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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: Lizzie Tudor who wrote (142480)10/22/2008 3:11:57 PM
From: geode00  Read Replies (1) of 173976
 
The total US mortgage market is about $12 trillion. About 9% was in some sort of default a few months ago.

Say that is about $1.2 trillion (give or take) in some sort of default. Even if they were all going to be foreclosed upon and had zero value whatsoever the bailouts in their various forms should have covered them and more.

That isn't even what the bailouts went to for the most part although the IndyMac situation has done quite a few renegotiations. What if the bailout had gone exclusively to those shaky mortgages, would that have solved the entire situation?

The right wing tries to pin this entire bubblicious fiasco on the 'liberals' who give black welfare moms with 18 children out of wedlock with different dads all in prison for drugs a $500,000 home with a 120% negative amortization teaser rate mortgage in a whites only gated community. It is the 2008 version of Willie Horton, another Bushie piece of garbage.

They ignore the bankers and the insurance guys who have apparently done:

1. A horrific job gambling and losing
2. Didn't do a horrific job gambling and losing but are extorting money from us by telling us they did #1.

It's hard to tell these days.
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