Why is this our government's bidness, again?
Yeah, I'm quoting Tam again. While her main post about ludicrous federal intervention into subprime mortgage contracts is really good, the best part is in the Comments:
PS: The problem's not going to be fixed by legislative bandaids.The problem will only really be fixed when dumbass investment firms are going bankrupt while sitting on vast portfolios of worthless tract homes and millions of dumbass middle class homeowners have had to sell the plasma TV to come up with an apartment deposit after getting evicted from their foreclosed crackerbox.
Nobody learns nothing from a bailout.
It has to hurt, and risk businesses (hell, markets) going under, or no one will avoid it next time.
But what the hell-- it isn't as if the money's not free, right?
I make a decent little wage, I don't do drugs, I don't gamble, I don't have any expensive hobbies, I never travel, I have two paid-off old reliable beater cars, I have a small TV and the least-expensive satellite entertainment plan I can get. My wife works, too. Still, I'm living in a little 1100 square foot rent house in which my girls share a bedroom until we can find a house that we can afford to live in, and make the down-payment with the profits we made from the last house we sold.
That's called "reality."
My family is anything but special, in this regard. We are doing nothing extraordinary.
Why does everyone feel the need to have that which is extraorinary? If you can't put anything down, why do you think that you can pay for a 2700 square foot house? If you find that you're about to be foreclosed on, why is it my duty to bail you out?
And why is our government doing this? For the homeowners? For the businesses? What about for the taxpayer?