US home loans help bankers not homeowners

The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

Why? Because people are still stuck in mortgages they can’t afford. Who benefits? The banksters. Why am I not surprised?

The Obama Administration is ignoring a basic tenet of capitalism, that sick or insolvent businesses should be allowed to fail, and not continually propped up with other people’s money. This isn’t even socialism for the rich, it’s a plutocracy.

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