I’d suggest we all write to our elected representatives at the state and federal level to make them aware that there are substantial numbers of voters who have saved over the years, who have lived below their means to save for a down payment, and who refused to participate in the speculative mania of recent years. It is imperative that they understand that by bailing out a minority of “squeeky wheels” they would be doing it at the expense of the majority of responsible taxpayers who:
(1) Own their house outright, or
(2) Have substantial equity in their houses and have completely manageable mortgages, or
(3) Don’t have a house or mortgage and are renters.
And enough of the phrase “families could lose their homes.” You cannot lose what you don’t own: If you “bought” a house with zero down and with a toxic loan, there’s nothing in it for you to “lose.” Such families will simply revert to renting. Bail outs would only prop up inflated prices, making the adjustment longer and more painful, and hurting young families who can’t afford housing at the current ridiculously inflated prices.
I’d suggest that articulate Piggintonians draft sample letters and templates that we can use to communicate our concerns with legislators.
It ain’t gonna happen before 2008. Now if we have an entire democratic gov after 2008, well then we probably got more things to worry about than just bailing out these people…such as taxing the upper middle class to support the irresponsible.
i’m not a political advocate one way other the other. I just don’t like it when only one political party controls all of government either democrat or republican.
The best government is when there’s an near equal split in power, because nothing from a political agenda gets done…And that’s good, considering neither parties really do anything that makes financial sense. I’m better off if they leave me alone.
America needs a new political party that caters to the financially responsible.
Foresale_2007, such political party does exist: The Libertarian Party.
Republicrats (or is it Demoblicans?), as you noticed, are interested in big government: tax-and-spend or borrow-and-spend, to further their ideological agenda, be it war, welfare (corporate or the usual kind), and countless “programs” to save us idiot citizens from ourselves.
“I just don’t like it when only one political party controls all of government either democrat or republican.”
I feel the same. Studies have shown that the stock market tends to perform better when power is split. The power gridlock means less gov’t meddling, and businesses are free to make money.
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