Housing: Bailout, Or O-Bunko?
This is so wrongheaded. Obama is on course to steal another $50 billion from taxpayers who use good judgment and pay their bills to prop up irresponsible borrowing. In doing so, he will prop up home values based on air. That proverbial air provided by a blower drying new dollar bills rolling off an imaginary old-style printing press. And it will eventually be replaced by the air you release in a sigh when you see your taxes go up one day as a result.
The New York Times claims this is the group of homeowners targeted to receive benefit from this O-bunko game.
The first group is made up of people who cannot afford their mortgages and have fallen behind on their monthly payments. Many took out loans they were never going to be able to afford, while others have since lost their jobs. About three million households — and rising — fall into this category. Without help, they will lose their homes.
So, taxpayers now have to pony up so people who purchased homes they couldn't afford can stay in them? And people lose their jobs, that's hardly a first. In what universe outside of the old Eastern Bloc does this make sense? And what's the motivator for anyone to ever spend within their means if Uncle Bam is going to rush in, giving away money you haven't earned because you screwed up?
It's insane. At least it was when we had a Capitalist economy.
As unfortunate as it is, home prices need to fall, not be propped up. Not allowing that to happen only perpetuates a cycle of revolving debt, while making it more difficult for hard working first time buyers to own a home.
Not to worry, I'm sure O-bunko has a plan to help them, as well. It isn't his money he's throwing away while damaging the most productive economic system on the planet – it's yours. And when he buys a home he just calls up someone like Rezko to help him out.