Obama Panders to Bagholders in Nevada
Pretty familiar story: pour $30 more billion into other people's bad financial decisions. Either don't pay for it at all, or tax the people who didn't make the stupid decisions (what, 98% of the rest of us?)
At a roundtable discussion Tuesday afternoon at the College of Southern Nevada in North Las Vegas, Sen. Obama laid out his plan to provide a $30 billion economic-stimulus package to help homeowners. The package would include a $10 billion foreclosure-prevention fund to help people stay in their homes and $10 billion in relief to state and local governments hardest hit by foreclosure.
The Illinois senator also said he would modify bankruptcy law so families can negotiate the terms of their mortgage and would provide a 10% mortgage tax credit for middle-class Americans.
Obama's position on this is idiotic. Thirty billion cannot possibly replace the trillions of dollars that fueled the bubble, and homes are already ridiculously favored by tax policy -- having been made more ridiculously favored by the recent decision to pretend that forgiven loans aren't income.