Obama has basically proposed on housing that the biggest losers, the people who are behind on their upside down mortgages, put the least money down, have low income, and are likely to default or already in foreclosure, get to have their mortgages renegotiated and the taxpayers foot half the bill (the whole bill, of course, when you count the TARP). He’s just delaying the inevitable. It’s cowardice of the most extreme kind, which presumes to “stabilize” housing and avoid the massive wealth crisis of our lopsided economy. Obama and all of America needs to learn that broke people don’t belong in homes that cost 10X their annual income, which they lied about years ago when they got in the McMansions they were chiefly interested in flipping. With the TARP, the Stimulus, and the proposed housing law, it’s all the same theme: money sucked out of the productive economy and given to losers, whether on Wall Street, Main Street, or foreign-occupied East LA.
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Obama’s plan makes good political sense. The “losers” you describe are Democratic voters. People who avoid the type of behavior you describe tend to be Republicans.
Actually, that’s why it doesn’t make political sense — it gets him no new votes, but pisses off many times the relatively small number of people who will be getting handouts.
I think even among this group the money will be handed out somewhat arbitrarily. People before X date will face foreclosures. Those thereafter won’t. Some will get it and some won’t. Word will spread, and the inherent inequities will piss people off.
That’s a good point.
The majority of Obama voters are lower class who depend on the hard work of others to pay high taxes to feed their babies and baby mommas. Hard working Americans who earn good money are paying more in taxes and then at the end of the year will get another big bill. All to help losers who cant afford health care, food, housing, etc. Maybe ill quite my 125k a year job, cause I know someone will bail me out….why should I work hard?