My $700 billion bailout check..

Published Fri, Sep 26 2008 9:14 AM | duffmann808

My $700 billion bailout check seems to have gotten lost in the mail.  Hopefully the post man brings it tomorrow.

But honestly, this is an atrocity to the common sense of the American people and a travesty to the goodwill we have towards others.  The government plans to buy these Mortgage Backed Securities(MBS) with the hopes of jumo-starting the economy from the slow down that it itself precipitated.  These mortgage backed securities will bring in payments for the Federal Government if these people make their mortgage payments.  This begs a very serious question, however;  if these people dont make their payments, why do they have a house?  What happens to me if I dont make my car payment?  I sure as hell dont get money to help me out or better terms on my loan, because if I did I would have no incentive to ever pay my loan.  If I waited long enough maybe they would be paying me to own a car. My main point being: If you dont pay your mortgage, the house is not yours.  Until you successfully complete the payment of your mortgage, you do not technically own a home.  If you default on your mortgage, your home gets taken away, those are and always should be the rules of the game.

I have 2 main points....

1.) It severely bothers me that I frequently read of people who are afraid their homes might be taken away.  If its your home no one can take it away.  Until you pay the mortgage, its the banks home that they are letting you slowly buy away from them.  If banks would grow a pair, we would probably not be in this mess.  It all really goes back to leftism destroying our country.  The Democrats for some time have been engrossed in the idea that if you help someone financially, they will get back on their feet.  Decades of welfare and countless dollars later, we still have poverty, homelessness, and welfare grows tremendously each year.  This same thinking has been given to bankers.  As opposed to bankers giving loans to people who deserved them, the "rules" were changed so that practically anyone could buy a home, because "everyone should have a chance".  No, everyone shouldnt have a chance.  Everyone who WORKS, and can afford all of the expenses should have a chance.  Everyone who does the things that enable the purchase of big ticket items should be allowed to buy a home, but not everyone total.  Heres the math....

Everyone=(Those who work and make the money to buy a home)+(Those who expect handouts)

Now, as my simple math model shows, everyone does not deserve a home, and should not have been given the mortgages.  This leads me to point number 2....

2.) If you are in business, you always have to accept risk.  There is no business you can get into where risk does not play a factor.  Either the risk of losing money, the risk of lawsuit, etc.  These banks that are part of the bailout plan decided to take risks above and beyond what common sense would dictate, and lost money.  Not only did they lose money, they lost a loooooottt of money, more money than I will ever see in person.  Risk is admirable until a certain point, the point where risky behavior turns stupid.  These banks and their stupid behavior were punished, by the very people they were trying to help.  This is sort of the moral crux that befalls trying to help everyone, and its bite is much harder than its bark.  These banks lost money and were failing, which is a great thing, because they were failing and it was no ones fault but their own.  When a business fails, we should let it fail, as proof that doing the wrong thing leads to bad consequences for you.  The bailout is following the same kind of logic that got these banks into this mess in the first place, and is kind of ironic in that fact.  These banks got into trouble by wanting to help people, so that people could have things, and now they want help, because they dont want to lose the things that they already have.  If I could draw a circle I would hope to indicate the circular reasoning they are using, which has continually proven wrong and will continue to do so.

We may not know for quite some time how bad this $700 Billion will hurt us, but when it hits it will hit hard.

 

P.S.-Sorry if this is rambling or incoherent, but I havent gotten a lot of sleep. :)

Comments

# James said on September 28, 2008 11:24 AM:

This Bank Welfare Plan is a disgrace.I agree whole heartedly with your description,you'll notice the crooks in the senate using words like "We have a breakthrough",w.t.f? A breakthrough?It's really that difficult to decide how to give away $700b+ of the taxpayers money,they sound as though they are research scientist and just discovered a cure for cancer.The fact is we(regrettably)voted these idiots in there,we tell them "NO ,NO, NO"and yet they are still hellbent on letting the people be ripped off.Look ,if I took all these bad mortgages to their bank back when they were riding high and said "Hey banker give me a loan on this bad paper"They would laugh so hard,then have me escorted out of the bank.I'm going to see how my local reps vote and if they vote for this crap, when election day comes their asses are out of a job.

# Uncle B said on October 15, 2008 7:33 PM:

Nice to see you American folks say it like it really is for a change! I guess that now that your government has pushed you over a barrel spread eagled, broke you open like a cheap shotgun, and had their way with your life savings in your 401K's and already absconded with the money, deflated your dollar to ass-wipe value and kicked you right the hell out of your homes with dirty unfair lending practices it is time to whimper, but when the price of oil goes to $14.00 a gallon on the barrel-head payable only in Euros, just before Christmas, you will cry out loud! and when the jobless, farmless, condoless and foodless anarchists living in the streets grab you an render your fat asses in laneways for diesel fuel to go raping and plundering your country in your stolen SUV's, you will certainly scream out loud, But it will be too late, Bush and his cronies will already be hiding in Dubai with all your money and not listening at all!

# duffmann808 said on October 15, 2008 8:13 PM:

Uncle B, It is pretty obvious you have no idea what the hell you are talking about....but thanks for commenting my blog!!!

# Jimbo said on October 25, 2008 6:45 PM:

The gubmit took the money because they have the ability to use force to take it.

It cracks me up when people put all of the blame on the republicrats... They are part of the blame, but Fannie & Freddie are chock full of demican operatives too. Look at who'se the majority in the body politic at present, the donks.

Perhaphs it's time to trade the republicrats and demicans in for some Libertarians this go-around.