Thursday, February 19, 2009

Bailoutistan's Mortgage Plan: a Bail Out for Failed House Flippers!

Justin Higgins detects some spin. It's almost like journalists were auditioning for jobs in the administration or something...

I haven't read up much on Obama's plan, but two things jump out:

a) The final tab will be way more than $75 billion. Could be $275 billion. Will likely be much more, once interest costs on the additional debt are included.

b) The technical term for living within your means in a house that you could afford is “sucker”. The bailout money is headed for the improvident, the house flippers, and folks who are going to default regardless of how you restructure their payments.

The American middle class gets screwed over again, with more billions in debt that either we or our children are going to have to pay. Obama and the Democrats are taking your money and bailing out the house flippers. On top of the new trillion or so in “stimulus”.

But Wait! I might get $13 a week or so back on my taxes!