per ounce and house prices succumb to mean regression (at least after inflation).
Friends call me a nutjob when I mention $2,000/ounce. But they said the same when I told them house prices would not only stop rising but DROP -- nationally (something supposedly impossible), and that a world of hurt would follow.
Hell, if Bernanke keeps lowering interest rates, $2,000 might end up being too conservative, especially when foreigners start using their (by then formerly reserve currency) dollars for toilet paper.
I don't think you're a nutjob ;}
I don't understand what everyone is bitching about. As much as it pains me to say this, I think Bush did the right thing.
The majority of problem borrowers will not qualify. Therefore the prudent people that chose not to over-extend themselves should be happy.
The plan does address a small segment of problem mortgages so those crying for help cannot say that the administration didn't do anything.
So, yes, people on both sides of the argument can claim that they didn't get what they wanted. But in reality they actually did.
Why does it fall to a dum-dum like me to point this out?
Post a Comment