Posted by
BrianR on Wednesday, October 08, 2008 11:32:01 AM
I didn’t watch last night’s snooze-fest, but I read the reports this morning, including McCain’s call for a “mortgage bailout”. The reports were conflicting as to whether this was ANOTHER $300 billion, or the direction of part of the already-passed $700 billion. Either way, here’s the question in my mind:
So you want to give preferential treatment to people who make bad financial decisions, at taxpayer expense?
What about the people who have been successfully making the payments on their homes for years, and continue to do so, even at "higher" interest rates? They're just screwed?
Consider:
Two families buy identical homes at identical prices and have identical mortgages. Both houses have declined equally in value.
One makes all their payments on time. The other family hasn't made a single payment for six months, and is on the verge of repossession.
It's okay with you that the government gives the flakes a new mortgage at lower interest rates based on a lower home value therefore a lower balance, while the responsible family has to struggle along with their original mortgage?
Is that where we are now? We penalize responsibility, while rewarding stupidity?
How anyone can claim the guy's ANY kind of conservative and keep a straight face is beyond me.
He deserves to lose on the basis of sheer stupidity ALONE.