WE Blog

Those who are still financially solvent are getting pretty sick of paying taxes to bail out banks, homeowners in default and car companies. But what happens to my home value if several of my neighbors’ homes go into foreclosure? They vacate their houses, and there goes the neighborhood and my home’s value. As much as it irks us for tax dollars to bail people out who have made bad decisions, it’s often difficult to differentiate the irresponsible from the unlucky victims of an economic downturn. And if we refuse out of principle to bail out anyone or any business, do we set in motion an economic collapse that leads all of us to financial ruin? I lean toward encouraging government to help critical businesses and homeowners in danger of default not because I think government should rescue them but because I fear the consequences if it doesn’t. — George Harris, voices.kansascity.com

President Obama’s$75 billion bailout intended to slow the nation’s foreclosure rate represents a stark contrast to Obama’s inaugural speech, in which he vowed to preside over “a new era of responsibility.” This plan is a sop to the irresponsible and a kick in the teeth for the responsible, who will be forced to cover the subsidies and handouts advocated by the president. No matter how Obama prefers to gussy it up, the price for all this will be borne by Americans who played by the rules. And they’re supposed to grin and bear it, according to supporters of housing handouts, because if foreclosures decimate their neighborhoods, it will ruin property values. Which is a lot like saying they should be happy paying protection money to the local thugs lest they find their tires slashed. — NewsRantsandReviews.blogspot.com