Bailout Pig, Gets New Shade Of Lipstick

We saw this coming. The Federal Government has had a lot of criticism for the bailouts. But rich people who are crappy at business, continue to finance lobbyists who are more than happy to visit Washington's Red Light District, and mingle with lawmakers.

The bailouts continue to erode the US economy while, turning crappy Ponzi schemes into gold for wealthy gamblers.

The Wall Street Losers need more and more of their losses covered, as they aren't any better at gambling now, than they were when the lost trillions of dollars in the last go round. One gaping maw under their feet, is the lack of value in their assets. They've been able to maintain their Wiley Coyote momentum so far, by creating the illusion that their assets are still worth what they were at the top of the bubble.

But as jobs are lost, and salaries are slashed, the fundamentals behind pricing assets at multiples of their actual market value are becoming a serious problem.

The White House is taking steps now to keep prices inflated. Because people are earning less, they are buying less. So the White House wants prices to go up, to keep profits up. In the case of banks, this will mean that non-performing loans can remain AAA rated. Homes that are valued by the market at %150k, but valued by the banks at $300k, will keep their value, and the bank doesn't have to take a loss on their balance sheets.

The policy of allowing illegal fraud, must continue. The government must help the banks expand their fraud. Otherwise rich people who make their fortunes through fraud, Ponzi schemes, and welfare handouts, won't be able to increases their riches at the expense of the citizenry. For the White House, these rich criminals are the only people that matter. These people are their constituency. The rest of us are filth covered farm animals in their eyes. After all, when the White House staff and lawmaker bend over at night and spread their cheeks fore the lobbyists, we're not being represented. It takes cold hard cash to get them to bend over and spread them. They don't give it away for free.

And in the following, don't expect that this will really make a difference to the working man. He doesn't visit Washington's Red Light District.

U.S. Expands Homeowner Aid to Stem Foreclosure Wave

March 26 (Bloomberg) -- The Obama administration announced programs to help U.S. homeowners avoid foreclosure, including subsidies for borrowers who owe more than their home is worth.

The plan expands Treasury Department and Federal Housing Administration efforts and uses funds from the $700 billion Troubled Asset Relief Program. The administration faced a week of criticism from lawmakers and watchdog groups who say the government hasn’t helped enough homeowners stave off foreclosures.

“It’s almost like a triage policy,” said Eric Barden, chief investment officer of Barden Capital Management in Austin, Texas. “It limits the losses of the most overvalued properties and it also limits the losses to the borrowers that are in the most distress.”