It's a swell idea for everyone who bought overpriced homes with Adjustable Rate Mortgages. Those who rented, bought within their means or locked into fixed-rate loans that they could afford are out of luck, naturally. The only sane thing to do in response? Stop paying your mortgage and get in line.
"E Pluribus Unum" is no longer our national motto. These three words are: "Do For Me." As in: What will the government do for me?
On Election Day, the federal government quietly reported that it will borrow a record $550 billion in the current quarter to fund the bipartisan bailout. The Treasury Department plans to borrow more than a half-trillion dollars in the current October-December quarter and another $368 billion in the first three months of next year.
Estimated total for the whole year: $1.4 trillion. Democrats plan to add another $500 billion in "stimulus"-palooza legislation. Credit card companies, utilities, insurance companies, and car loan and student loan debtors await their turn.
The bailout bonanza blurred the differences between the two major political parties, but the Peggy the Moocher video shows there are still basically two starkly contrasting views of government in this country among the rank-and-file electorate. Unlike Joe the Plumber, Peggy sees government as her salvation and the president as her subsidizer-in-chief. She voted with the expectation that the Spreader of Wealth will reward her with payback. Joe just wants Washington to leave him alone to fend for himself.