Bailout failing and will continue to be a failed program

AS President Bush stood before small business owners trying to calm the fears echoing out of Wall street with the tumbling number its only going to get worse.

The current Numbers of the bailouts authorized as of today is worth 1.4 trillion dollars.  The banks who have no money so they say are still acting like financial idiots because they see free money being thrown at them while they continue the same failed policies which got us here.

An example, I was in Lubbock today with Paul Madison. He was telling me all about how the auctions were going to go down. He was hoping with all the banks saying they had no money and credit that he could pick up a house being auctioned off. It did not happen.

An Example from the auction which only magnifies why the Bailout will fail and will only cause more of a economic collapse down the road.

Bank Loan on a small starter home $73,450 that has a tax appraisal of $165,000. The default amount on the house was $57,877.30.  The Bank Lender out bid all persons present by bidding $120,000. The Bank lender was Country Wide.

Why in the hell is Country Wide out bidding all others for this property?  Why are they bidding significantly more than the amount of the original loan?

Answer, preditory actions so that Country Wide could sell the house for $170,000 which is the standard method.

Thus the US Tax payer on this one deal will have to payout for Country Wide,  $62,122.70 so that Country wide can have more credit. Country Wide by the way, will get to keep the property under their deal and will pocket little more than $112,000.  They will have to pay back the cost of the bailout on this not but at the firesale price set by Country Wide themselves. Which means that Country Wide could say that the house is worth $40,000 and that is the amount that they would have to pay back.

Thus Country Wide stands to make massive profits at the expense of the US Tax payer who is still getting his home stolen from them by the same people who caused the mess in the first place.

All Congress will have for you is a welfare line where you can get a coupon for some KY or petroleum Jelly for the screwing they are getting from this horrible stupid bailout plan!