A Final Destination Experience

Every now and then something happens that makes you wonder if some things are meant to be, or not. Today I decided to not stay in the computer lab after school so I left an hour early. It was an uneventful ride home until getting stuck behind a stalled bus on Peoria Avenue just past the I-17. The frustration lasted about 30 seconds but I was able to go around it when traffic cleared. I got to the intersection of Peoria and 19th Avenue and noticed cars blocking my lane. The accident had just occurred and I was the first in line. No one had gotten out of the vehicles, the airbags were still deployed …. and one of the cars was sitting in the left lane, right where I would have been stopped for the light.

The No-Nonsense Bailout

$50 Billion in Cash Headed for Paid-Up Homeowners

by Scott Ott for ScrappleFace · 120 Comments

(2009-02-17) — Treasury Secretary Timothy Geithner this week will unveil a plan to address the nation’s housing crisis by making $50 billion in direct payments to the 91 percent of homeowners who currently pay their mortgages on time.

The plan is an 11th-hour revision of the original scheme which would have allowed government-backed renegotiation of loans between banks and delinquent or foreclosed homeowners.

“We want to invest in what works,” said Mr. Geithner. “It suddenly dawned on me that rewarding people who bought more house than they could afford, and backing banks that made risky loans, would just throw good money after bad. But the vast majority of Americans make sensible mortgage decisions, so when we put cash in their hands they’ll use it in ways that will reinforce a sound, sustainable economy.”

Only about nine percent of mortgages are delinquent or in foreclosure, Mr. Geithner noted.

“The best thing for these folks is to get them out of the McMansions and into modest homes or rental units they can afford,” the Treasury chief said. “If we bail them out now, then we just send a signal to the banks that Uncle Sam stands behind every foolish, risky or evil thing you do. We would effectively nationalize the banks while subsidizing people who think the American dream is a birthright payable upon demand.”

Asked by a reporter why the federal government should get involved at all, taking out a $50 billion loan to try to stabilize credit markets, Mr. Geithner said, “We’re just following the great Democrat example of Franklin Roosevelt during the Depression.”

“FDR knew that it doesn’t matter whether what you do will work, or even make sense,” he said, “What matters is that people think you care, and they see you doing something. Borrowing money against future tax receipts is something we can do, and we do it well.”

Why Not Try This?

Since we’re talking huge amounts of money, enough to pay off 90% of the mortgages in America, why not just hand out checks to those of us who have a mortgage with the understanding (hell I’ll even sign something) that we will pay off our mortgages. No need to “bail out” those in foreclosure, prop up banks, keep track of thieves or spend money on a bunch of pork projects. Toxic assets covered, crisis averted, income freed up for more buying, banks flush with cash to loan, everyone is better off. Now that would be a stimulus!

The Stimulus That Isn’t

There really isn’t much more to say, because they wouldn’t let us see it.

It’s law, so enjoy the downward spiral. It took a less than a month to get a good picture of what “hope and change” is all about.  2009 may be a lost year but 2010 will be payback.

Time to Chill

Finally a slight feeling of euphoria. Global warming is a hoax, we aren’t going to die because of CO2 so all that wasteful spending is unnecessary. The economy is weak but fixable, no need for the the Spendulus. The Kool-Aid may be in the glass but we don’t have to drink it. People are beginning to get it! I think the stock market is reflecting the feeling that it all aint gunna happen. The Republicans (and a lot of Democrats) are beginning to get some focus. We need to make it crystal clear that we won’t be railroaded into idiotic decisions.

Frog Rock

I don’t know how many times I have gone up Yarnell Hill but today I happened to look to the left and there it was, Frog Rock. Now how could I have missed it? About 100 yards down the road on the right is The Frog Rock Cafe, could that be related?

After the big discovery it was time to kick back and have a cup of coffee in Peeple’s Valley. The trip back was just as interesting. I darn near hit a couple of donkeys on Carefree Highway. The four-legged kind. I stopped as quickly as I could to take a picture (If it had of been J the camera would have been ready) but by the time I got my camera out they were hiding somewhere in the brush. While I was waiting for them to surface I saw a couple of hunters and they told me, “They’re all over out here.” Well I’d heard that but have never actually seen any and didn’t see those ones again either. Another thing to watch out for while riding, I guess.