And what happens to those who don't benefit? Because this is a negative for far more in this country than a positive.
Of course they do, because they should have known better. This is basic Finance 101. But it seems an unfortunate pattern that the inability of the financial institutions to use simple arithmetic doesn't mean that those borrowers who actually paid attention and realized they would, eventually, have to shoulder the burden of their debt, should suffer seems remarkably unjust.
The people who suffer most from a bailout are those that decided the financially responsible thing for them to do was not to buy but to continue renting. They end up not only having some portion of their tax dollars used to fund said bailout, but they are also faced with a housing market where prices moving forward are propped up by the government stepping in to prevent foreclosures. I realize that this bailout is pretty limited in scope, but nevertheless those two facets still hold true.
By this reasoning every single goverment policy that does not help me hurts me, since my tax dollars go to pay for it.
"Every decent man is ashamed of the government he lives under." "I believe that all government is evil, and that trying to improve it is largely a waste of time." "The larger the mob, the harder the test. In small areas, before small electorates, a first-rate man occasionally fights his way through, carrying even the mob with him by force of his personality. But when the field is nationwide, and the fight must be waged chiefly at second and third hand, and the force of personality cannot so readily make itself felt, then all the odds are on the man who is, intrinsically, the most devious and mediocre — the man who can most easily adeptly disperse the notion that his mind is a virtual vacuum. The Presidency tends, year by year, to go to such men. As democracy is perfected, the office represents, more and more closely, the inner soul of the people. We move toward a lofty ideal. On some great and glorious day the plain folks of the land will reach their heart's desire at last, and the White House will be adorned by a downright moron. " And another quote of his that would describe this situation methinks: "The world always makes the assumption that the exposure of an error is identical with the discovery of truth--that the error and truth are simply opposite. They are nothing of the sort. What the world turns to, when it is cured of one error, is usually simply another error, and maybe one worse than the first one." -H.L. Mencken (1880-1956)
kinda like how some people who were prudent enough to know that a buncha irresponsible morons invading Iraq was the biggest waste of billions of dollars ever, but are still stuck with the tax bill.. oh wait, wrong thread...
Off topic: That's because if we elected Kerry, he wouldn't have done any better and no policies on Iraq would've changed. It's why I voted Badnarik as a protest vote. If Kerry had been elected, the Republicans would conveniently have a Democrat bogeyman to blame for the war going wrong. In retrospect, it's a good thing Bush was re-elected. It forced him to have deal with all the problems of his creation from his first four years in office. And now that this quagmire happened under Bush's watch with a friendly Congress and Senate for most of his presidency, it exposed his administration's policies for the sham they were to his last holdouts, the Republican Party.
We all get the government we deserve. Democracy is the worst form of government, except for all the other ones that have been tried. A cynic is one who knows the price of everything and the value of nothing.
This is from one of the more frothier markets: And something pretty odd. http://suddendebt.blogspot.com/2007/09/conduit-warnings.html