Throw ALL the bums out
Economic stimulus my tuckus, this is a banker welfare program extraordinaire.
Part of the package includes a one-year boost in the limit on so-called jumbo loans that can be purchased by Fannie Mae and Freddie Mac to a maximum of $729,750, up from $417,000 currently.
Lets review: the reason that Fannie and Freddie exist is to help provide AFFORDABLE housing to Americans. $700K homes? That's insanity.
The only thing this will accomplish is to give certain bankers and Wall Street types a repreive on their terrible lending and let them offload high-priced junk that others don't want. And if Fannie and Freddie can't handle it, hey, they're too big to fail, right? Gotta have a taxpayer bailout. It wouldn't be fair to let them fall apart at the seams. (And don't even think of asking the failed, multi-million-dollar execs who run these outfits to return all that bonus money they pocketed on the way up in this huge Ponzi scheme. That would be unamerican.)
All hail the new free economy: Privatize the profits, socialize the losses.