It is fine with me if our government helps the sick and the hungry and those in need.
But when our government takes the resources of one class of citizens to protect the investments of another class of wealthier citizens, something is rotten.
Our government is spending trillions of dollars to reinflate the housing market. The government is buying trillions in bad mortgage backed securities through the Federal Reserve. Fannie Mae and Freddie Mac are making hundreds of billions of dollars in loans which private banks refuse to make because they make no business sense. The FHA is guaranteeing loans made with a 3.5% downpayment, and after the $8000 dollar tax credit this basically puts the government in the no money down 100% home loan financing business.
And then to top it all off we have this cockamamie foreclosure relief program.
Our government has simply created money out of thin air to hand this largesse to homeowners. This will be paid for by the poor and folks that rent through inflation. There is no free lunch in this world.
The new health care program will be made much more expensive because of this massive transfer of wealth to homeowners.
The government cannot give to the landed class without taking from the landless class. The government cannot give to the rich without taking from the poor.
Trickle down economics does not work.