Option Millionaires

[FLYTYER]

It was almost comical to watch the elected officials grill Berneke and Paulson today about the bailout plan. Politicians must think the people that put them in office are stupid and have no memory what so ever, and quite frankly they are right we are stupid but I do have a very good memory.

Does anybody else remember when the housing boom was moving into high gear and our elected officials started yelling that not every one was participating in this great move the American people were making by becoming the greatest ownership society in the world. Many Americans were being left behind because they could not qualify or meet the standards required for a prime mortgage. They urged the financial sector to accommodate this class of Americans or else they would be forced to. So the financial sector promptly responded by dropping the prime loan standards into a new class of loan. What did we call this loan, you got it sub prime. The Govt. turned their backs and smiled. People that could not qualify for a credit card were buying homes and paying dearly for it. The Fed stood by and watched and the politicians smiled and said look how better off you are with me in office. I got you into a home, ignoring the fact that these people couldn't afford it to begin with and will never be able to make good on the loans.

Now they act like they are doing us a favor by grandstanding on TV in an election year and acting like they don't understand why the people responsible for this are being bailed out.