No Bailout!

As short sighted and crooked as the Bush administration has proven itself to be, I find myself uncomfortably agreeing with them on their resistance to a giant mortgage bailout to help increase the profits of the banks that made billions by creating these loans in the first place. Americans have become very fat, and very soft. We cannot handle any discomfort or risk. We want to roll the dice like big gamblers, and then we want the government to give us all of our chips back if we lose. That is the path toward national bankruptcy. Every oily politician wants to spend our money to help people who do not deserve help. Politicians only care about themselves. We do not have to let them get away with it.

The entire premise of these bailout proposals is that the borrowers in trouble got conned. Well this is America. You have the right to get rich, and you have the right to get poor. You do not have the right to free handouts from the government. You cannot change the rules of the game because this time the outcome is uncomfortable. Too bad. If you want to take out Extreme Loans then maybe you’re going to get rich off of your real estate genius, and maybe you’re going to end up broke, but you made the choice, you signed the contract, and the consequences are yours alone. I haven’t heard anybody crying about how they were conned into making $300,000 on a house that they sold at the top. It’s only the losers who want handouts who cry.

If you can’t afford your payments, then you can’t afford your payments. That’s it. Nobody is going to save you. The bailout talk is giving false hope to millions of people, and is causing them to delay making a final decision. That delay is costing them money. If you earn $60,000 per year, you cannot afford a $250,000 mortgage let alone a larger one. If you are using credit cards to pay your mortgage, you are crazy. If your house is worth less than your mortgage, walk away. Stop waiting for a bailout, and give your house back to the bank.

And I have no idea why anybody cares about the banks. There is no possible scenario under which I would care if BofA vanished. What I would like to see is for the top executives of the banks to be thrown in jail. There was obvious theft. If the government is being asked to dump hundreds of billions of dollars into the banks, then it’s obvious that somebody stole, or caused to be destroyed, hundreds of billions of dollars. Robbing somebody of $200 at the ATM will send you to prison, but stealing the entire banking system is OK? No. Prison time. In this day when somebody gets arrested for a high profile crime, they are charged with 20 different crimes from one act (which seems like it ought to violate the constitution), so I’m sure somebody can come up with a list of crimes with which to charge these executives. They were not only gambling with investor money (which is perfectly fine), and breaking lending rules if not laws, but by requesting public bailouts, which they are already receiving in the form of lower interest rates and government subsidized loans, it is clear they gambled with public money. For costing the American tax payers hundreds of billions of dollars, lots of people should go to jail.

Let's Start A War

This blogger HATES the politicians who are trying to spend my money and your money to financially bail out the very same people who caused the entire housing bubble – careless greedy banks. I hereby declare a Jihad against any politician who cares more their greasy career than about Fairness, Justice, and Fiscal Responsibility – both public and private.

This blog now has a dual purpose. In addition to advocating that upside-down homeowners walk away from their homes, this blog will watch the activities of the disgusting gutless weasels in America’s highest offices who are doing the moral equivalent of shaming rape victims. The tens of millions of people in this country who had the sense to patiently wait for home prices to return to reasonable levels are now being mugged, and their money is going to be given to the criminals who kept them from buying their own homes.

I would like to enlist all of the Real Estate Blogs, Bubble Blogs, and anybody who is sickened by the politicians’ willingness to allow this mess to happen, and their willingness to write checks from your account to keep bank profits and management bonuses as high as possible. Politicians care about their jobs first, and the bribes they receive second (as long as they can keep their jobs they can always find new bribes.) Let’s make it clear to President Bush, to Congress, and to the weasels currently running for President that anybody who wants to shower the banks with tax money will be exposed and tried by the public.

We need to do two things:

First, we need to make a case for why the banks deserve nothing more than bankruptcy, and in the process we need to stop the media's attempt to make every person who took out a stupid loan look like a saint.

Second, we need to deliver our message to the oily stinking bottom feeders in office.

Leave comments and/or suggestions. Email me at LetItSink@gmail.com. If our country is going to go down in flames because of gross fiscal mismanagement, let’s make sure the weasels who destroyed it pay too.