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Crap like this..

burns me. Today's article in the NYT about possible government bailouts of folks who bought more homes than they could afford, while unsurprising, really pissed me off.

Not one of the folks profiled in this article sounds like anyone who truly needs government assistance in paying their mortgage. They might be losing money on the deals they made but they are not claiming any sort of fraud in their mortgage or home loan...they just don't like the deal they got into. I see no reason why a couple making over 250k, a granny making over 100k, and a couple with 100k in savings should be coming to taxpayers for a handout. It's simply amazing how much our country has bought into the notion of the "privitization of reward but the socialization of risk". You can bet your bottom dollar if the tables were reversed and these folks and made a "killing" on their "investments" in their homes they would have bitched to high heaven about the taxes, if any, they had to pay on that "investment". Yet now that they are over extended on a deal that didn't work in their favor...woe is me. Bleh, articles like this make me ill.

The lawyer couple extensively profiled in the article are one of the true wonders of modern America. Over 250k a year in income and they can't get their financial act together? Oh wait, apparently they've breed like rabbits, gotten divorced, fleaced their cars, ran up credit card debt to all hell and, last but not least, taken a view of their finances that makes one seriously wonder if bailing them out will help at all (“I used to think,” Mr. Breakstone said, “that I would pay the piper later and enjoy life now. I’ve totally reversed that view.”) And I'm supposed to feel sorry for them?

Rant is over...

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Comments

justanothergeek
Feb. 24th, 2008 08:41 am (UTC)
Amen! If I buy a stock and it goes down 10%, the government doesn't bail me out. Why are houses such a fundamentally different kind of asset? Houses are just like stocks, fancy paintings, gold, or anything else whose value is determined by the market. The only thing I can think of is that more people own houses than any other kind of asset, so the politicians think they can win lots of points with their constituents by bailing out the housing market, while they wouldn't get as much benefit from bailing out other markets.

In the cases where there was actual fraud, then of course the homeowners deserve compensation. But if they were just stupid or made a bad bet on the direction of housing prices, why do *I*, as a taxpayer, owe them money?

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