This bill will do very little to help forestall foreclosures.
There are a few good reforms in the bill, but they are totally overshadowed by the provision in the bill that allows an expansion of the US debt ceiling by $800 billion, so that the Fed can invest money in Fannie and Freddie.
This is why I opposed the bill. Tax payer money will be going to these private institutions to buy stock and backstop their failure. This is unprecedented in US history. These companies can still lobby congress with tax dollars to get more tax dollars. They can still have 21 executives making $1mil+ salaries.
Why would anyone by US Treasuries with this level corruption in our financial system? They won’t - therefore treasury rates will rise, and so will interest rates. bye-bye housing market. Congress is either totally corrupt to allow this, or complete idiots.
$800 billion. We’ll be paying it for generations and the housing market and economy will still tank.
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July 31st, 2008 
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