This just in

Posted: February 15, 2009 in Economy, liberals
Tags: ,

A nifty little link to an article appeared in my mailbox overnight and I actually took the time to scan it. I don’t have much time today so digging deep in to the article is out of the question. But here’s the link so you can look for yourselves.

The problem I have with articles like this is how it seems to put the blame solely on banks. There is plenty of blame to go around–banks, real estate agents, Fannie/Freddie, various reprobate senators and a shiny new socialist president who as a senator benefitted from Fannie/Freddie largesse. But I’m also big on personal responsibility. People bought homes that on some level they knew they couldn’t afford–whether they were ‘sold’ the idea by sly bankers/real estate agents or whoever isn’t the point. They were adults and I believe if we didn’t live in such a buy now, maybe don’t pay later culture loads of this wouldn’t have happened in the first place. The proof is in a survey done of homeowners who were given debt relief through refinancing options last year-something like 60% ended up defaulting again within 90 days. By giving extaordinary assistance to the homeowners we are rewarding the wrong behavior. See…the government will save you. And many of these people are too stupid (liberals I’m thinking) to understand a quote attributed to Goldwater that a government who can give you everything can also take everything away.
No doubt this problem has to be dealt with but the federal government is the last place an answer should come from being they have the lion’s share of starting this debacle. I wish they’d let the market right itself. It would be like pulling a huge painful bandaid off–really painful for a short period but in the long term things would get much better and people would be wiser about signing their names on the line. As it is, taxpayers now, their children and grandchildren are going to be paying for this.
I’m constantly reminded of two movies right now, or rather characters from movies. Henry Potter, who used a financial disaster and the panic of less savvy people to consolidate his power, and Lt. Holden from ‘Operation Petticoat’ who quoted ‘in chaos there’s profit’.
Obummer and his myrmidons are using this crisis to do just that and we’re all going to get the shaft.


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