Good Comment at The Big Picture

By on September 1, 2007

This blog reader provided a nice response to President Bush’s plan to ease the pain of the sub-prime fallout. This plan is really a warm-up for what is coming…a massive multi-billion dollar bail-out of epic proportions next year.

So, let me get this straight…

Certain irresponsible people bought houses they couldn’t afford, with money they didn’t have, from jobs they didn’t work, speculating the value would go up.

Meanwhile most of us were responsible, saved a reasonable downpayment, bought only as much house as we could afford, got a fixed-rate mortgage, and have made each and every monthly payment.

The responsible (i.e., non-defaulting) home buyers who purchased during this same period have already been forced to pay higher prices (and likewise higher property taxes) due to the artificially high demand caused by the irresponsible speculators who are now defaulting and crying for help.

And now that the former class of speculators aren’t able to make their payments because ‘nobody told them the payments might go up on their adjustable rate mortgage’, they want ME to bail them out???!!!

Well how about this Mr. President:

When I bought my house, nobody told me my property taxes would go up every year! WAAAAAAHHH!!! IT’S NOT FAIR!!! I WANT A BAILOUT!!!

We have a name for people who can’t afford to make their house payments Mr. President; we call them renters.

I know, I was one for many years.

Posted by: Pool Shark | Aug 31, 2007 10:06:32 AM

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