Quote from Agassi:
The National Association of Home Builders cut off
all political funding (around $20m, 65% to Republicans
and the rest to Dems) in February after a tax refund
clause failed to make it into an economic stimulus
package passed back in January. Just yesterday, the US
Senate agreed to a bill that lets the same homebuilders
to "carry back" recent losses to earlier years of
profit!! Now, the Congeressional Budget Office (CBO)
figures that the taxpayer will end up paying the
homebuilders approximately $6b, a very large percentage
of which will end up in the coffers of the very same
homebuilders that are partially responsible (along with
end American greed!) for the mess that we are in right
now. Some scoundrels ("All politicians are
scoundrels", GB Shaw)up in Washington tout this as a
measure to avoid distressed prices and prevent layoffs.
Bull Shit!
The last credit card bill that I paid late was when I
was back in school (1993-94). I, as a taxpayer am being
penalized for paying my cards on time, paying up my
mortgages on time and in general, for being circumspect
about my fiscal responsibilities. I am being forced to
pay to rescue companies and individuals that did not
have a sense of fiscal responsibility and just pandered
to their own whims and greed.
This country is going to the dogs -- as long as idiot
politicians who are in the back pockets of corporate
america are around and as long as special interest
groups are around, this country will never learn what it
means to be fiscally responsible. After all, fiscal
responsibility has to start from a grass roots level
and that means you, I and the rest of the people that
inhabit this country. This malaise thrives up every
orifice - we are a huge debtor nation.
Let the homebuilders and mindless people that accumulated
debt fail. That's the only way true capitalism will
work because that is being responsible for the actions we
take.
I've never been able to trade T-bond futures profitably.
I would be a lot richer if I could just get my losses on
those things paid back to my by the US government. Now,
why would you not want to pay for that one?
I detest/hate/resent/loathe what is happening. We are
all thieves as we are stealing from future generations
by not letting the people that need to take pain, take
it.
Very soon you will read that the National Association
of Homebuilders has re-instated its political contributions,
or even doubled it. Here we call them "lobby groups" but
we point to other countries and call it "bribery".
PS: FYI, the best performing group amongst stocks has been
the homebuilders. The best performing company this year
amongst the SP500 has been Pulte Homes.
