Buy It! No Down Payment Required....
Democrats have developed an ingenious pandering scheme to rival all others in their Reckless Homeowner Bailout Plan. Of course, all great schemes of such magnitude arise from recognition of prevailing sentiment. A recognition of prevailing sentiment, or resentment in this case, is a great manipulative tool in the wrong hands. The wrong hands, in this case, are those of Barney Frank.
Barney’s heart may be in the right place but his mind is certainly on getting Democratic voters to the polls. The excuse used by FrankenDodd and Co. is that “Well, the government bailed out Bear-Stearns, didn’t they?”
Yeah, true, and now I almost wish that it didn’t because an large-scale economic collapse of the banking system would have launched a platoon of Democratic party wind-up demagogues, all screaming and whining in unison, a nutcracker suite of Rescue Dolls marching across the landscape to save No-Money-Down homeowners and speculators by direct handouts. The spectacle would have been memorable, whereas this bailout plan is merely tragic.
The Housing Bailout Pander Scheme wants the taxpayer to pay the bill as house buyers blunder into the sweetest deal ever in housing history. Housing greed and personal irresponsibility must be rewarded as the government takes over hundreds of high-risk subprime mortgages.
FrankenDodd and Co. do offer us the delusion that we would be “keeping people in their homes” but the rewards for simply walking away from a risky loan in a weak housing market are just too much to resist. The lenders will get screwed in this, too, as you look at the terms which they are expected to accept. One of the more ridiculous presumptions is that the at-risk homeowner must “certify that they haven’t defaulted intentionally or obtained the loan fraudulently.”
Sure, I’ll certify that. But I resent the insinuation that bank money could disappear into someone’s greedy pockets to be replaced by taxpayer money, responsibly earned from hard work. I’m shocked, Rick, shocked!....
Of course, this taxpayer rip-off has Barack Obama’s support. It’s only one of Obama’s rising tide of generous giveaways to voters. House Gifting is sort of a family tradition with Obama, judging by his acceptance of housing help himself in the purchase of his sweet Chicago crib.