No, Democrats, Adding Irresponsible Homebuyers to the List of Bailoutees Doesn’t Make It Better

I’ve seen several variations of this comment:

“I really do think there could have been a better deal,” said Rep. Sheila Jackson-Lee, a Democrat from Texas. “There was no mark in the bill for specifically helping Americans — Mr. and Mrs. Main Street — get out of their mortgage foreclosure crisis.”

Great, so now it’s not just $700 billion to bail out irresponsible Wall Street bankers who make overly risky financial bets assuming that housing prices would rise 20% per year forever, but we’re going to tack on however many billion would be needed to free anybody from having made an overly risky financial bet that their own house would appreciate 20% per year forever. I’m not clear on why either deserves our sympathy.

It’s always sad to be evicted, but believe it or not, the alternative for most people is not Hooverville, it’s called that thing that only the wrong kind of white people and minorities do, renting.

Yes, I’m sorry you’ll have a landlord. Yes, I’m sorry you won’t get a tax break. However, there are people who might otherwise be the Democrats’ natural constituency who are going to be pissed if they are once again denied their own shot at a house one day because they didn’t decide that a negative-amortization loan was a great idea.

Sorry, you bought too much house, and now you want someone else to pay for it so you don’t have to be a dirty plebe who rents.

Democrats, don’t kid yourselves that the primary beneficiaries will be that struggling immigrant family or the historically-oppressed Detroit resident. The primary beneficiaries will be college-educated WASP two-income earners who decided they needed a 5-bedroom 4000 square foot house and a pair of garages for their SUVs to raise little Tyler and Madison. It’s not Mr. and Mrs. Main Street; it’s Mr. and Mrs. Hollybrooke Drive in the Gated Community of Windstone Estates.

If it’s not good for Wall Street Fat Cats™, it’s not good for Johnny and Suzie McMansion, either.

In case you’re wondering, they’ll turn and vote Republican when you’re forced to raise their taxes to pay for it, and you’ll have another eight years of chimp-rule.

It’ll be all your fault for buying alcoholics another round and calling it compassion.

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