Saturday, October 04, 2008

HR 1424: thank you for all of your visists

We are into the weekend now, ususally a slow internet time. I just want to thank everyone who came to my site during the past week and read my posts regarding HR 3997 and HR 1424. We have been burning up the keyboards for and against this legislation and our representatives did, in some cases, listen to the NO vote requests of their constituents. Let me say that, while we may have benefited from some well-thoughtout legislation to "right the wrongs" and injustices of the Housing and Community Reinvestment Act of 1977 and its later revisions, we did not need to go to the ER Trauma unit for the "fix." Even the President has said, along with his crony Hank Paulson, that implementation will take some time and they really don't know the impact or extent of the intrusion / intervention into our financial markets. The "rush to legislation" is analogous to you going in for surgery and the surgeon removing your good leg and leaving the "bad" leg. The "fix" is worse than the "cure." so, we have to tighten our belts, cut out frivalous spending, and do like Sarah Palin recommended, take responsibility for our financial decisions. If you earn $50,000.00 a year - combined income for the family - maybe you need to question the lender who wants to put you into a $450,000.00 home with a mortgage to match with a home equity "line of credit"/a second mortgage by another name AND doesn't need proof that you have the means to make the mortgage payments. And as Barney Frank and Nancy Pelosi - as well as the President said - this is just the beginning (of the surgery) of government intrusion into our financial market. Again, thank you for your visits.


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