4 million to 5 million mortgages will enter foreclosure over the next two years

So claims FDIC Chairman Sheila Bair at the House of Representatives Financial Services Committee hearing Tuesday November 18th, 2008. She continues,

“We are clearly falling behind the curve. Much more aggressive intervention is needed if we are to curb the damage to our neighborhoods and broader economic health.”

TARP funds are for business buddies, not for the average folk. Wouldn’t want anyone getting an entitlement mentality. Wouldn’t want them to act like bankers, brokers, insurers, or the auto-industry executives.

Sure miss the good old days of only military-industrial complex manipulation.

The Corptocracy is in excrement in fan mode. They rid themselves of all those pesky, expensive American worker bees and pocketed the profit for themselves. Collectively they reduced their American clientele by millions of people and didn’t think it would harm their bottom line.

After years of wage stagnation, years of VISA workers, years of outsourcing and off-shoring, years of debt filling in the gaps that the wages didn’t cover, all it took was some predatory lending, over-leveraged lending, badly rated financial products, poor personal decisions, and a falling housing market to knock down the whole house of cards.

Perhaps at some point the government will decide to address what seems to be the root cause of the problem, too many houses that cost too much. For now they would rather give kick backs out to all their friends at our kids expense. What will our children once grown say about us.

Industry executives shouldn’t be trusted to guard the pie that’s meant for the church bake sale. There will be no fix from the industry, only more greed, coveting and in-fighting over who gets the biggest piece of the smaller pie.

Save future generations. Throw Bush out now. Kicking and screaming if you have to. His entire Administration seems entirely clueless. They only expand government and spend more on every issue. That is their one true asset.

With TARP and the other programs, some 2 trillion has gone out already to prop up the economy. Still it’s sinking. And those we have trusted to fix it have done everything but fix it.

It’s simple, it’s easy. Too many houses cost too much. Propping up housing prices via TARP was wrong-headed. Prices must fall or wages must increase. The chances of wages going up is next to nothing. Yet equilibrium needs to be restored to this equation. Too many houses cost too much.

Too many houses cost too much.
Too many houses cost too much.
Too many houses cost too much.
Too many houses cost too much.