Tuesday, September 23, 2008

Even More Silliness in this Bailout

Original Article Here

I noticed a few changes to the article I posted last night today. Namely, this:

The administration is balking at another key Democratic demand: allowing judges to rewrite bankrupt homeowners' mortgages so they could avoid foreclosure.

So lets get this straight. Democrats want to "prop up" the housing market. How? By destroying the ability of lenders to be secure in their contracts. The Dems basically want a judge to be able to rewrite these loan contracts however he wants to make sure that home owners do not get foreclosed on.

Boy, I'd sure like that service too. I think I need to pay half of what I'm paying now. Why? Why not. I must be entitled to the house that I'm in. Heck, I don't think I'll even pay my mortgage any more. After all, the Government will be there to make sure the big bad man at Countrywide doesn't take my house away.

I still don't understand how it is ok for people to enter into a contract, and then because it's "too hard" turn right around and get out of that contract. I don't understand how this action will "prop up" the housing market. And I really don't understand why the Democrats suddenly think that when a bill is being touted as "emergency must pass", they should add a bunch of idiocy and pork to it. As you've read here, I don't want this one to pass, but at the same time, it's obvious that the Dems see this as an opportunity to add all kinds of bullshit to this bill to ram through programs that they know they couldn't get away with normally.

Ultimately, it comes down to this. Homes are overpriced. The price of housing in most areas of this country has far, far exceeded the abilities of the average person to become a homeowner without putting themselves into crippling house payments. The response to this situation is NOT to "prop up" the housing market. The only thing that these actions is doing is prolonging the misery of the housing market itself. The market needs to be left FREE to drop and correct itself. Will this put some people in a bad way? Yes it will. Will it cause some hardships and bankruptcies? Absolutely. Will it allow us to break a few more bars in this prison of debt that we are putting ourselves into? Most certainly. And that, my friends, is a good thing.

Allow the housing market to correct. Let it go and be free. Let it correct itself and put housing back into an affordable range for our families and citizens. DO NOT prolong this overpriced situation to imprison future homeowners in a cage of mortgage debt.

Mortgages represent REAL MONEY. They represent cash that you MUST pay back to people. Don't treat a mortgage as this ephemeral situation where you're not playing with real money.

Mr. President and Congress, let the markets be FREE.

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