Posted on 04/23/2008 8:28:58 AM PDT by bstein80
Why should American taxpayers have to pay to bailout reckless lenders and borrowers?
The website Angryrenter.com, launched just last week, has a vitiation demanding that Congress not pass any bailout programs that reward risky borrowing and lending. To wit: "Let the free market sort it out!"
The petition is gathering 40 to 50 signatures per hour, according to spokesman Adam Brandon, who adds that the site is already getting 15,000 visitors a day.
"There's a huge segment of the country saying, 'We don't want our money used for a bailout,'" said Brandon.
AngryRenter.com is backed by FreedomWorks, the conservative, free-market Washington-based lobbying group run by former House majority leader Dick Armey.
"A third of the American public rents," Brandon pointed out. "They're saying 'I've been saving for a mortgage for years. I could have jumped in on a subprime loan too. Now I'm going to have to pay for a government bailout."
Many CNNMoney.com readers agree, expressing outrage at the idea of seeing their taxes used to keep people in homes they never should have purchased.
"We are both working professionals who would have liked to buy," said Matthew Haas, a community development organizer who moved to Los Angeles with his wife in 2003. They opted not to pay bubble prices, and are still renting despite ample income.
"Now we have hit [the alternative minimum tax] and are finding out our tax dollars are going to bail out others." "Where is value, morally, as a country?" he said. "Is it taking taxpayer money and applying it to people who should never have bought, people who were flippers?"
(Excerpt) Read more at money.cnn.com ...
I agree with CNN for once.
Because the health of their own 401K's depends on it. Let the lenders take the heat they deserve and the whole economic shell game collapses.
Signed. Things are reaching a fever pitch out there.
Take a hit. Withdraw the funds, hoard them until after the collapse, and sift through the rubble for something worthwhile.
Not to mention those who were simply trying to flip houses for a profit as the market rose.
Why should I pay because they lost a bet on what the market would do?
...
Look folks....If Chase gets into trouble on this, have you figured out what family own Chase and what position they hold in the government?
American taxpayers are flipping off the flippers.
As it eventually must. Better to take the punishment now, than postpone it and make it worse for later.
The political morons who now want to bail everyone out are the same morons who eased regulations and encouraged/required lenders to lend to substandard borrowers and urban minority borrowers. “It’s fer the poor,” they said.
Hmmm. I’m just guessing here - are they Democrats? With one president in the family, and a swimmer?
Bull.
L
Why should American taxpayers have to pay to bailout reckless lenders and borrowers?
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They/we should not. Just because some poorly-managed banks are willing to give money to people who cannot pay it back, should not be our problem. If responsiblity in lending, and corporate business in general, is no longer a requirement for success or failure, then our whole capitalist system will collapse.
Accountability in government and business is a must.
"We are from the govt and we are here to help"
Signed too. Almost 6,00 signatures, and growing fast.Surprised CNN did the story.
And THAT, FRiend, is the entire plan.
You may be right, but the bailout was made on behalf of state and local governments.
Property taxes are going to decline at least 10% due to the current decline in appraisal values. The next several years are going to be interesting to watch in that regard.
it’s just mindless politicians, and their idiot staff who once again, by watching MSM 24 hours per day to supposedly guage the political climate, are trying to show they are “doing something” no matter how ridiculous.
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