Where is the moral indignity? Both presidential candidates are soaked in lobby money, one with a quasi Marxist agenda, the other with quasi free market agenda and both sleepwalking through a financial dilemma that attacks every property taxpayer and American.

Selling an expensive assets such as a residences to those who are unprepared financially to deal with making mortgage payments, insurances and property taxes is foolish. But that is exactly what president Jimmy Carter did by passing legislation encouraging such loans. This started the disconnect between reason and reality and utter foolishness. Political meddling into economic issues and sound lending practices kills the golden goose every time.

President Bill Clinton put this bogus practice on steroids. He enacted legislation that punished mortgage lenders that would not comply. He deregulated risk by legislating against it causing a complete abandonment of conservative lending practices.

Fannie Mae and Freddy Mac bought these loans, repackaged these loans and sold them on the open market. They sent hundreds of millions of dollars by their lobbies to politicians that in order to continue this masquerade.

To insure these bad mortgages, AIG and other insurance companies evaluated the risk and sold insurance to cover these mortgages in case of default. Their leverage was set at a 12 to 1 ratio. They too threw millions of dollars into legislator’s coffers and asked for and got the permission to raise their leverage to a 30 to 1 ratio. This greatly increased their risk as well as spectacurlary increased their short term profits.

How can fraudulent financial wizardry that has banks and brokerage firms leveraged at 30-1 be endorsed by Greenspan and Bernanke? How could they have allowed this shell game to continue? Quasi-Marxist promoters of Acorn (Association of Community Organizations for Reform Now) and related entitlement steering organizations bamboozled lawmakers into giving away the farm to future deadbeats. What’s wrong with renting if you can’t afford a house or taking a bus if you can’t afford keeping a car?

SEC Chairman, Banking Committee Chairman, The House Finance Chief and scores of public official’s rubber stamped this cancer because of the easy lobby money directed at them. Greed for lobby money tempers sound judgment it seems. The only way to end this type of self perpetuating system is to put anyone who accepts lobby money into jail and banish them from government service.

Hot air balloons have a way of crashing when their fuel runs out. When the rise in real estate prices came to a dead stop and the value of real estate assets declined combined with a foreclosure explosion, the market imploded. The government created the problem and a 700 billion dollar bailout (laden with funding for pork projects) is meaningless. The credit boom is finished. But, where is the outrage?

The other news: Lower real estate prices has many towns raising tax rates to compensate for lower real estate assessment values. If you compare your home’s value to comparative values of recently sold homes there is a good chance you qualify for a property tax appeal. At least, you should look into whether you have a case.