Media Hypocrisy: Housing Bail-out in US

Billy Hill

I like how when Hillary was demanding something be done a couple months ago about the housing problem it was a 'Mortgage Relief Plan' and now that Bush take action it's a 'Bailout' Never mind the fact that Hillary wanted to use government money and Bush doesn't.

At least now when the next president will have something concrete to point at in Bush's term to blame the impending recession that'll happen 5 yrs from now.

Now I'm regretting being responsible and getting a 30 yr mortgage at a good rate and only buying what I can afford.

I guess it does pay to be irresponsible sometimes. Rolling Eyes

LumberJack

It doesn't matter who is president, there shouldn't be a bailout period. As you said, this is doing nothing but bailing out completely irresponsible adults. This doesn't help anyone really, and just moves the fallout to a few years from now... for someone else to deal with.

Banks should fix their own mortgages if they don't want to have to foreclose on homes that are worth nothing. Not the US government.

ganesh

That is the whole problem with the majority of Americans (I have seen with my own eyes). They live beyond their means and almost all of them run huge credit card debts. This way of life gets passed on from parents to children and eventually the whole country is stuck up in the rut of the debt traps, what with people buying into stuff they have no hope of repaying.

Maybe children should be taught about financial responsibility and also be taught not to live beyond their means. The whole problem with the ultra-consumerist, ultra-capitalistic economy is that the economy goes into recession due to the obscene spending habits of the people involved.

Greediness of the financial institutions led them to sanction home loans to people who were in no financial position ever to repay the loans at the exorbitant interest rates which were charged. I think drastic actions need to be taken on the US economy to make sure it gets back on the rails as soon as possible.