Are you foolish when it comes to your finances?
Don’t worry, Congress will save you from yourself by being even more foolish with everyone else’s money.
The centerpiece of the package is a foreclosure rescue program in which the Federal Housing Administration would provide $300 billion in new, cheaper mortgages for distressed homeowners who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.
This is a terrible precedent to set and essentially rewards stupidity by spending the money of the prudent. Where is this this going to end? Should we now start bailing out people who lose all their money in Vegas or those who get screwed when they buy into a “get rich quick’ system they see on an infomercial?
To steal Adam’s favorite phrase of exasperation, Jesus wept.
Sweet Jesus, that sounds likst a really stupid idea.
They’re not getting affordable mortgages because they’re risky borrowers. So the solution is that the taxpayer should take the risk?
Comment by Adam — 6/24/2008 @ 10:57 pm
Basically, yes. It is a disgrace.
Comment by James — 6/25/2008 @ 1:10 am
Hey, looks like immigration enforcement was a winning issue in UT were six term congressman Chris Cannon was ousted by novice candidate Jason Chaffetz 60% to 40% in the republican primary.
I could not be more happy, as Cannon was the worst type of polititian in that when he found his signature issue to be a loser he hid his stance on it rather than go down in a pricipled fashion.
Comment by daveg — 6/25/2008 @ 4:16 am
Actually, I’ll promote that to the mainpage.
Comment by Brad — 6/25/2008 @ 5:20 am