When you find a post like this you have to repost it.
Mike Stathis submits:
The following article was originally published elsewhere in early November 2008. I thought it would be a good idea to publish it here because, as you will see, it's been quite accurate. Please have a look.
As a desperate attempt to stop the bleeding, banks are stepping up with further efforts to protect delinquent homeowners. To date, this represents the most radical effort to stop the avalanche of foreclosures. It is believed that these ridiculous bailouts will help restore the housing market which will provide more stability to the economy. The problem is that these plans are still insufficient to make any impact. And there is nothing to absorb the massive inventory of housing. If Washington wants to help homeowners make mortgage payments, they need to stop letting corporations send jobs overseas. Similar to the banking bailout, the latest "solution" from Washington will continue to waste taxpayer money. More important, it will reward the wrong people and punish responsible homeowners.