Steve G.

Yuppie Welfare Bill Passed

In Personal Responsibility on July 27, 2008 at 2:28 pm

Did you buy a house you couldn’t afford, with a suicidal no-down-payment negative amortization loan about 10x your annual income, and then borrow tens or hundreds of thousands of additional dollars against your fake “equity” to buy luxury cars, expensive vacations, large-screen TVs, designer furniture, gold watches and other bling?

Or are you a “flipper” who committed mortgage fraud, getting several government-backed “primary residence” loans to buy houses, put $15K of Home Depot stuff in them, and sell them — only to discover the housing bubble popped and you cannot make your mortgage payments on the second, third, or fifth house you own?

If so, you’re in luck! The bipartisan bozos in Washington have signed a $300 billion bailout to make the payments on your loans and save Fannie/Freddie to keep the suicide loans flowing, positioning it as a “housing market stabilization bill.” Bush is planning to sign it “quietly.”

Are you a saver, someone who didn’t buy an overpriced house with a suicide loan and are waiting for inflated housing prices driven up by government largesse and the speculative flipper-bubble to return to the market price?

You, then, are screwed. With every tax payment you make, you’ll be paying for your insane neighbors’ Rolexes, Hummers, Danish modern furniture, pools, LG 64 inch LCD televisions, and Disney holidays. And you’ll continue to be priced out of the housing market, thanks to big government largesse.

  1. There is a category of persons not identified in this essay. Namely those who save in non-fiat value systems, such as gold and silver coin, and who are not paying taxes they don’t owe.

  2. Thanks for pointing out the obvious. It seems to be the nature of this county of late to “punish” those who were frugal enough to plan their life with a little reason. However, I must admit to luck having some effect as I was able to inherite family property and therefore live in decent circumstances on a very limited income. I am 75 years old and feel priviliged to be of a generation that took care of itself. I don’t think future citizens will be so lucky.

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