Thursday, February 19, 2009

Stop paying for your house now

Man, I wish my wife and I hadn't paid off our house. Just think, if we had defaulted on our payments, the government would now be stepping in to tap my neighbors to help us pay for our home.

Only in the bizarro world of politics would this seem like a good idea. Those of us who were responsible enough to live and pay for houses we could afford (while making car payments and college loan payments) are now on the hook for those who didn't.

The government now wants to get involved in the mortgage business again, through Freddie Mac and Fannie Mae. Isn't this how we got in this mess in the first place?

It would be better if banks and savings and loans (the other devils in this fight) would see it in their self interest to renegotiate loans and help keep people in their homes(some of that, I understand, is going on). Banks would then be receiving something on these devalued homes instead of the nothing it gets now, but now big government has stepped in and what is the incentive now for anyone to pay their bills.

Buy outs for everyone. That's what I say. The more the government tries to help, the more the stock market doesn't like it. My 401k is now my 201k thanks to all the doom and gloom and government interference.

But have no fear, you Congress folks are flying all over the globe with their families on holidays and we're paying for it.

1 comment:

Anonymous said...

Yeah, those who were responsible and reasonable get to pick up the tab for those who were not.

Meanwhile we "must" let the automakers go into bankruptcy, it's the only way to "cure" them, but the East Coast bankers get no-questions-asked bailouts and continue to pay out bonuses, retention awards, etc.

Just wait till the Social Security meltdown comes, and they start looking at who has what in their 201(k)s and IRAs, Jim.