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"Henrietta got a house, all I want is a swimming pool" is my favorite one.
It's amazing that just days after signing the $787 billion stimulus package, Obama has already unveiled a $75 billion mortgage relief plan. Obviously, there are major problems in the housing market but at least one Republican is concerned. According to CBS, "Sen. Charles Grassley (R-IA), ranking member of the Senate Finance Committee sent letters to administration officials asking for assurances that anti-fraud measures will be put in place to guarantee that taxpayer dollars are not used to re-do mortgages that were originally based on fraudulent documentation."
One thing is for sure -- we better be watching the pathway of that money. As I pointed out yesterday, the White House seems to be selective with what they choose to tell the public.The American people are becoming numbed to these numbers. Rows of zeros and daily proclamations of "catastrophe" have molded the national attitude to be cynical and expectant.
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While the technically-named Homeowner Affordability and Stability Plan will help those in situations beyond their control, it will reward the irresponsible as well. If this were rare, fine. But it's becoming the norm and we will see the effects of entitlement mentality down the road in a dramatic way. Megan McCardle writes:
There are exceptions, of course, such as people who have just lost their jobs, but most of the people being helped are, nearly definitionally, people who bought more house than they could afford in the belief that prices would keep rising indefinitely and they would make big bucks.
While we're at it, could I get a $50,000 check to go toward a graduate degree? I need it and I don't have the cash and that's just not fair.
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