March 23, 2006

No insurance? No worries! Big daddy government is here to bail you out


Do you realize Katrina homeowners can get up to $150,000 of your tax dollars for their house? Guess there's no need for insurance these days when the mother of all gift horses is in the corral

Does that also mean big daddy government will bail out bubble homeowners who get foreclosed on? After all, they were just following government's advice - get a home and get an ARM.

Is anyone else incensed with how the government is spending like drunk sailors these days?


Gov. Kathleen Blanco's administration outlined a $7.5 billion rebuilding, relocation and buyout plan for Louisiana residents with hurricane-damaged homes - the first comprehensive plan the state has offered for thousands whose homes remain ruined in neighborhoods paralyzed with uncertainty.

Homeowner assistance would be capped at a maximum $150,000 per homeowner under the draft recommendations unveiled Monday

17 comments:

Anonymous said...

Huge bedget deficits will not allow for a bailout. New Orleans is just one market -- the real estate bubble affects a major share of the entire USA. The $ is simply not there, and if the market moves backward, the fiscal crisis will grow worse.

Anonymous said...

Ill take that in large bills please!

And print a little extra for harry and esta up the street i here their IO-ARM is going to adjust this september.

INFLATION!!!! PRINT PRINT PRINT!

Anonymous said...

someone better oil the presses i smell smoke in the printing room!

Buzz Kill said...

I'm just mad because I'm never at the front of the line when the guvmint hands out free money. When will it be my turn at the front of the line? Probably never.

Anonymous said...

Buzz

You can cut me in the bread line cause thats where we are all headed

Bake McBride said...

Between the government and the class action lawsuits things could get very ugly.

There is no way the government will be in any position to bailout the people destroyed by the bubble bursting....nor should they!!!

moman said...

Where's the personal responsibility?

If people didn't have insurance they shouldn't get payments from the gov't. One again law abiding citizens are left holding the bag.

Bake McBride said...

Personal responsibility?

Surely you jest....It's societies fault they didn't have insurance. You need to keep up with the times (LOL)

onlygoesup said...

If the gov comes in and bails out all of these hairbrain "investors", I may end up going postal(realtor) on someones A$$!!

whydibuy said...

Can you just see the fraud inherent in a scheme like this? Shack owners, vacant lot owners and phony owners would be lining up to claim the full 150 k for their 5 k shacks. With no structure there, who's to say whether the place was a palace or an outhouse? As usual, the scammers will get the loot from a misplaced gov sugarpot.

brokersleaveyoubroke said...

There's no way that individual homeowners and investors will get bailed out by the government. Remember the savings and loan crisis in the 80's. Banks and other fat cats got bailed out but the individual homeowners were hung out to dry.

Anonymous said...

Where is the governor getting the money? And why isn't she in jail for not evacuating New Orleans in the first place? She and that idiot mayor?

This is another example of politicians using public funds to buy votes and good PR. I don't believe a single cent should be given to anyone. The insurance companies that haven't come up with any money yet should be prosecuted.

foreclose_me said...

I don't think the plan was ever to bail out the floppers.

Before, we had a large debt owed by government and corps & the trade deficit. Now, we have managed to hook the individual citizens for big chunks of the debt, and get foreigners to buy it.

So, when the defaults come, the citizens aren't good for the money, and the foreigners get screwed. Completely legal.

It's a great plan!

Anonymous said...

the day my tax money goes to bail out real estate flippers is the day I march on Washington.

Its bad enough the Congress has to raise the debt cieling, enslaving future generations, but it will be a cold day in hell before I start bailing out some scumbag flippers.

astrid said...

Great, so they can rebuild and get bailed again, the next time their ill positioned POS gets flooded.

50 said...

Need a vacation? Join AARP.ORG

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