This week Senator Dodd wheeled out a bailout package that will forsake every single person in this country who currently does not own a home. He also did significant favor for the home building and real estate industries. He was promptly called out for doing this favor for big business, but most people still seem to be ignoring the long range implications of any individual home owner bailout. So after being called out, Senator Dodd retreated like a Washington Redskins corner back by saying, "I would have been more moderate on that, to put it mildly" and he acknowledged that he had reservations about the business-tax breaks, but he still put them out there in the hope that they would slide on by. So now, in addition to selling every single tax payer down the river to pay for this bailout, Senator Dodd is proposing that people who are late with mortgage payments take money penalty-free from their retirement accounts.
That’s just brilliant Senator Dodd, so in 2008 we will bail these people out of their bad mortgages and in 2040 we get to bail them out again because they have no retirement savings. Absolutely brilliant. I don't know where Senator Dodd gets his ideas from, but I am fairly sure my 6th grade social studies class could have figured out a better plan than wrecking our economy for years to come, just to save a relative handful of foolish, ignorant, stupid and reckless homeowners.
No thanks Senator Dodd. No Thanks Representative Barney Frank and of course, lets not forget Senator & Presidential candidate Hillary Clinton, who opened her mouth first about an individual homeowner bail out.