Housing Bailout

From 2001-2007 I watched and laughed as foolishness prevailed in the housing lending industry. As property values boomed, lenders were happy to put an un-qualified chump in a loan that everyone knew would only go up. Nobody saved, everybody borrowed more than they could afford, lenders gave loans to people who they should not have, and interest rates were at 40 year lows or something like that. Meanwhile I paid a premium for a conventional fixed mortgage, saved what I could, and thought that my responsible actions would carry me into the future. We’ll it turns out I’m the stupid chump. The Givernment is going to bail the lenders and the borrowers out with my tax money.

The argument is going to be that a collapse of the housing and financial services market will bring down the economy. I call it a correction of the overinflated unsustainable bubble.

Michelle has the details:

http://michellemalkin.com/2007/08/24/the-democrat-clamor-for-a-housing-bailout/