Friday, January 18, 2008

Foreclosures-The Untold Story

Foreclosures - The Untold Story
By Judith Moriarty

While we are being distracted with the theatrics of these
long months of presidential canidates theatrics and hollow
rehtoric, the grave issues in our nation (purposefully) are
being ignored. The latest antics has Michigan (in ecomomic
free fall) ignored by the party (Democratic) that once
represented the working man. This because of rules (?) that
punished Michigan for holding its primary too early. Now
they are told they cannot send delegates to the National
Convention. That's par for the course - why would the
voice of the dispossessed be represented?

Jeffrey, age 49, lost his auto plant job in Aug. He has had to
move in with his mother. Jeffrey says, "I lost everything I
worked for all my life." John McCain's message was, "The
jobs aren't coming back".

I'm not impressed with McCain (having never worked in
the real world) advising the hundreds of thousands laid off
(losing homes) to go back to college. He tells these hundreds
of thousands from his removed affluence - "The jobs are
never coming back". This shows you how detached those
in Foggy Bottom are to the working man/woman. The
arguments in SC - today say it's a race issue. Who loves
Blacks more? Huckabee is still doing his hokum song fest
(guitar) and promising a chicken in every pot (Tyson that
is). His newest delusion is to change the constitution to
line it up with Scripture. On and on it goes - while in the
working man's world millions are losing their homes. There's
an economic meltdown going on in the financial markets. The
canidates say it needs studied. The REAL story has yet to
be told to the American public. The ONE Question that
should have been asked in these forever "Groundhog Day"
debates has yet to be asked? These managed 'debates'
(sniping contests) have yet to touch our domestic carnival
of errors. You'd think we were electing a prom king or
queen. Citizens are being treated like pet gerbils running
round and round on a wheel of partronizing dribble and lies.

Both parties have been complicit over these past decades in
the meltdown we're witnessing. People need to climb down
off their elephants and donkeys. They need to discard their
red - white - and boo attire and enter into the neutral
zone. As long as people can be kept in the arena of elephant
dung and donkey drippings they'll remain ignorant to the
facts that will vitally affect their lives and their children.

REAL ESTATE: This problem began in the early 90s. This
is when the Federal Reserve began lowering the costs of
funds and banks encouraged people to borrow at low
rates. Mortgage rates were lowered in 1991. This is when
credit lines using home equity were created by your friendly
banker. That was when people began going into debt up
to their eyeballs using the inflationary increases in the value
of their primary residence as a personal ATM machine! People
forgot that the only true value in real property is the
equity. Market estimates of home values can drop 50%
in one day.

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