Embarrassing Bail Out

With every bump in the road, it seems that the answer is to grab the tin cup and head to Washington so that the taxpayers can solve the problem. Whatever happened to responsibility? Our politicians are setting a bad example bailing out every failed business that gets into trouble.

The only sympathy the big banks get is that the Democrats forced them into making bad loans. The large financial institutions' failure shines a great big light on why socialism is bad and has never succeeded.

It was a grand idea that everybody should be able to share in the American dream of home ownership. There are plenty of proud homeowners around. But traditionally, before a person could qualify for a home loan, they had to demonstrate that they paid their bills on time and have established good credit. Even then, they had to buy a house they could afford. It was no big secret as to how you bought a house; all you had to do was demonstrate responsibility with your finances.

That was the norm until the Democrats thought that the rules for homeownership discriminated against the poor. Requiring a down payment was unfair. Checking a person's work record was unfair. Requiring a good bill paying record was unfair. Just loan them the money! After all, it is not fair that low-income earners not be able to participate in the American dream.

For a while, it was a cause célèbre that so many low-income people were getting houses. The contractors and realtors got their money from the financial institutions and all was happy. The financial institutions felt so good about it, they put millions into the reelection coffers of the supporting politicians, and the officers of the financial institutions raked off millions for themselves. Ahh, it was the good times!

But as fate would have it, there was a fly in the soup. Those new low-income homeowners either could not pay their mortgage, or would not pay for them. The financial world came to the realization that they were out a lot of money and that those loans were worthless. To compound matters, housing prices were dropping, and those properties were worth even less than they were originally. In fact, there was no way to put a value on those properties. Oh, what do we do now?

This is just another fine mess that the Liberal Democrats have created for us. But because of the politics, we cannot let those who are responsible stew in their own juice. No, no, no, no --Bush's Secretary of the Treasury and head of the Federal Reserve are calling for the American people to buy all of those bad loans so we can avoid a meltdown of the economy. So it is the taxpayers to the rescue!

Further complications are coming from the Democrats. They not only want to rescue those financial institutions, but also want relief for the homeowners who borrowed the money. In effect, the Democrats want those people to get their homes gratis from the taxpayers. You really did not expect those politicians to admit a mistake did you. How convoluted is this picture? Of course the Democrats version is couched in another term, --'relief for main street'. Or maybe the Democrats just feel guilty for helping put low-income earners into houses that they could not afford.

I write this for all of you who think that the Democrats do so well with the economy. The truth is we cannot afford any more of the Democrat's feel-good, Liberal, and well-intentioned policies. The further down the road we go to that failed system of socialism, the closer to the heart of this country the dagger sinks.

Cheers,

-Robert-