Bailout Madness

Michelle Malkin has the run-down on one of the people who stands to benefit from a mortgage bailout: California Democrat Congresswoman Laura Richardson. The summary:

Quick refresher: On May 21, we learned that Richardson had bailed on a Sacramento home and walked away from her $535,000 mortgage on the property. She denied the charges. On May 22, evidence piled up that contradicted her denial; moreover, we learned that she didn’t bother to pay utility fees and property taxes on the house. On top of that, the Daily Breeze confirmed that she did, in fact, receive a per diem housing allowance from the California state government. This woman has the gall to fashion herself a spokeswoman on behalf of aggrieved homeowners and wants to testify in front of the Senate while she swims in debt.

But there's more:

Turns out she has defaulted on not one, but three home loans–yet somehow managed to loan her election campaign $77,500. In fact, it appears there is a pattern here of cashing out her homes to fill her campaign coffers.

So why haven't we heard any outrage from Congress on this? Malkin suggests the following:

Because it would upset the bipartisan narrative that all homeowners are victims, all lenders are sharks, and that no bad incentives to walk away exist.

This is truly disgusting! Not only is this woman blatantly stiffing the American people by defaulting on three separate mortgages and various bills (since we'll end up paying for her stuff via a federal bailout), but she is a current member of Congress! I'd say this warrants a call to all of our Representatives, does it not? And what happened to Nancy Pelosi's 'most ethical Congress in history'? This ain't it!

Where are the Republicans, in particular, who supposedly stand for fiscal responsibility?? This is the kind of issue that can drive a stake through the heart of an election opponent, and yet there is nothing but crickets on the other side! This clearly means that the Republican party is in it up to their snooty noses right alongside the Democrat party.

And that, ultimately, means that you and I are going to get screwed.

On a related note, take a look at these two graphics posted at Marginalizing Morons:

This first picture shows the most delinquent mortgage borrowers. The second picture (below) shows a Red/Blue state comparison:




Why do you suppose it is that there is a startling correlation between delinquent mortgages and blue (i.e. Democrat controlled) states?

Hmmm...I'll give you three guesses, but the first two don't count.

There's my two cents.