Nobody is getting the truth, because the media always misses the point.
Take the mortgage bailout.
If you're like me, you're screaming at the television: "I played by the rules. Now you're helping people with mortgages and basically giving bonuses to the banks if they pay on time?"
What about me? What about you?" How much water are you expected to carry for those who carried none?
Let me be very anti-media and explain this as "Weekend at Bernie's." Remember the movie?
Bernie — the dead guy in sunglasses — is the mortgage industry. President Obama and his friends in Congress are propping him up, trying to make him look like he's still alive. And for a while, people might be fooled. But eventually, the whole charade will come to an end.
Forty-five million Americans have a mortgage and about 93 percent of them pay that mortgage on time. The problem is that from the top of the housing bubble in 2006 to now, home sale prices have dropped by 20 percent. That's resulted in a total loss of wealth approaching $3 trillion.
The government keeps trying to fool us with makeup and sunglasses. We're not that stupid!
Obama is now pumping in $75 billion for the people who took risky loans and guaranteeing another $200 billion to bolster Freddie Mac and Fannie Mae, the banks that let them do it.
Considering that Americans owe $11 trillion in mortgage debt, that's only scratching the surface.
We're playing board games with a dead guy to make him look alive when we should be putting him six feet under.
This whole charade is based on the hope that the worst is already behind us with housing, but does anyone really think that's the case? The country's top economists project home prices to drop another 16 percent below where they were in 2006. I did the math: That's 36 percent down from the peak.
That means, if the government keeps trying to prop up the mortgage industry, taxpayers will soon be on the hook for much, much more.
I guess, just like in Hollywood, even a really bad movie can still have a sequel.
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