Springfield, MA. Libertarian U.S. Senate Candidate Bob Underwood today blasted the Paulson bank bailout. “The one group sure to lose is the American worker. That includes Americans who wish they were working. They’re struggling with their own mortgages, blamed if they’re not competitive on world markets, and now they get a bonus: Not only must they pay for their own housing, they must pick up the tab for someone else’s.
“The Donkey-Elephant dance went to bail out bankers, not to help the average American,” Underwood explained. “Some mortgage companies gave no-document loans, not even asking tax forms as evidence of income. Compare that with the grilling that most of us got when we applied for a mortgage. Under the bailout system, the executives who threw away their investors’ money will keep their mansions. Americans who could never qualify for a mortgage will be taxed to pay for homes for people who did qualify.
“Some people want to blame the person who just wanted a place to live. Borrowers just played their part in a bigger picture. For years bankers bet on inflation. As time went on, mortgage payments were supposed to get easier, because inflation drives up wages. The crisis came when outsourcing made salaries level. Borrowers couldn’t afford their mortgages.
“If you want more of the same, more ripoffs of taxpayers, just keep voting for Democrats and Republicans. For real change, vote Libertarian,” Underwood urged.
The mortgage crisis is part of a big picture discussed at
For more on why the bailout is a terrible idea, note economist-bloggers
Mike Shedlock http://globaleconomicanalysis.blogspot.com/
To contact the candidate:
Robert Joseph Underwood
83 Cherrelyn St.
Springfield, MA 01104-2441