At least somebody get it
A quote from today's Wall Street Journal Opinion page:
Millions of Americans have negative equity in their homes, but did not bite off more mortgage than their incomes could support. These people are still paying their mortgages and never imagined doing anything else. Millions of others have positive equity in their homes despite seeing painful declines in their home value. Now all these homeowners are to be taxed to benefit more irresponsible borrowers?
Even worse, the government is rushing to bail out the banks and mortgage institutions that helped get the country into the current mess. Yesterday, the Fed guaranteed a $30 billion credit line to help JPMorgan Chase buy out the collapsing Bear Stearns. And guess who is ultimately guaranteeing that loan? That would be us, the US taxpayers.
Millions of Americans have negative equity in their homes, but did not bite off more mortgage than their incomes could support. These people are still paying their mortgages and never imagined doing anything else. Millions of others have positive equity in their homes despite seeing painful declines in their home value. Now all these homeowners are to be taxed to benefit more irresponsible borrowers?
Even worse, the government is rushing to bail out the banks and mortgage institutions that helped get the country into the current mess. Yesterday, the Fed guaranteed a $30 billion credit line to help JPMorgan Chase buy out the collapsing Bear Stearns. And guess who is ultimately guaranteeing that loan? That would be us, the US taxpayers.
posted by David at 3/17/2008 12:29:00 PM
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