Insane America: Obama Wants You to Bailout the Asshats Who Live Next Door

Have we lost our collective minds. I woke up this morning, and apparently I now live in Havana, where Castro is leading a parade of unemployed clowns all driving '57 Chevys.  Team Obama: pehaps you missed the message the American people have been trying to communicate.  Stop The Bailouts. All of them.  And we sure as hell did NOT want you to extend the bailout to homeowners.  This is a country of responsibility, and you are giving those who played by the rules the middle finger salute.

The newest twist on government bailouts commenced officially today with relief for your irresponsible neighbor.  You are now paying for his greed and stupidity, and perhaps even the Hummer and Corvette he bought with his home equity loan that he'll never re-pay.  Yes, you are footing the bill for his vehicles as well.  It's all pooled capital. He purchased near the top with no money down, got a $200k home equity ATM, bought all his toys, walked away from the house and both mortgages last year when prices plummeted. No recourse.  Before walking away, he secured a mortgage on a newer home 2 blocks away that was a short sale.  He got in the newer house for 50% less than he paid for the 1 across the street from you.  His credit is now damaged from the walkaway, but in 3 years that will disappear.  And guess what, his new short sale purchase now qualifies for mortgage assistance under Team Obama's Plan to Save the Asshats.

Since the Mortgage Foreclosure Bailout Plan was announced Wednesday the outrage has been palpabe. For most taxpayers, the ongoing bank and auto bailouts, though more costly and extremely un-popular, do not resonate personally. But bailing out an irresponsible neighbor who purchased more house than he could afford is understood by everyone.  Particularly our most maligned housing sub-group, renters, all of whom made an intelligent choice NOT to participate in the real estate bubble, yet now are being asked to subsidize the mistakes of those who did.  Considering that renters already get shafted by the unfair tax subsidies given to homeowners, this proposal accomplishes nothing further than reminding them how worthless they are in the eyes of Washington.

Reuters says Obama's home foreclosure mortgage bailout plan will cost taxpayers $275 billion to help 9 million homeowners and yet most analysts believe it simply won't work.  Housing prices nationwide still have much further to fall as evidenced by this must-see chart from Yale economist Robert Shiller.  Yet Obama and his team seem focused on slowing the decline at great expense until it has been proven indisputably that we are the new Japan.  Where is the change, President Obama.  Every day your administration feels more like the last 20 years of Bush-Clinton incest.

Santelli Videos Part 1      The CNBC Rant that Started a Revolution:  Chicago Tea Party is Born

Santelli Videos Part 2      Argument with Liesman Gets Very Heated: Thursday CNBC

Santelli Videos Part 3      Hardball with Chris Matthews:  Friday Night MSNBC

Santelli Videos Part 4      Today Show with Brian Williams and Liesman:  Friday Morning NBC

Santelli Videos Part 5      2 Videos: White House Press Secretary Attacks and Santelli Responds

New Ron Paul Video         Brand New Interview with Bill Maher:  Friday Night HBO

Home of The Broke: The United States of Insolvency      $20 Trillion Federal Debt by 2012

Geithner and Paulson: Monkey See Monkey Do                  Very Interesting Doctored Photo

Tuesday's 50 Best Financial Stories Inside 1 link

Update on Feb 19, 2009 at 3:59 PM by DailyBail

Updated with photo and video.

Comments

[Brasco]

Obama sucks!

[buy-it-pay-for-it]

Stephen
gently shove your tear filled martini glass up your entitled socialist *%$#

[kevin]

"The reality is that no matter whose fault it is so many people are defaulting on their mortages, it hurts everyone."

You're not the first person to say that, but it is an unsubstantiated LIE. It doesn't hurt everyone. That's just a phoney populist way to scare people into supporting the subsidization of 4% of greedy dumbass homeowners' mortgages.

" Too many homes sold at action drive down the price of all homeowners."

Well housing prices are way too high so I say let the foreclosures keep coming!

[kevin]

"You're calling mortgage fraud victims "irresponsible" and that makes my blood boil. "

Stephen, they aren't irresponsible. That's too kind of a word for them. Self-entitled, lazy, idiotic, greedy, careless, and GROSSLY IRRESPONSIBLE. You let your blood boil. Your neighbor probably liquidated $400k of equity out of their house, put it in an overseas account, and is laughing their ass off that suckers like you could sob for them. It is pathetic.

[Way]

I was one who bought a home during the big boom in the housing market. I have lived in my current home for about 2 years and now am looking at the road of foreclosure. The subdivision that I live in is slowly becoming vacant by empty houses due to foreclosure. I understand that people make mistakes and try to live to there pay grade and above but when you see entire subdivisions turn into ghost towns you understand how bad this really is. Do I think the government should bailout the big banks who gave these loans knowing that the consumer wouldn’t be able to afford them, My answer is NO, but call up a bank and see what kind of assistance you get. Everyone thinks that all these people who have been scamming are getting bailed out that is far from the truth, there is a daily average of 9000 foreclosures in Florida. I called Bank of America today to see what kind of help I could get to keep my home and there was nothing they could offer. I pay taxes like everyone else does, do I not? But I am slandered for asking for some of it to help me through hard times. I was laid off my job without notice about 2 weeks ago, I have been there for about 10 years. Our 401k is tied up in the stock market so I lost everything. It is everyone’s responsibility for the actions they make I agree with this statement completely but what happens when you work for a company and become affected by all this to the point of getting laid off. I bought into my home affording it with no problem, making my payments on time to being laid off. Does this make me ignorant? Thousands of people are losing there homes due to loss of job, if you lose your job you can’t afford an apartment less then your home. Look at the big picture not all Americans are out to scam the government and tax payers some have no alternatives. I know this response will get nothing but hate back because it seems that is what fills everyone’s heart at this time.