They didn't listen....

Evidently, the President didn't read my housing bailout post. Too bad too, since what they're coming out with seems to me to be a half meaure that won't work. And the whole pay incentives to loan modifications that don't redefault seems like a payoff to banks and people who got in over their head, and it doesn't help anybody who has been responsible and current on their loans regardless of what other sacrifices were needed to do it.
I'm sure people are going to game the system big time too. What's to stop me from quitting my job, having my loan terms modified to get payments of 31% of Jill's income, and then going back to work? Maybe there is something in there to prevent such a simple scam, but you get the idea.
And this whole "we're not going to nationalize the banks" talk today is dumb too. Why rule anything out at this point?
On the bright side, it has been fun watching Rick Santelli on CNBC blow up....
This crap just keeps getting worse, and I'm starting to wonder if the new administration is willing to really bite the bullet and clean house like I'd hoped.