Wednesday, March 14, 2007

No. Just NO.

U.S. homeowners with subprime mortgages struggling under payments need federal government help to ease them through the crisis, a leading consumer advocacy group said on Wednesday.

So people who saw nothing but greed and financial irresponsibility now are in line for BAILOUTS?

The group, which represents hundreds of low-income housing advocates across the country, said Congress should immediately step in to aid subprime borrowers.

Wait a minute. Two years ago, when these same people stretched themselves out, took out irresponsible loans, and said "housing only goes up," they were not looking to share their profits with the rest of us. Why in the hell are they entitled to shove their losses on us then?

Oh, yeah, it's called "privatize profits, socialize losses."

As I understand it, these same greedy "housing always goes up, I'm making tons of money doing nothing by buying a house" (and by "buying," they really mean "renting money from the bank to live here") are now crying about the downside of their risks? And the gubmint is supposed to bail them out? So WE should pay for their poor gambling mistake? Let me see... so it follows, that if it had gone the other way, and they had made money, they would have happily given that money to the rest of us, right? I mean, they wouldn't ask for us to pay their downside, if they weren't willing to give away their profits too, right?

I will be absolutely outraged if we have to pay for these idiots, and thereby prop up home prices to keep financially responsible people out, by subsidizing the gamblers. I'm offended that it's even up for discussion.

You gamble, you lose, you pay.

Home ownership is something you save for, and do responsibly. In the past few years, it has turned into an "investment" vehicle for the masses who were unwiling to consider the long-term reality and fundamentals. Guess what? "Investments" sometimes go up, and sometimes go down. Don't play if you aren't willing to pay. Now it's time to pay.

Bailing these idiots out punishes the financially responsible, by wasting their taxes and artificially propping up home prices instead of letting them fall to levels in line with fundamentals.


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