So many people are against the $700 Billion ‘Bail Out’ because they do not want to help Wall Street 'Fat Cats' who they said caused this.
Is this outrage well placed?
This crisis is because of bad loans, deflated home values and under-valued mortgages. Fat Cats? Where is the outrage and blame of those who had no business taking loans they could not afford at rates that doubled after a short amount of time? Fat Cats? No. The bail out is because of folks who had a household income of $50k thought they were ‘entitled’ to a loan of $350k for a house bought on terms only an idiot would agree to. I suppose these people put flat screens on lay-away or LOVE stores like USA Discounters. Can’t afford it? No problem!
The same ideology that told you that everyone is entitled to a house regardless of their ability to pay for it, is now blaming the very industry they pushed and provided incentives to make these bad loans happen. Now obviously there are exceptions, some opportunistic and criminal mortgage scams, but I am talking about the majority of the loans.
So who loses in this? People like me who got a traditional 30-year fixed rate mortgage that I could afford based on the over prime good credit I earned and protected all of my life.
Who wins? People who were irresponsible with a sense of entitlement who this bail out with save.
So what have we learned? Buy whatever you want, comrades. Your government will save you.
So if you know anyone who has a mortgage for a house you know they could not afford, tell them 'thank you.' Thank you for the crisis.