So “George” is going to fix it….

I suppose it’s a good thing that we’re looking at the results of many folks being “duped” into buying homes that are far beyond their means. You can use all the excuses that you want, about, “Read the fine print” and “Nobody forced them to buy with those terms”, but it’s all about what’s been going on in this country for quite some time.

The “Big Money” guys have been playing in their “think tanks” for quite a while. They spend endless hours figuring ways to get the “working man” to give up his hard earned money. I think that they truly have managed to exploit the American workers without them even knowing it. The “middle class” in America has been bombarded with media mumbo jumbo, controlled by “big money”, that has led them to believe that, someday, they’ll be able to settle down and relax in their little retirement nest. Talk to some of the seniors in our country that have found themselves in the “doughnut hole” of the prescription drug program. Ask them how relaxed they are.

Employer sponsored retirement programs are disappearing for the blue collar workers of America. They gave them the 401k instead. Most of the “Big Boys” force their employees to invest the “company match” in the sponsoring company. Pretty good way to make your corporation grow, don’t you think? Now the worker is forced into being invested in the company they work for, hoping that the value of the company grows, and then finding themselves in a position that doesn’t allow them to properly negotiate benefits because the company is crying “poor”. Unions in this country didn’t lose their strength because they demanded too much; they lost it because the “money” slowly turned them into Republicans. It’s pretty sad when the executives of corporations often receive “lump sum” payments that exceed the total income of an employee that has been with the company for over 30 years.

Let’s get back to “George” and his plan to save the homes of thousands of Americans. Let’s see… he wants to “suggest” that the mortgage companies refinance loans that have variable or sub-prime rates. This supposedly will allow people to afford their payments. Of course the “Big Money” wants the homeowner to keep paying, even at lower rates. What do they want with all these homes? The home market is going down because the younger workers of America can’t afford to purchase homes at the asking prices in today’s market. How can someone afford to purchase a home, making $15 - $20 /hour, from someone who was making $30+/hr when they purchased it? To top it off, if folks do get the chance to refinance, I’m pretty sure they’ll end up losing any equity they currently have and extending the term of the loan. Sure the payments will be lower but in the long run, they’ll still end up paying more. This is only going to end up being a “backdoor bailout” of the financial institutions.

I suggest that anyone faced with these unfortunate circumstances looks closely at all the options. If you don’t believe me, just watch the television and your mail. I’m sure that they’ll have fewer advertisements for bankruptcy and more for refinancing. If you believe in what they’re saying, you get what you deserve. The bankruptcy laws have been around for a long time. I just don’t think that the “big money” folks want them to be used at this time. There’s still fish in the pond. Many of the people that choose to “re-fi” will find themselves in Bankruptcy Court down the road, but not until they’ve been drained of even more of their hard earned money. Somebody better snap their fingers real loud and wake America up from this hypnotic trance called “The American Dream”.

Don’t even let me get started about China!