Remember the American families that asked its government to help save their homes from foreclosure. The housing crisis, along with rising unemployment, food and energy costs are causing families to worry about their stability and future.Meanwhile, on Capitol Hill, the most pressing matter of the day is “bailouts” for banks and automakers. And the Fed is handing out the money unconditionally. When is the government going to rescue American families? They are the taxpayers who own the money that is up for grabs.
The Fed claims that the housing crisis is driving the poor economy. So why not fix the housing crisis, a quick solution that doesn’t cost $700 billion. Lenders should be “ordered” to restructure all bad mortgages with new terms that meet the homeowner’s financial ability. And since banks are currently borrowing from the Fed at 0-.25%, the rates for the new restructured loans should be fixed at 2 to 3%, which is more than fair. This will allow people to remain in their homes and end the downward spiraling of home values.
American families remain in a crisis while the mass media obscures the problem with the usual rhetoric: General Motors, Ford and Chrysler allegedly going broke, terrorist attacks rising in the Middle East, old faces in politics being added to the Obama camp, blah, blah, blah. Although gas prices have come down, millions of people no longer have jobs to drive to and fewer people have money to spend shopping. At the current rate, the U.S. Dollar is heading for annihilation.