Saturday, April 14, 2007

I call Bullshit.

Subprime Bailout noises HERE at CNN...

...talking about government assistance to bail out home purchase lenders and borrowers.

Why in HELL should people who made the sometimes difficult but responsible decision not to borrow beyond their means, which in many cases meant continuing to pay rent with no chance of gaining equity, have to bail out folks who made a bad business decision?

Subprime bailout? $120 billion
More than 1 million borrowers may be at risk of defaulting on their mortgages. Assisting them all wouldn't come cheap.

I don't care even if it would be cheap.

Maybe if more than a million people actually had to pay for their bad economic decisions, those folks would make better decisions in the future. But in any case, there is no good reason to saddle innocent people with the cost of repairing this mess. Let the folks who did it clean up after themselves.

As an aside (and it doesn't change the principle of the thing), I don't think many (any) of those folks at risk for default were gonna be wildly sharing the equity and profits they'da made if the market had gone like they'd gambled.

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