The Housing bailout bill currently moving through CONgress is worse than earlier imagined. I had mentioned earlier the reporting of business transaction to IRS. The dangers also include fingerprinting of many home lending industry. There is now even more transactions being reported to the IRS. The bill also removes any kind of Congressional oversight. The bill has effectively given the control of money from Congress to the Department of the Treasury (from the legislative to the executive branch). The Treasury will be extending the line of credit to the Fannie Mae/Freddie Mac bailout. The amount of debt that those organizations is phenomenal. Although the bailout was listed as 25 BILLION, the reality is that it is open ended. The bailout can go way beyond those numbers. By using the line of credit, the backing of the Yankee dollar is in jeapordy. The value is now tied to the paper (bonds) being held by Freddie Mac and Fannie Mae. What this means is that there is a giant sucking sound in Mordor that is being fed from the Treasury feed trough.  More transaction information will be reported to the IRS. This all translates to further devaluing of the currency without any change of policy in sight. With growing numbers of people loosing their homes, they are also loosing their life savings and investments. Since many people put all their nest egg in their home, loosing it means they have lost all they have worked for, and the dollars they have saved are purchasing less each passing day. Whether one uses the Weimar Republic or Zimbabwe as a comparison point for the direction that the empire is headed, the decreasing value of the dollar, unrestrained spending of the government and increasing debt is not a good combination. The Yankee financial empire is imploding! Prices will increase and continue doing so until serious changes are made. Besides the bail out, there are also provisions from groups like ACORN that use tax dollars to underwrite community housing projects and ‘housing counseling’. The bill makes some of the funds for these pet projects ‘off budget’, so as to allow the spending without the accountability. ACORN has a history of fraud and misusing funds, and with the new bill, they are given MORE money to misuse. Only CONgress can reward incompetence and irresponsibility with more incompetence and funding. The way the bill is written, ACORN receives from the government a little over $400 for each $100,00.00 of a housing loan underwritten by Freddie or Fannie.

If that is not bad enough, CONgress has allowed these organizations to make loans that are guaranteed by the ‘good faith’ of the nation. In other words, they are writing checks that we are responsible for.  So when they make loans to uncreditworthy people, guess who has to make up for it?

CONgress has plotted a course for economic shipwreck on this one.  The Yankee dollar has been given the kiss of death.

Free Texas!

J Murrah

ACORN, Current Affairs, Department of the Treasury, Economic Independence, IRS reporting, Political Well Being, value of the dollar, weimar republic, Zimbabwe

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