Today Secretary of Housing and Urban Development Steve Preston announced, like we don't know, that the Bush big time announcement of helping 400,000 families by rewriting their mortgages bombed, completely, 312 applicant, it is not clear that these 312 applicant got any help, they are “Applicant”.
It's seems like a Bush Administration disease, they come up with these big words, we'll do this and that at the end of the day we find out nothing really have worked, just like the 350 billion dollars which Mr. Paulson had to beg the Greedy Wall street criminal bankers to take from us, so they'll extend credit, thaw the credit freeze, they didn't, it's worse than before, today we learn that regardless of this humongous amount handed to them they are still losing billions “Morgan Stanley reported a $2.2 billion fourth-quarter loss “
The list of banks UBS now expects to lose money for in 2009 are Comerica Inc. (NYSE: CMA), First Horizon National Corp. (NYSE: FHN), Fifth Third Bancorp (NASDAQ: FITB), Keycorp (NYSE: KEY), Marshall & Ilsley Corp. (NYSE: MI), Regions Financial Corp. (NYSE: RF) and Zions Bancorp (NASDAQ: ZION).
Meaning that All of these folks, who took our money can't lend, they are losing, bleeding, the question is what should have done differently, do we want to hand tax payers money to losing entities which we are not sure will be there to pay us back? Or force them to consolidate so the new entity will be able to lend, which is a key condition for any help, future help? The feeling is no one in the treasury department or the white house thinks all of these bail outs threw, no one really care of any American, it's all a big show, a game for them, it's empty rhetoric.
There is another A bomb coming our way, Commercial Real Estate defaults, it must be dealt with now, hopefully the Obama administration will tackle this issue NOW, and won't lose 18 preciousness months like they did with residential Sub Prime Mortgages, small business are the back bone of America, they create jobs, opportunities and wealth, don't let them crash, attack it ASAP.
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