Been paying your mortgage for the last 15 months - or 15 years? Stupid. Your taxes are going to go to help pay for the guy who can't, or doesn't want to, pay his. Why should you live in a house free of fear of foreclosure if your neighbor down the block can't?
By the way, as I understand it, nothing I the housing plan deals with second or third or fourth mortgages which are part and parcel of this mess. People used their house as a piggy bank and mortgage brokers kept refinancing to build the new pool, the playroom, or the home theater because the overall value of the house kept going up.
What about leaving the value of your house IN your house? Nah.
If you wanted a new car you redid the second on your house, used that money to buy a new Mercedes and you could drop your kids off at school in style. You wouldn't want to drop them off in, say, an 11-year-old Land Rover Discovery with 125,000 on the clock, would you?
Now the repo guys have come for your car and the bank is coming for your house and Obama wants me to give up what I've earned, to pay for something you haven't, but want to keep.
This is the world view of the Community Organizer: There are poor people in this neighborhood who have less than they want. There are rich people in the next neighborhood who have more than they need.
If you are a Community Organizer you try and even things out.
If you are the Community Organizer-in-Chief you get to do this on a national scale and that is exactly what Barack Obama is planning to do.
Who is John Galt?