Thread: Those Responsible for Meltdown are Vultures and Vipers, Not

Those Responsible for Meltdown are Vultures and Vipers, Not Victims

John W. Lillpop

President Bush and the Congress are about to transfer $700 billion dollars of taxpayer money to unethical bankers and investors whose predatory and unethical business practices have finally caught up with them.

Make that caught up with us.

This $700 billion is on top of the $300 billion bill from July to help homeowners facing foreclosure, and is on top of tens of billions of tax dollars that Uncle Sam tossed at Fannie Mae and Freddie Mac, two private corporations specifically created by Congress to bring stability to mortgage lending, and is on top of the $85 billion spent to rescue insurance giants AIF.

Heaven knows, no one wants to see any American kicked out of his or her home. But this action is yet another punch in the stomach to millions of Americans who have chosen to live their lives responsibly and within their financial means.

Given the government’s penchant for serving as Uncle Nanny when it comes to home ownership, why in Hades should any responsible citizen scrimp and save and work hard when those who are reckless and irresponsible can count on being bailed out with taxpayer money?

What is the point in being frugal and prudent when it is the foolish and imprudent who are rewarded?

During the most recent period of extravagant exuberance in the mortgage industry, several old school traditions have been cast aside in favor of more liberalized underwriting standards.

This new paradigm of underwriting has lead to a new way of thinking, including the following:

Fret Not About Your Credit

It seems as though those who worry about their credit worthiness are guilty of “old schoolâ€

I made a decision that I will not pay my mortgage payment, and will never borrow money again. This entire bailout is so that Americans can get more credit... Well credit means you own nothing, the bank owns you.

My current house payment is $2,500. per month which is 30,000. per year. Instead of giving it to the globalists, I'll save it and when I need to buy a new car, I'll have the cash in the bank to do so. Houses will continue to go down, so my equity is pretty much shot anyway.