Sunday, October 14, 2007
What Does This Really Mean?
I don't usually post about Lyndon LaRouche here, but this article regarding the Homeowner and Bank Protection Act of 2007 is a doozy. The proposal as been picked apart at FACTNet as basically destroying the banking system as we know it. If there is anyone reading who is familiar with the banking system and would care to offer an opinion, I am listening. Intuitively I don't like the way it reads. Something looks wrong and I am not entirely sure what it is. I generally trust the guys at FACTNet, but I also know there are agendas at work there. Thanks.
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Lyndon LaRouche's proposed legislation is so deeply idiotic it makes the mortgage bailout bill being pushed by Senators Clinton, Dodd, and Schumer look almost reasonable by comparison.
There should be no question of bailing out mortgage borrowers and lenders by freezing mortgages and forbidding foreclosures. Such an attempt to prop up housing prices at their current inflated and unaffordable levels will destroy our currency and deepen the inevitable pain from the collapse of this credit bubble, which is worse even than the one that preceded the crash of 1929 and the Great Depresssion.
We can pay now for the excess and insanity of the past five years, or we can pay later and for a much longer time. Which do you think will cost us more?
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