They Get Headlines

Caterpillar says to cut 20,000 jobs
Home Depot to cut 7,000 jobs, close Expo chain
GM to lay off 2,000 workers, cut production

Douggie blames the "Liberals", of course.. despite.. you know.. the Republicans controlling Congress and the executive for 6 out of the 8 years that Chimpy was in office.

He's pretty stupid that way..

Didn't Bush inherit a "budget surplus"? Oh.. that's right.. he did.

In any case, I was reading a report about some new program to "save" people from losing their houses in foreclosure. The more they talk about it, the less actually changes.. because, deep down, everyone knows that is an extreme form of Socialism.

This "new" idea is to allow judges to "renegotiate" the terms of a mortgage when a home owner declares bankruptcy. It used to be that people could protect their "homestead" (primary house) during bankruptcy, but the Republicans threw that out with their "Bankruptcy Bill", passed in 2005.

It seems to me that it must be unconstitutional for a judge to force a change in terms of a privately negotiated contract, i.e., the mortgage. This plan would force a lender to write down the loss in value of a house and determine new loan terms.

Besides that being Socialist, it's also not going to do a fucking thing. I've said, over and over again, that when somebody doesn't have the fucking money, lowering their monthly mortgage payment by $200 does not all of a sudden mean they're going to have the money to make the payment.

In any case, here's what a Democratic Congressman had to say about that Republican bill back when it passed. Clearly he saw what giant douche bags the Republicans are.

It still confuses me they get elected to anything at all.. ever..

"Today, the Republican controlled Congress passed yet another piece of legislation that harms low-income working people, single mothers, minorities, and the elderly. The Republican bankruptcy bill is morally bankrupt. It removes a safety net for those who most need it. I could not support this legislation."

"This bill does absolutely nothing to regulate enormous credit card fees, nothing to reduce predatory lending, nothing to prevent identity theft, nothing to discourage under-age solicitation, and nothing to crack down on credit card scam artists, all issues that Congress should focus on. Instead, the bill rewards already lucrative banks and credit card companies at the expense of hard working, middle class Americans," Jackson said.

"When it comes to bailouts for big business, it's `ask and ye shall receive.' Republicans already passed a class action bill that favored corporations over taxpayers and special legislation that bailed out the airline industry from bankruptcy, providing billions of dollars in federal aid. But when it comes to hard working Americans they are told, it's `seek, but you shall not find.'

If Congress can bailout out big business, then certainly we can establish fair bankruptcy rules for the honest, individual taxpayer. I believe hardworking people who have fallen on rough times, such as job loss, illness, or unforeseen emergencies, are entitled to a fresh start. I want every American to contribute to society."

"Yes, we should work to stop people who abuse the bankruptcy system, but not at the expense of taxpayers, who file bankruptcy for honest, legitimate, and justified reasons."

/update

Woah..

December existing home sales rise by 6.5 percent 18 mins ago
Stocks rise on Pfizer-Wyeth deal, home sales data 5 mins

Maybe it's bottomed out? Hmmm..

I think we should follow this closely, and if it happens two months in a row.. I'll go ahead and buy a bunch more shares of the mutuals I have now.

Oh.. and this might be the time for the "big house".. yo