I’m no Republican … they had to work really, really hard to lose my vote forever, but they finally did it a few years ago.
But when stuff like this comes out of the Capitol Hill sausage factory, all I can say is: “A pox on both your houses!”
Sen. Christopher Dodd (D-Conn.) wants some kind of direct assistance to subprime borrowers, throwing around bogus numbers like “$164 billion in lost wealth” and “2.2 million homeowners.”
New Century: $9,000
Goldman Sachs: $14,000
National Association of Realtors: $6,000
Morgan Stanley: $4,000
Bear Stearns: $2,000
Countrywide: $2,000
Fannie Mae: $5,000
Washington Mutual: $6,000
Centex: $1,000
UBS: $5,000
Wachovia: $7,000
And others.
We’ve already given the REIC billions upon billions in tax breaks and other direct/indirect subsidies. Now he wants to fork out billions more in an effort to shore up the collapsing subprime mortgage industry, in a way that offers no long-term solution to the irresponsible fools he claims to be protecting.
And who bears a disproportionate financial burden for this and other ill-conceived schemes? Thanks to our tax code, it’s renters.
