In order to respond to the economic crisis that was caused by the government’s meddling in the housing market, forcing banks to make bad loans to people who couldn’t afford them, the Obama Administration has proposed — making more bad loans to people who can’t afford them. After spending $750+ billion on an economic stimulus, Team Obama today unveiled a $185+ (so far as I can tell, exact figure is unknown) billion mortgage rescue package, which will basically restructure loans for people who cannot afford them.
This is rewarding bad behavior and exacerbating the situation that led us to this mess to begin with. We have come to the point where the solution to every problem is government social engineering and government meddling into the private sector. Home values have already tanked, and credit is scarce. What will happen to home values as the Government pumps more money into financing these bad borrowers? How is this bill going to effect the rest of the economy.
And, as a commenter of Michelle Malkin’s asks, why should I pay my mortgage this month?
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Are you responsible for your neighbor’s bad decisions?
http://pacificgatepost.blogspot.com/2009/02/obama-mitigating-mortgage-foreclosures.html
Obama and Congress appear to think so.
America need to revolt against this jackass. Every responsible citizen needs to quit paying their mortgage until these morons in Washington get things right !!!!