The Wall Street Journal is reporting that the Democrats may face the rath of voters because they are pushing so hard for a housing bailout. Thankfully our President, in his first sound decision since 2002, is vowing to veto the measure. Not that the Republican plan is any better.
There are some great Youtube clips of the Republicans coming out and blasting this bailout. How could any level headed, objective person be in favor of this bailout? Nearly a 1/3 (32%) of the population rents their home, 27% of people own their home free and clear and have no mortgage, another 33% of the population is living within its means and are current on their mortgage. Which leaves another 8% of the population who are behind or in foreclosure. So, basically the Dems are going to stick 92% of us with the tab for a small fraction of the population who were, dumb, ignorant and selfish. Now granted, a small portion of the people who are still current on their mortgages must be shitting their pants, so lets say that half of the 33% who are current on their mortgages will not be without a bailout at some point. I am certain that it isn't that much, but lets cut the dumb some slack. If you assume that 25% of the population needs a bailout, your still talking about sticking it to 75% of us. Including a large portion of the renter population who were royally horned over by the dumb 25%. And its not really 25%, but that’s a nice round number, and here's what it comes down to ... The Democrats want to shaft 1/3 of us to save another 1/4 of us someplace else. This kind of thought process is just plain broken. Really, its populist, so what can any of us expect from a bunch of politicians.