Progress on the Bailout of the "GSE's" Uncontested by an Unconscious Public

This will definitely be a week to remember as "Big Government" appears to be on an unstoppable course to attempt a bailout of a housing market that will seek a sustainable level (continue to go down in price) despite any conceivable (or in this case inconceivable) government intervention.  Nothing the Fed can or will do will stop an artificially inflated housing market from seeking sustainable pricing levels although the intervention will prolong the pain and increase the costs associated with that pain for taxpayers for years.

The privatization of years of profits has occurred and the socialization of all the related irresponsible, indefensible (but apparently not illegal, since no one appears to face any legal responsibility for their acts) losses is imminent, on top of the lost share values by investors in financial stocks.

I wonder what it will take to rouse the sleeping public consciousness to action?  A recent New York Times article "Borrowers and Bankers, the great Divide" at http://www.nytimes.com/2008/07/20/business/economy/20gret.html?_r=1&ref=business&pagewanted=print&oref=slogin should provoke some heavy discussion, but it seems people are so mired in their individual misery that they cannot see the forest for the trees.

Progress Report

Step 1 - House Approves Sweeping Effort to Help Housing
http://www.nytimes.com/2008/07/24/business/24housing.html?_r=1&th=&oref=slogin&emc=th&pagewanted=print

Step 2- Congress Sends Housing Relief Bill to Bush
http://www.nytimes.com/2008/07/27/washington/27housing.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1217122993-0oJUE0gKKU2rFv8G4qxGYg&pagewanted=print

Step 3- Servicers to Ask for Accesss to Discount Window?

And as an extra added bonus, today we got an indication at http://www.nakedcapitalism.com/2008/07/servicers-to-ask-for-access-to-discount.html , that Servicers are asking for access to the discount window too. 

Why not?  Major Financial Institution (Campaign Contributors) have been given access so why not the lesser players as well?  Why should anyone have to pay for their "Irrational Exuberance" except the average taxpayer, to numb or ignorant to protest what is about to happen to them.

Well, lets see what new scams our legislators come up with next week...