It looks like our democrat controlled government is going to do it again. Throw your hard earned tax dollars up against the tide of failure, to bail out those who didn't have enough common sense to police their own economics when purchasing a home. The latest is they will be guaranteeing loans in excess of $700,000 since $600,000 wasn't enough in some areas, such as California where Nancy Pelosi lives. WTF?? With any luck, the President will veto this one before it further bankrupts us monetarily and morally.
House prices are falling like rocks off a cliff and people still want to have loans for the big, fancy homes? The average price for a home in San Diego County, California is now in the low to mid $400,000 range, and California homes statewide are in the low to mid $300,000 range so what's wrong with buying an average home? There are lots on the market with all the short sales, owner sales and foreclosures? But no, the give-it-away government wants to back risky loans to twice that amount so people can live in big, fancy homes where you know there is a great potential they will default, and the taxpayer will end up paying the bill! Just say NO, and tell them to simplify their lifestyle and get something they can afford. Read my earlier blog on Foreclosures for more on the opulence and the crash!
How about taking away all but one low value credit card, not allowing more credit until they actually can handle it, assigning a credit monitor, requiring they drive an economy car and live a very modest lifestyle in return for any assistance at all? That seems more than fair if they want assistance. Plus, if they default as a result of their monetary incompetence, require the loss be paid back in some way or form. Or perhaps, better yet, publicly flog the idiot politician who dreams up this tripe!
We are fast becoming what our forefathers would have hated, a nation of whiners and failures, who expect every road to be made smooth by someone elses wagon tracks. No more pushing ourselves along and making things do, getting tough when the going gets tough and tougher when the going is damned near impossible. No, we're always waiting for a bail out and a hand out from someone, so that we can recover from our own stupidity, and lack of sense when it comes to our own survival, and that of our families. Had our forefathers been like this, we'd still be on boats somewhere wondering who was going to help us cross the ocean or the plains or whatever to get to where we are today.
Finally, how about people who live on boats or in RV's? Will they qualify for the program? And what about the guy who lives in a VW Kombi Camper. It's his home and he has a loan he can't pay or they'll repossess the remanufactured engine and the tires. Is he covered? After all, they did it for the homeowners and what's fair is fair. Next people will want the government to bail them out when they become too indebted to pay for their sports cars too. Then where from there? I can't pay for the banquet I threw for my friends and they're threatening to cancel my Diamond Platinum Credit Card...Please intervene!!