Previous posts in this discussion:
Postre: Economics: on the Dollar and Mortgages (Bienvenido Macario, Philippines) (John Eipper, USA, 12/07/07 1:44 am)
JE wrote on 6 December (see Jody Brennan's post from that date):
I pay my mortgage on time, and did not purchase more house than I
could afford. But others did, and I suppose my taxes will now be
coming to their rescue. Yet it is simply heartless (and suicidal for
Republican and Democratic politicians alike) for a prosperous society
to look on while so many are thrown into the street.
Bienvenido Macario responds:
It looks like Pres. Bush anticipated JE's comment. The question is who
will determine the "responsible homeowners" deserving of government
assistance to avoid foreclosure? How will they (whoever they are)
identify such homeowners? What about those whose homes have been
foreclosed before this mortgage rate freeze? Is it not unfair to those
who could not take advantage of this bailout?
See the following news story:
JE comments: What is notable about the subprime bailout plans is their bi-partisan nature. As next November's elections approach, neither party wants to be perceived as a cruel landlord evicting widows and children.
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John Eipper, Editor-in-Chief, Adrian College, MI 49221 USA