STUKA

Peter Schiff on the Housing Market and the Rescue Plan

I absolutely agree with Peter Schiff and I think the author and folks like Logical are barking up the wrong tree. I am a renter; by choice. I am not connected to the mortgage or the real estate industry and have no inherent biases. I was told I could "afford" a million dollar mortgate by multiple brokers, but not one put a gun to my head forcing me to take one. The Lenders may be vampires, cheats or whatever; they did not coerce anyone to take loans for amounts that could not be paid back. No bailout should take place. If homeowners are so worried about foreclosures, let there be a 50 percent Capital Gains tax on all real estate appreciation from 2000 and those funds can be used to bail out homeowners. Renters should not bear the brunt of a collapsing housing market.