December 30, 2008
GOP against stimulus to economy

Congressional Republicans on Monday criticized a $1 trillion stimulus as wasteful spending and signaled they will oppose having the bill ready by President-elect Obama’s inauguration on Jan. 20. Senate Minority Leader Mitch McConnell (R-Ky.) demanded hearings and at least a week to review the bill to prevent wasteful spending and fraud.

In principle, I oppose all bailouts, whether they be of Wall Street or auto companies (I supported this one only on charitable grounds) or consumers, but it would be nice to have some consistency here.  While George Bush turned our economy into a Socialist one and Republicans went along bailing everyone out, now they want to oppose if Obama wants to help the little guy.

10:20am
Filed under: economy politics bailout stimulus gop 
December 21, 2008
Mortgagers are not homeowners

We all like to be called homeowners (after that is the largest asset most middleclass people own) and there is always buzz about homeowners.  And as the Times points out politicians happily exploited the myth for political gain.

The sad reality is that there is no word more misleading than homeowner.  The only people who own homes are the ones that have no mortgage at all.  It may not make sense from a personal finance standpoint for most of us, but as far as the legal issues are concerned, the bank is the homeowner till the last penny is paid.  So all these so-called homeowners who created the current crisis should be held responsible for their stupid actions rather than bailed out.

“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002

10:15am
Filed under: economy bailout real estate mortgages homeowners george bush