Gut-Shooting the American Dream

This is just ridiculous. If you weren’t one of those people foolish or greedy enough to get themselves into big trouble taking out home loans they couldn’t begin to afford once their Adjustable Rate Mortgages adjusted, you’re going to pay, big time.

You’re going to pay because some of your money is going to help bail out the people who got themselves in trouble, regardless of what the President says. There is going to be a tax cost to this bailout. It just won’t be an obvious outlay of cash into a bailout fund.

If you are one of the folks, like me, who don’t own a home because they are far too expensive, you’re going to pay because you won’t be able to afford a home in the near future because the government has now forced the housing prices to stay artificially high.

If you do get a loan, you’re going to pay because the rates that mortgage companies charge are going to have to reflect that they are carrying a whole lot of loans at government-mandated lower rates. They are going to have to make up that money somehow. Your next loan is one way they’ll do that.

If you live within your means, you’re going to pay because your Federal government just made it official policy that it will rewards greedy and/or stupid financial decisions and punish the wise and prudent.

Nice job, Mr. President. Thanks for gut-shooting the American Dream.

UPDATE: Michelle Malkin has a much better plan: Suck. It. Up.

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Category: Featured, The Economy and Your Money