Dumb Information

Stimulus and Bust

Posted in Congress, Conspiracy, Democrat, Dumbass, IRS, Politician, Republican, Stimulus Plan, Tax, Welfare by Chop on 16 February 2009

http://news.yahoo.com/s/bloomberg/amxiaynvarlg

http://news.yahoo.com/s/bw/20090213/bs_bw/0908b4120034085635

New research claims that even with a nearly trillion dollar stimulus package, if foreclosures in regards to the tanking sub prime market continue at their record pace, even the most thought out plan “wont spur an economic recovery.”
I am going to sit up on my high horse for just a minute and play devils advocate. If many out there don’t think that this massive infusion of government and taxpayer money isn’t the answer, then why are we continuing the path forward on spending it?
I, like many others that I know, was unfortunately intimately involved in the sub prime mortgage catastrophe. Through the several years that I spent in that industry, I found thousands of ways to cut corners and dodge bullets to get deals closed as quickly as possible. Thank god, if only for my own conscience (I have much more to worry about and really don’t need to add anything else to the pile), I never did anything to jeopardize my professional integrity, such as pushing a re-finance at 130% loan to value of the property or 55% debt to income ratio, almost guaranteeing a foreclosure when the inevitable happened. I do however know when something is askew, because I have learned through my many professions and employers what is right by being taught the wrong way, and something is very askew when it comes to the nearly $800 billion stimulus.
America, chew on this thought for as long as you wish.
It took on average longer to get an approval to re-finance a home during the peak of the sub prime boom then it did to pass the nearly trillion dollar stimulus plan, and look where our sub prime industry ended up. And in the middle of the sub prime frenzy, home owners re-financing their property received a three day window in what is know as a right of rescission to think about what they have done and if they made the right decision; do the taxpayers get this same luxury when it comes to the stimulus package?