Just when you thought it could not get any worse…
…’Project Lifeline’ is announced.
Did you ever wonder how much crap you can pile into one project?
Well, this is one of many examples that the government, now with the help of six of the biggest lenders caught in the trap they have laid out, puts out there for those who ‘qualify’. Let me get this straight:
You will qualify for the assistance if you proved that you have completely mismanaged your life. If you took out a mortgage which you could not afford to pay but was given to you by revenue driven financial institutions in a laughable attempt to generate profits than you qualify for ‘Project Lifeline’.
Now a few of the big lenders are scared and try to play ‘Government’ in order to at least save whatever is left to save, they would love to get sloppy seconds right now. They may even pay for those.
In other words if you have broken all the rules you get rewarded and if you played the game and followed the rules any society may want to follow in order to function properly (our current objective is to ensure the destruction of financial markets along with equity markets in order to execute the economy with a fire-squad or at least what will be left over after the presidential election) then the government will give you…the cold shoulder.
Last time I checked you get punished if you make mistakes and rewarded if you do something good. Maybe the next proposal is the reward car thieves with a rebate so they can pay for the insurance of the stolen vehicle and all of those who were ‘dumb enough’ to buy a car and pay on time (as they are supposed to do) will get a 10% rise in income taxes in order to pay for the rebates offered to the car thieves (the money has to come from somewhere).
Ever wondered who will pay for the rebates of the ‘economic stimulus package’?
All the responsible home-owners who did absolutely nothing wrong will get punished as well as all the individuals who decided not to gamble with their future.
So, if you belong to the ‘lucky’ group who qualifies for ‘Project Lifeline’ and now face foreclosure you will get…hold you breath and don’t jump of the cliff due to this excitement…another 30 days during which you can come up with even more ways to feel sorry for yourself and blame everything and everybody for the position you are in.
There is just one question I would like you to answer to all of human mankind:
Who forced you into those loans?
At least point us to the ‘criminals’ that put a gun to your head before you signed the mortgage that you knew you could not afford so that we can tackle the problem at the source.
Sure, it’s not a bail-out for anyone it just helps those who messed up. This is not a bail-out and humans do not need water in order to survive. This plan is welcomed by all the socialists that run for office this year and all the members who favor socialism or even communism. Look at who welcomed the news…enough said.
Since we are already at it:
To all mutual fund mangers…you know that I have absolutely no respect for you for obvious reasons but since you are already punished every day that you get into the office how about this:
Ask for a refund or bail-out for the losses that you have encountered for whatever reasons. How about every mutual fund manger will get $10 Million as a refund and a 5% tax bracket for life as a reward for continued and consistent under-performance?
Why?
Because it will fit with the recent movement of ‘reward the bad and punish the good’.
I believe since every market participant that shows the ability to make mistakes on a consistent base and who demonstrates successful mismanagement asks for and may get a bail-out the mutual fund industry should get on as well unless they are excluded for some reason from the list of pathetic under-performers.
Oh well, the markets are large enough for all investment strategies, right?
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It is not smart to play it safe but it is safe to play it smart.
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