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May 12, 2008 – Comments (3)

Maybe, just maybe, the weathervanes proposing all these housing bailouts will begin to understand just how huge the crowd is that didn't go out and gamble on real estate. And maybe this group of knee-jerks can be frightened into sitting on its hands and letting the market solve the problem -- letting house prices fall quickly, without tossing taxpayer money down the rathole after it.

These bailout plans are doomed to fail anyway, and deep down, even Frank, Pelosi, Schumer, and Forrest Gump probably know that. No reason to let them charge us for the mistakes of our neighbors, and greedy "investors" from Main Street to Wall Street.

3 Comments – Post Your Own

#1) On May 12, 2008 at 8:27 AM, ATWDLimited (< 20) wrote:

Yah, they want to be socialists, the US is half socialist any way, soon they will control all our things, housng, food, energy, its so uncapitalistic I'd swear they are Bolshivecks.

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#2) On May 12, 2008 at 8:36 AM, TMFBent (99.24) wrote:

This is starting to get some traction:

Democrats Face Rescue Backlash

Some Voters Oppose
Having to Bail Out
Homeowners at Risk

May 12, 2008; Page A3

Democrats may be risking a backlash at the polls in November by pushing hard to use taxpayer money to rescue homeowners who can no longer afford their mortgages in the face of stiff resistance from President Bush and many other Republicans.

The Democrats in Congress and the party's presidential candidates frame the issue as doing at least as much for beleaguered homeowners as the government is doing for Wall Street. The White house and most House Republicans counter this amounts to using taxpayer money to reward bad behavior.

The Republican protests are striking a chord with some Americans who are paying their mortgages on time or who didn't buy more house than they can afford...

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#3) On May 14, 2008 at 4:39 PM, darroj (28.16) wrote:

Nice post.  One of the huge underlying problems is the lack of financial awareness in this country as whole.  I'm 23 and have been working fulltime 11 months now. I've talked to lots of people 40-50 years old who just started contributing to their 401k.  In terms of housing, people really over extended themselves and didn't learn anything about the loans they were taking. I'm glad the correction in housing prices is happening. In 2-3 years I'll move someplace more rural and buy a house on the east coast someplace and everything will time itself nicely for me.

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