December 07, 2007

It is nice to know that Undismayed isn't the only person out there who doesn't think the government should take my money through exorbitant taxes and hand it to morons who made irresponsible investment choices.

This comparison to Terri Schiavo is really a great one.

Those Who Avoided Risk Call Plan A Raw Deal - "

So yesterday's news that major lenders had agreed to freeze rates on some subprime adjustable-rate mortgages stirred deep resentment.

"It seems almost like you are rewarded for being less responsible," said the management consultant, 33. "There are a lot of downsides for people who didn't buy into a lot of the frenzy."...

At the blog HousingPanic (, the agreement is equated to the attempt in 2005 to save Terri Schiavo, a woman who was in a vegetative state. 'Washington politicians thought intervening in the Terri Schiavo affair would be good politics, too. Housing Gambler Bailout is the new Terri Schiavo,' the site proclaims.

Then there is the name-calling and hostility: It is a plan to help the 'greedy' who 'squeal like stuck pigs' when the market turns bad, said one post on HousingPanic. Another declared: 'If I only had been stupid or greedy instead then Uncle Sam would have my back.'"
Politicians need to appeal not only to people at risk of losing their homes but also to those such as Ben Sullivan, who sees the agreement as a undeserved bailout. After the 2001 technology stock bust, many people lost significant value in their retirement plans, Sullivan said. "No one was offering to pay for their 401(k) losses. Why should they do it for their housing losses?" said the 28-year-old commercial banker.

I just said to my lovely wife that this blacklash proves that I am not crazy for complaining about the mortgage bailout, to which she replied 'Oh? Are the others calling for the bankers to be hanged and the others to be enslaved?"

I have, however, revised my earlier thinking about fair solutions.

I now propose that the reckless fools who are dragging down the whole economy should be put into Guantanamo.

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