Wednesday, October 15, 2008

"Hey, chumps: Why are you still paying your mortgages?"

That's what Michelle Malkin is asking:

I can’t tell you how disgusted I am by the apathy over the Paulson/Bush/Pelosi/Reid wealth confiscation program in full swing. Every time I hear someone yammering on the radio or TV about Barack Obama’s plans to socialize this or that, I want to hurl.

The bank nationalization Trojan Horse was brought to you by a GOP administration.

Both presidential candidates have enshrined mortgage “rescues” and foreclosure prevention as primary government goals.

Both candidates supported the $25 billion automakers’ bailout. And now GM wants more.

The Democrat Congress and the GOP White House are pursuing home ownership/preservation at all costs.

I said back in January that the stigma of default was gone.

Peter Schiff, founder of Euro Pacific Capital, writes in the San Diego Union Tribune today. He rips the perverse incentives of the bailout orgy:
Just stop paying your mortgage

If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government’s landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Furthermore, if you believe that with some planning and sacrifice you may be able to meet your mortgage obligations, the government’s message is clear: relax, don’t bother.

While angry voters have labeled the package as a bailout for Wall Street, it is more akin to a “Get out of Jail Free” card for anyone who acted irresponsibly during the boom.
Atlas is going to shrug. It's only a matter of time before the producers stop being bullied by the politicians into supporting the moochers. Of course, Fuhrer Obama will just nationalize all personal wealth in the name of social fairness - you know, to "spread the wealth" around - and fill the grasping hands that put him in power. (After the crony-packed bureaucracy takes its cut first, natch.)

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