Senator Jim Bunning Not Happy with Bush Plan

Senator Jim Bunning (R-KY) is not a happy man. In assessing the federal monetary, policy what he sees are needless expenditures. In using our country's resources, we are becoming weaker and weaker. I quote Bunning from his website, Jim Bunning U.S. Senator for Kentucky: "Chairman Bermanke's easy money in the last year has undermined the dollar and sent oil to new record highs..."

Now President Bush has inaugurated his new bailout which is more of a hope than a plan as discussed in MSN Money by Jon Markman.

Face it, Bush doesn't know what he is doing and he hasn't for some time. I personally think he is trying to extract some dignity before he leaves office.

Bunning agrees with me or, I agree with Bunning, however you choose to look at it. The housing market was strong. Mortgage lenders were making loans fast and furious; now the market is down and foreclosures and bankruptcies are very high. The problem is, when a firm forecloses on a house in a dead market, they have no way of recouping their money.

What has happened in my area is that people, when the market was hot, bought houses as investments, then the bottom dropped out and everything collapsed. The mortgage lenders have, to this point not required major help.

With my home, I was given a VA Loan, so, it was federal but in a different way and funded with a better plan. While our economy has remained alright here because of a major solid employer, the lower middle class is suffering the same as anywhere else.

Based on Bush's plan who ultimately pays if the lenders are bailed out; or the Fed pays; or the citizen gets foreclosed on? It always comes back to the taxpayer one way or the other.

What Bunning is calling for is fiscal responsibility and accountability, not a "band-aid".

It seems to me that the first thing we could do is isolate a homeowner from an investor. Isn't purchasing a home for profit supposed to have some risk? Why should the Fed act as the "safety net" for people or lenders investing in speculation; they shouldn't be in the same category as the regular homeowner; should they?