If she ever had a chance at winning my vote, Hilary Clinton just lost it.
She's proposing that the government spend $30 billion to shore up the home mortgage crisis.
The only thing she could possibly mean by throwing a figure like $30 billion out there is that the government would foot the bill for some of the consumers who bought mortgages that they can no longer afford. Now, I'm sure that she intends to only pay the difference, the amount that these people can't afford to pay, not the full amount.
Still. I can afford my mortgage. I made certain that I got a mortgage at terms that I could afford. When it looked like I was going to have trouble making ends meet, I changed my game plan so that I could definitely afford it.
Why should someone like me subsidize the rest of the folks who were irresponsible? The ones who got suckered into crappy mortgages (by not reading or understanding the terms)? The ones who knew they were biting off more than they could probably chew?
I shouldn't have to pay a penny to help these people out. I did things the honest way and for me to then have any of my tax money committed to getting people who weren't so observant regarding their own finances out of the mess they're in is wrong.
So, Hilary. You probably didn't lose a vote, today, because I probably wasn't going to vote for you anyway, however if it now comes down to you versus McCain, I'll write in Kucinich again.
And, for the record, if any public funds get directed toward bailing out the irresponsible borrowers without just compensation to me for being a responsible borrower, I will not pay taxes to this country again.
Now, there is a big, looming problem, here. A bunch of lenders screwed over a bunch of borrowers and then bundled the crappy loans together and sold them off to someone else. The purchasers of these loans (not the borrowers) also got screwed. But you know what? Caveat emptor, buddy! You don't know what you're buying when you pay out the cash for something, you get the burden you deserve.
The only intervention that our government should make is a retroactive stipulation that there can be no pre-payment penalties on mortgages. If people want to refinance their loans, they should be able to. If they bought their house when it was at its highest value and they've got a 20% gap, let them wait ten years for the gap to disappear before they sell. If they can't afford the mortgage in the meantime, let them refinance or declare bankruptcy.
But whatever you do, don't ask me for money.
Edit: It appears that Obama also committed money, $10 billion, to shoring up the mortgage crisis. Looks like I won't be voting Democratic this year.
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