The economic explosion continues to ripple throughout the country. Calls for taxpayers to bailout private companies for fear of an economic downturn plays on every network and old guard paper media outfits. “You only seem to get the real news from talk radio and the Internet,” says Bashar Jarbow. “You can’t trust the TV networks or newspapers anymore.”
Jarbow has good cause to be disillusioned. However, hidden in some news pages were weak warnings of the looming economic crisis. Fadi Faraj of Chicago, Illinois e-mails www.CHALDEAN.org an archived article in the New York Times back Business Page titled, Fannie Mae Eases Credit To Aid Mortgage Lending.
Faraj, highlights the intense pressure from the Clinton Administration to force mortgage loans to low and moderate income people. Congressional leaders arm twisted private banks to make more subprime loans to borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans.
“The corruption and cover-up of a backdoor housing welfare program has hurt our nation more than any terrorist attack. We have been bombed by greedy politicians and crooked bankers in bed with congress,” says Chaldean business leader Imad Jeddou. “This will cost every American above the age of 18 nearly half-a million in debt that they will have to carry to his children and grandchildren. If all those who vote for this bill are not voted out of office, America is on the path to becoming a weak European socialist society.”
Jeddou is not alone in calling on congress to stop their reckless spending. Jeddou says that the bailout would permanently price out of the housing market all those responsible Americans who have been patiently saving to buy a house that they can actually afford. The current housing correction is necessary to remedy the historic run up in housing prices over the past decade. By bailing out the housing market, the government will prevent housing prices from returning to affordable levels, thereby ensuring that renters will not be able to buy a home and current homeowners will not be able to upgrade.
Jeddou is frustrated over the government bailout of the housing market and says, “it’s both fiscally and morally irresponsible; it is an unfair subsidy being paid to the wealthy (bankers), the greedy (mortgage brokers, flippers, and yes some homeowners), and the irresponsible (some homeowners), with little or no benefit to those paying the bill (taxpayers). Why should responsible Americans be forced to pay for the mistakes of others?”
Jenna Yakou disagrees. The Chaldean broker says, “It was irresponsible politicians forcing banks to lend to undeserving homeowners. We get that now, but many responsible Americans will be affected by a poor economy