"You've Caught the NET!"

head_left_image

BAILOUT FAILS, AND WHO'S TO BLAME? Who Cares . . . I'm Running Scared!

It's George Bush's fault!  It's the Democrats fault!  The Conservative Republicans!

You know what . . . who cares? 

We're stressing here in Chicago - and it has nothing to do with our Cubs or White Sox.  The $700 Billion bailout failed - even with the modifications requested by both political parties, and agreed upon by the President.

To be sure, many of us in the Real Estate Industry, including myself and those in our Team, didn't like the smell of the plan at all.  But reality did dictate, unfortunately, that something had to be done.

A prime-time admonition from President Bush - with his low approval rating and little options left - was not heeded. A summit meeting involving Republican Presidential Candidate McCain, and Democratic Candidate Obama did no good. Arm twisting by U.S. House and Senate Leaders was ineffective.

The spinning was almost immediate!  Many Republicans contended Democratic House Speaker Nancy Pelosi and her scathing speech against the Bush Administration was to blame, although few Republican House Members voted for the Bailout Bill anyway.  The McCain Camp started jumping on the anti-Pelosi bandwagon.

Dems again beating the drum against the President Bush and his Administration for letting this all get too far out of hand.  Everyone blaming the Wall Street Big Boys, and what many consider the money-grubbing lending executives, for becoming hogs, waiting to be slaughtered.

Now what?

Another round in Congress, later this week, is likely.  Perhaps a more watered down bailout package is forthcoming, even though the original and modified plan didn't win very many friends.  "Plausible Denial" by fearful legislators, who, a couple of years from now, want it on the record that they didn't vote for the bailout originally - only later, when things started looking even grimmer.

Where I come from, Tuesday is an important holiday.  It's the New Year!  It is time marked by prayer for forgiveness for your previous-year sins, and hope for absolution in the coming year.

Very fitting now!

Folks, I'm very proud to be an American!  Always have been, and always will be.

But, now, I'm sitting here, feeling more than a little embarrassed!

And, when I think of "What's Next?", I have trouble finding an answer.

You too?

DEAN & DEAN'S TEAM CHICAGO

Comment balloon 14 commentsDean Moss • September 29 2008 11:34PM
BAILOUT FAILS, AND WHO'S TO BLAME? Who Cares I'm Running Scared!
share
It's George Bush's fault! It's the Democrats fault! The Conservative Republicans! You know what who cares? We're stressing here in Chicago - and it has nothing to do with our Cubs or White Sox The $700 Billion bailout failed… more
Chicago IL Market Statistics Update - September 29, 2008
share
Good Morning! Here's the latest Stat Summary on the Chicago Real Estate Market based on data pulled yesterday evening, September 28, 2008 - How will the just-approved Financial Bailout by Congress impact the housing market? Of… more
REFINANCE YOUR MORTGAGE? Now?
share
Hope you had a fantastic weekend, folks! (If you happen to be a fan of the New York Mets however - our condolences! ) Assuming credit markets calm down a bit with the Financial Bailout which should be clearing Congress in the next few days,… more
SUBURBAN SPRAWL - Will Falling Home Prices, Rising Gas Prices, Scale…
share
It wasn't all that long ago, here in Chicago and I would assume, in the place where you live, that many homebuyers started looking at newly-built subdivisions "way out in the country" - distant from downtown. Despite high commutes, most… more
CHICAGO NEIGHBORHOOD NEWS - September 26, 2008
share
Enjoying your Friday afternoon, folks? Hope so! It's a beautiful day, almost springlike, here in Chicago. Here's the latest Chicago Neighborhood News from our Team Member, Jennifer Arcand. This week, Jennifer covers the Chicago… more
Lil' Buddy's Blog: Want Chicago Cubs Post-Season Seats At Wrigley…
share
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG! Good Morning, You Dogs! You know, I'm not trying to be deliberately partisan, but, as you know, I am a Chicago Cubs dog! … more
More Homeowners Spending a Too-High Percentage of Their Income on…
share
Today, in the City of Chicago nearly 35% of all homeowners find their housing expenses too high versus their take-home income, according to 2007 U. S. Census Bureau Data. For many years, financial professionals have set a threshold of 35% as… more
AUGUST, 2008 CHICAGO AREA HOME SALES FALL OVER 30%!
share
Home resales here in the Chicago Metro Area and across the State of Illinois continued their tumble in August. Local figures come on the heels of National Association of Realtors data indicating resales fell 2. 2% last month, to an… more
FEW LIKE FINANCIAL BAILOUT - But Most Agree it Must Be Done!
share
Minute by minute, hour by hour, the debate rages in Washington. Most agree the $700 Billion Financial Bailout proposal forwarded by U. S. Secretary Henry Paulson and Fed Chairman Ben Bernanke, will soon become law. Those in the street… more
CHICAGO RENTERS - You Could Be Kicked to the Street Should Your…
share
Few of the thousands of renters here in Chicago consider this problem. With the slowdown in real estate sales here in the city and the suburbs, the rental market has improved. There is more demand for rental housing - single family houses or… more