On one issue all of the Washington circle of elite seem to have come to agreement; there needs to be a plan to "rescue" people who have taken out loans that are now larger than the value of the homes that they own. Details differ, but Bush, McCain, Obama and Clinton all agree. The plans all have one thing in common: they all involve using TPM.
TaxPayer's Money
TPM is my money. I didn't make a stupid gamble with my money. I didn't succumb to greed with my money. I didn't engage in dishonesty with my money. I don't want my money to be used to rescue those who did. I don't want the government to take money away from me and give it to people who have lied and cheated and acted with greed and stupidity. I don't want government forcing me to lose so that liars and thieves and idiots gain.
Those who encourage such a bailout play the game by placing a poor elderly widow in front of the camera who refinanced to pay her dying husband's medical bills and was so legally blind that she could not read the contract. Fine, rescue her.
But she is one small part of a vast and hugely dishonest market. Do not claim that she is typical and use her as an excuse to "rescue" charlatans and by so doing steal from me.
A pox indeed... Personally, I favor starting with (re?)- regulating the morgage industry so that the ones originating the loans have a stake in it so if the borrower can't make the payments they refuse.. other wise the leander has to make good on it. And have some Financial 101 to educate people thay can't go out and buy xxx they can't afford. That's called fiscal smarts and responsibility, but of course very few of the politicians have that, so why is this any surprise when they do this? The people ought to run 'em out of office.
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