More evidence that the Dem Establishment really hates you

[Stoic]

"...The issue about “jumbo” mortgages shouldn’t even be on the radar since the median home price across the United States is approximately $225,000 and GSEs guarantee loans up to $417,000 which are considered conforming loans. But Bernanke isn’t alone. We have a wise senator also backing this proposal:

“In response to a question from Committee Chairman Sen. Charles Schumer, D-N.Y., Bernanke suggested that mortgages eligible for government guarantees be capped at $1 million.

“I think that’s a very good idea,” Schumer said of the guarantees. “In fact, legislatively, it’s something that I would try to introduce and get passed.”

Schumer introduced a bill last month that would allow Fannie Mae and Freddie Mac to raise their total loan portfolios by 10 percent for six months. Bernanke suggested the new guarantees on jumbo loans should also be temporary.”

I wonder why Schumer has a sense of urgency to support this proposal? Let us take a look at his top contributors:

1. Goldman Sachs - $350,850

2. Citigroup Inc - $227,550

3. JP Morgan Chase & Co - $195,900

4. Credit Suisse First Boston - $191,294

5. Morgan Stanley - $186,500

6. Bear Stearns - $154,250

7. Merrill Lynch - $125,100

You can continue reading the list here. These names sound familiar, don’t they? The last thing that the current economy needs is a compounding of mistakes. Raising jumbo mortgages will essentially give Wall Street an exit from their massive credit gamble and a place to off load toxic mortgages that you and your family will have the pleasure of paying off...."

http://www.doctorhousingbubble.com/">Dr Housing Bubble

Not only are these people firmly in the pocket of the "Money Party", they also must have had lobotomies. My god, we're doomed.