RSS
Home
Where's MY bailout?!
Print
Email
RSS
Subscribe
Vin Suprynowicz paints a nice picture of the future of American socialism, and in the process colorfully outlines why the current price tag of the feds' bailout packages is merely a fraction of their eventual cost.
In critiquing John McCain's plan to buy up bad mortages -- which essentially is Washington's plan -- Suprynowicz writes:
... Let’s say Ernesto and Latisha, paying a $245,000 mortgage for a home on which they put $5,000 down, agree to “re-negotiate” their loan with Uncle Sam at $150,000.
First come the local mayor and City Council, complaining their tax revenues will fall if all these houses have to be reassessed at a drop of 40 percent. No problem: Uncle Sam agrees to hand them the difference, out of your federal tax payment and mine – the same funding source that allowed Uncle Sam to buy the $245,000 mortgage and blithely throw away $95,000 of its nominal value, in the first place.
In other words, that original $245,000 mortgage is now at least $340,000. Way to go, gubbinmint!
My wife would spank me (and not in the good way) for divulging personal financial information, but let's just say that together we are forced to submit to the State the equivalent of a full-size luxury SUV in income and property taxes every year. So where the hell's my mortgage assistance? I'd love to knock $100k off it. I also wouldn't mind a little help paying off my wife's MBA loans, either. After all, we'd have a lot more disposable income if it weren't pilfered by the government.
Now, of course, I don't really want a handout. I want the State to cease in its very existence. That way it wouldn't be able to rob us in the first place, much less steal with the objective to divert resources from the most responsible individuals to the least.
Three cheers for equality!
Related Articles:
Comments
