This just in from the AP:
NEW YORK - Washington's financial bailout plan is now law. So the credit spigot will start flowing again, banks will resume lending, and an economic recovery can begin, right?
Wrong. Experts say the most important thing that needs to happen before the $700 billion bailout even has a chance of working: Home prices must stop falling.
Please know that it is taking every ounce of self control I have not to jump right into my monitor and choke somebody.
Now correct me if I'm wrong, but isn't that what the bailout was supposed to DO?? Stop the perilous slide down this slippery slope of easy credit and falling housing prices? If affordable housing is what they're really after, they should stop right now. We have affordable housing right here in Virginia - just ask homeowners who are trying to sell and can't get anywhere near what they owe on their homes.
Now go back and re-read that quote from the AP article above - the part that says "the most important thing that needs to happen BEFORE the $700 billion bailout even HAS A CHANCE OF WORKING."
OK, so where is the bailout bill from God that politicians were begging us to buy into just 48 short hours ago? It's not such a sure thing now that it's passed, is it? But you better believe Nancy Pelosi got her $125 million for research into global warming in that bill. Because whether you and I have houses or credit or retirement accounts, by golly she'll get her pork.
I'm so mad I'm going to eat chocolate.
*edited* Thanks to Anonymous, who shared the rest of the pork included in this bill in the comments section.
Be thankful ~