I'm a little upset with this whole mortgage crisis. Why is the gov't so concerned about helping people who decided to live beyond their means, while punishing those who had common sense?
Is this really going to help anyone in the long run? All this is doing is sending a message, "go ahead screw up, and let Uncle Sam (or any uncle who pays taxes in the US) foot the bill." This moronic obsession with its origins in wealth redistribution is absurd. If the gov't just lets those folks lose their homes, I think it would send quite a message, "Think twice before you buy something you can't afford." I dare even say that it would be a long-lasting message, that these folks would pass down to their children.
Realistically how are these people any worse off than someone who is a responsible borrower. These slackers are living in a better home than the responsible individual of the same income level, and have the gov't fight to keep it that way. That doesn't sound just. Sam Zell was right there needs to be a cleansing.
3 comments:
The bailout is for banks / financial institutions, not homeowners(or maybe a bit depending on final version)
I second the previous comment, the bailout of the banks is socialism for the rich by the rich. Paulsen is bailing out his friends on wall street, who have billions of dollars stashed somewhere. All the executives have to have their assets seized and an investigation should be started.
wellll the bailout goes to the liabilities of the financial institutions... which are much larger than the equity. maybe next time they'll make a law forcing bank not to leverage themselves 40x. but yes the executives should all be investigated and then executed.
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