(Yes, I made that myself, in paint...)
Brace yourselves because the hatred is back with a vengeance. Today our government announced a RIDICULOUS plan to help curb foreclosures by "shrinking some home loans." Read about it here. This means that mortgage companies would "reduce" the amount that borrowers owe on their homes to an amount that is equal to or less than the current value of their homes. A lot of people now owe "more than their homes are worth." Now my question is: "that's my problem... why?"
What the government is doing is pure socialism. There... I said it. Allow me to explain:
During the peak of the sub-prime crisis a lot of people took on loans that THEY KNEW they couldn't afford.. just because they could. Because they were greedy Americans. Because they were greedy average Americans, not bankers or financiers or what have you. Now that home prices are down, they owe more than their houses are worth. How that is anyone's problem but said borrowers I have no idea.
Yet, in order to combat foreclosures, which drive home prices down, the government has decided that it is going to pay mortgage companies to reduce the amount that their borrowers owe. How is the government going to pay for this you ask? The way it does for everything else... by printing money! This is going to drive our deficit higher. And then what... you ask? Our fearless leader is going to raise taxes... because that's the only sensible thing that anyone could do in this situation.
But how can you raise taxes on people who can barely afford to pay their mortgage in the first place? It's simple. You don't tax them... you tax all the "rich" people (aka have positive net worth) who aren't in tons of debt and actually manage their finances responsibly (like myself).
So, essentially, the government's solution to this problem is a massive Robin Hood scheme where the rich are taxed up the ass in order to pay the poor's mortgage loans. All I have to say is... what the fuck?!?!?! I thought this was 'Merica!
Mo out.
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