Friday, December 07, 2007

America gets even dumber

Who Qualifies for Bush's Mortgage Bailout Plan?

It better be "no one"!

As it turns out the answer is "practically no one". In my opinion, this may be the very first thing Bush has done that hasn't been a complete disaster. Score one for Bush under "fiscal responsibility". That makes a total of... one.

I'm sorry folks, I really am. I am sorry that people are suffering from their own stupidity. I am sorry that they borrowed far more than they were ever capable of paying back. I am sorry they went all googly-eyed when someone dangled a shiny house in front of them.

All that sorrow, however, need not result in my writing a check to Uncle Sam for these people to deposit in their bank accounts to cover their massive stupidity. It just encourages further stupidity, and I think Americans are quite stupid enough already, thank you.

When I bought a house, I spent hours calculating various scenarios to see whether the amount I was borrowing was something I could handle. What if interest rates rise dramatically? What if I'm temporarily unemployed? You know why I put thought into it? Because I wasn't borrowing 200 bucks, I was borrowing almost 200 THOUSAND bucks. That's a big deal. Is that not obvious to everyone?

I don't give a shit if some people did not realize that they couldn't make the payments. I don't give a shit if the contract was on rainbow colored paper and the bank paid out in casino chips! Caveat emptor. These people are adults, and they should have acted like one. I am very sorry that they are dumb, but a government bailout is not going to make them any smarter. It'll just give them some money. And we all know (from experience this time),

'a fool and his money are soon parted'.

What the hell do you think Social Security is? It's the government's very noble attempt to hold idiots' money for them so that they can't be as easily bilked. And then what does "Grandmother Nettie McGee" (from the article) do the minute she finally gets control of the money? Goes out and signs it all over on a subprime, adjustable rate mortgage. And when the rate inevitably goes up, says "I don't have it. I'm on a fixed income, Social Security."

/end rant.


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