A bailout is morally irresponsible because it encourages irresponsible and irrational behavior. Here is a short list of the many "moral hazards" that a bailout enables:Take the time to click through on the link. This is a huge issue and will have an enormous effect on YOU and generations to come. We can't allow politicians to bailout greedy bankers with taxpayer money. Act today!
- A bailout sends the a wrong message about personal responsibility. It tells Americans in no uncertain terms that their financial decision have no consequences; the government will pick up the tab.
- A bailout tells responsible Americans that they are suckers. If responsible American had been smart, they would have overextended themselves, purchased homes they could not afford, and taken out home equity loans based on the paper value of their property. Then, when the bill came due, they could pass it to the government like the irresponsible want to do.
- A bailout allows banks, mortgage brokers, speculators, and refinancers to benefit from their abuse of the system. By doing so, it encourages these people to act irresponsibly in the future.
- A bailout will force Americans who acted responsibly to pay for those who did not. The average American -- who saved and scrimped for years to buy a house but could not because speculators and over-extenders boosted home prices beyond affordability -- will now be forced to pay for the homes of those who were less scrupulous.
Friday, March 28, 2008
Stop the Mortgage Bailout!!!
Came across this via Angry Bear. I agree, whole heartedly. Especially with this: