Quote:
Originally Posted by Last Post
For once I hope Bush vetos this bill.
Housing aid bill clears key Senate hurdle - Yahoo! News
What I love is that the past 20 years of my life I've been very financially responsible. I paid off my house which now seems like a waste of money as the houses around mine are all getting foreclosed on and making my house worthless if I leave in the next 5-10 years.
But NOW, I'm on the hook for all these idiots that are driving my house's value into the ground. After all the efforts I made to avoid debt and keep up a good credit rating.....now I am on the hook for people who were irresponsible and others that made a huge amount of money selling bad loans.
Bush, VETO THIS SUCKER. |
I agree. This housing mess can go one of 2 ways.
Allow the bubble to pop, watch the economy go into the ****ter, but immediately start the recovery process. This is the smart way to go, but no politician has the guts to push for this "tough love" approach.
The second way is to artificially prop up the housing market with government subsidies thereby ensuring that people who should never have bough a home in the first place can keep them. This will slowly deflate the bubble and delay the type of market correction that is badly needed in the housing market ensuring a less initially painful down turn but a much longer fall and wait for recovery process. This one is more politically expedient which explains the wide bi-partisan support.
You're right about the Bush veto. He's the only one with nothing to lose politically and should shoot it down until they can provide a bill that regulates the mortgage lending industry without a bailout.