Wednesday, October 8, 2008

The Irresponsibility Prize

I know I've said this before, but now that John McCain is making it his official policy, I have to say again that I don't get why the government should take the tax dollars of responsible people like me, who live in reasonable, modest homes that we can afford, and use them to bail out people who irresponsibly bought homes they couldn't pay for.

In last night's debate, McCain said, "I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes." In other words, if you profligately bought a bigger home than you could afford, the value of which has gotten killed in the housing downturn, you'll be rescued at taxpayer expense. Meantime, there's no benefit for people like me, who responsibly live within their means. We'll have to pay our own mortgages and fund paying irresponsible people's mortgages too.

I don't get it. I'm sounding like a curmudgeonly Republican and John McCain is sounding like a profligate, big-spending, big-government Democrat. What's wrong with this picture?


10 lbs of awesome in a 5 lb bag said...

Hey, take a look at this post, in which I discuss the fact that McCain's plan looks remarkably similar to a law that was enacted on October 1.

Basically, there already is a $300 billion bailout in place for homeowners who find themselves upside down or in other troubled situations. But that law allows the government to make some money on the investment, if the homeowner later sells at a profit. I don't know whether McCain's similar proposal allows the same upside.

Anonymous said...

You have no problem with taxpayers money going to AIG execs ,but you don't want taxpayers money going to help taxpayers? Now your going to work for the government?
Sorry, but everything you have written in your blog is skewed to me now ! I'm glad you won't be writing anymore for a while