There’s been a lot of press lately about this financial bail out. I am not sure how they come up with some of these names for things. What it really amounts to is an attempt to fix our silly socialized mortgage system. Fannie Mae and Fannie Mac were bad ideas to begin with and now we are paying the price. We encouraged folks to get mortgages that they couldn’t afford. And now we pay the price.
Personally, I think this whole bail out plan is a bad idea. They should just let that boat sink. Unfortunately, there is an anchor attached to my ankle from the boat. It wants to pull me and lot of other folks who simply went about their business and paid their mortgage down with it.
As usual, the innocent are being punished by the foolish. Our investments are being thrashed in the market by this financial meltdown. Way too many folks have over extended themselves and bought too big – above what they could afford. And then they simply get out by declaring bankruptcy. What a sham! Where’s the repercussions?
I haven’t seen the news polls to see what the general public thinks about the bail out, but I know the dozen or so folks I have chatted with about it at work all agree its a bad plan and bad deal. But, they are also going to get financially hurt. Once the Government gets into the financial system, how do you get them out? You won’t and that disrupts the Capitalist free market system.
What’s scary is that Obama wants to inject more socialist type plans and grow Government. We don’t need more screw ups like the mortgage system. No telling how much longer this no-win situation will continue.