Thursday, April 24, 2008

Housing Bailout Backlash Growing

CNN Money has another article today featuring Patrick Killelea from, as well as from entitled: "Backlash grows against the housing bailout".

Why should American taxpayers have to pay to bailout reckless lenders and borrowers?

The website, launched just last week, has a vitiation demanding that Congress not pass any bailout programs that reward risky borrowing and lending. To wit: "Let the free market sort it out!""

"A third of the American public rents," Brandon pointed out. "They're saying 'I've been saving for a mortgage for years. I could have jumped in on a subprime loan too. Now I'm going to have to pay for a government bailout.""

And from fellow blogger Patrick Killelea

"Patrick Killelea has been blogging about the housing bubble at for four years from San Francisco, where it takes a not-so-small fortune to buy.

"Bailouts reward bad behavior. I've been diligently saving, denying myself lots of things so I can afford to buy, yet the government is saying we have to keep all these people in their homes," said the Web site programmer and author. "Well, wait a minute! Why can't I spend more than I can afford and have the government bail me out.""

I have added a link to the petition in my blogroll. If you oppose any bailout, please sign their petition.

Unfortunately in this election year (or at any time for that matter) it makes better press to help people "save their house", even when they can't afford that house. The rest of us would be better off with lower prices so more people can afford homes, but our guvmint will likely mess this up as usual. Giving tax breaks to home builders for example, our lobbyists at work! Argh!

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