The Map of Misery

Click on map to enlarge.

It Just Grew

The original financial rescue bill that the administration proposed was 3 pages long. The bill that left the Senate last Thursday night was 420 pages. As near as I could tell any failed initiative that had gotten no traction during the last two y years was lumped in to get that vote. God knows how many pages were in the bill the House voted for on Friday, but it was undoubtedly too many. I think that this election cycle my voting slogan shall be: IF THEY’RE IN, THEY’RE OUT.

I posit that once a person gets elected to Congress they are swapped out with body doubles by the nefarious Porkulons.

Candidate Promises to Blow Up Housing Market Even More

Biden -”Number two, with regard to bankruptcy now, Gwen, what we should be doing now — and Barack Obama and I support it — we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you’re paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe.” -Transcript of Palin, Biden debate – CNN.com

Full details over at Sense of Events.  The money quote:

A better way to destroy the mortgage market than what Biden-Obama propose could not possibly be imagined. For what Joe said (said twice, count ‘em above, twice) is that the government will decide, completely arbitrarily, what the future value of a home will be by adjusting the principal balance to be repaid. Because Joe will never adjust the principal upward, there will be no bottom. Lenders will not be able to predict with assurance whether they will even be able to recover their principal, much less recover their opportunity costs of the loaned money plus enough profit to run the business.

Looks like it’s getting to be time to change careers – again.  Damn it.