Friday, August 31, 2007

Housing Bail-out, Clinton Style

It's simple, really: just throw taxpayer money at the problem. Seriously, this is ridiculous! Michelle Malkin has the details, so go check it out on her page.

The bigger problem here is, again, the fact that Clinton's plan (and anyone who is lobbying for a buyout or bailout, or whatever you want to call it) is pure socialism: redistribution of wealth based on what those in power think is "fair". Most of the people who are in trouble should have known better. The concept of the adjustable rate mortgage is not that difficult - you have a period of time (1 year, 3 years, 5 years, etc.) while your interest rate is locked in at a low rate, and after that period of time, it shoots upward. Any normal, intelligent person should be able to figure out that they need to re-finance before that period of time is up. If you can't figure that out, maybe you shouldn't be trying to own a home in the first place!

This bail-out is an awful, awful idea. It's taking money from responsible people -- your money, from taxes YOU pay -- and giving it to people who are too dumb to figure out their mortgage, as well as the slimy mortgage companies that willingly utilized high-risk mortgages (and have already made handsome profits off of them). Don't let it happen! Call your reps in Congress, and call the White House, and tell them to avoid the socialist solution.

There's my two cents.

1 comment:

Anonymous said...

Yes, EXACTLY. Why should the honest, play by the rules people pay for retarded people's mistakes. We are all adults, if you are retarded, then you should get hurt to learn from mistakes. All a bailout will do is punish the good, honest, people who knows what they are doing. If the good are punished, then what's the point? I might as well buy the a million dollar home and expect the government to bail me out.