Architects of a New Dawn

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TARP Bank Bailout and Common Sense, Please Tell Me It Ain't So

The TARP program's Inspector General finally revealed the secret of what has been happening, and it really is quite simple. The Treasury gives money to banks to compensate them for loans (read home mortgages) that have "gone bad" (i.e., are not being repaid). This is the nice, sanitized wording they use - a "troubled asset." What these really are is our god damn homes!

What is REALLY happening here is the Treasury pays off the bad mortgages with our tax dollars (and our great grandchildren's tax dollars) while the bank forecloses on the home, kicks the taxpayers out and sells it to get even more money. If the Treasury paid off the mortgage, why the hell is the bank taking the house? Doesn't the home belong to the Treasury since they paid off (purchased) the mortgage? If the government owns the house which they bought with tax money, why don't they give the house back to the people the banks are kicking out?

Somebody PLEASE tell me that I have this wrong. Because if I am not wrong, we had better rise up NOW before we are all homeless! This is insane.

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