Fresh off the trillion-dollar porkulus bill signing in Denver, President Obama immediately launched into his next New Raw Deal expansion: a massive mortgage entitlement program forcing lenders to refinance at an initial cost of $50 billion to $100 billion. That's in addition to the bipartisan-supported $50 billion in the "stimulus" bill to bail out homeowners underwater on their mortgages and the $2 billion in "neighborhood stabilization" funds to alleviate the foreclosure crisis.
In tandem with the White House Bad Borrowers Bailout, Obama's old friends at the Association of Community Organizations for Reform Now (ACORN) are launching a new campaign of their own: the "Home Savers" campaign. What a coinky-dinky, huh? As with most of the bully tactics of the radical left-wing group, it ain't gonna be pretty. They are the shock troops on the streets doing the dirty work while the Community Organizer-in-Chief keeps his delicate hands clean.
Trumpets ACORN: "On Feb. 19, ACORN members will launch a new tactic in fighting foreclosures: civil disobedience. Participants in the ACORN Home Savers campaign nationwide will simply refuse to move out of foreclosed homes, or in some cases, will move back in. ACORN homesteaders intend to squat in their homes until a comprehensive, federal solution for people facing foreclosure is put in place."
ACORN's foot soldiers, funded with your tax dollars, will scream, pound their fists, chain themselves to buildings, padlock the doors and engage in illegal behavior until they get what they want. It's a recipe for anarchy. Threatens Baltimore ACORN's Louis Beverly, who calls himself a "Foreclosure Fighter":
"After you've used all your legal options, your last resort is civil disobedience. We're talking about families who have been in their homes 20 or 30 years. People who are assets in the community, who look out for the elderly, who have community associations, and these are the people being kicked out of the community."
We can all sympathize with good folks who can't pay their bills. But as I've said repeatedly in my criticism of the mortgage entitlement mentality embraced by both parties in Washington, home ownership is not a civil right -- and neither is home retention. Artificially propping up the housing market will only result in more of the same costly borrow-spend-panic-repeat cycles that got us into this mess in the first place. Failing corporations need to fail. So do failing home borrowers. This is borrowing from frugal renter Peter to pay profligate Paul's home loan.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins