To Contain Foreclosures Political Pandering Need To Be Checked

To contain the foreclosure crisis political pandering need to be checked. Unbridled spending by consumers may be at the root of the national financial crisis. A spending culture was intentionally created that finally tipped over not only the individual but also the entire country. Borrowing was made out to be something fashionable.

The perpetrators of this foreclosure crisis are going to be directly rewarded with the $700 bailout plan. But there is an even split across party lines about giving the green signal. Some politicians like Rep. Mike Rogers of Livingston County are grumbling that there are many other plans Congress could have chosen to give relief to the foreclosure victims. Detroit City Council president Monica Conyers also expressed concern that the bill should include funds for those who were facing foreclosures.

The ordinary American does not have much ready cash or time to build again a retirement cushion to fall back on. There seems to be a lot of parallel between the foreclosure crisis and the increase of reo properties of today and the Great Depression era. It escapes simple logic why the bail out plan has given top priority to Wall Street and not to the ordinary borrower living in dread of foreclosure down the street.

The consumers are being told that unless Wall Street is back on its feet their woes will worsen. How and when the trickle down effect will show is a matter of time. Meanwhile the ordinary American will have to show fortitude and patience by living off doles in shelters and parking lots.

The snag is that the average Joe is also the voter – from whom the politicians get their power. The foreclosure crisis has unfolded a lot of truth and awareness. The man in the street has found out the hard foreclosure way that the Wall Street trader has feet of clay and is either a moron or shrewd sneak who is not worthy to be trusted with hard earned dollars of Joe.

The bail out is being made into a vote issue. Both sides are pandering Wall Street traders from whom all the campaign money flows. There are strong rumours substantiated by facts that the top bosses of the top financial institutions have bid adieu with their pockets overflowing and stuffed with cash – reward for the mess they have created. The tragedy is that there is no law that can bring back the money to the national coffers even after nationlization.