logical

Peter Schiff on the Housing Market and the Rescue Plan

I think it's disingenuous to discuss this mess only from the point of view of the foreclosures. This housing bubble has trapped everyone. It's going to bankrupt families who didn't buy stupid, and it's going to bankrupt states.

It was a bubble, folks. It's not just a case of some greedy subprimers getting uppity and forgetting their place. It's a massive failure of the financial system. The wealthy banksters and Wall Street are the ones who got greedy first. I blame JSP less for wanting to join the middle class than I blame the Masters of the Universe for wanting to 'make' another million or so a year off the JSPs who never should have been given loans in the first place on houses that were inflated in price. The taxpayer bail-out is for the big banks and fund managers. The individual homeowners who may get rate-freezes are just a means for that to happen. This is about bailing out the big guys.

If people can't see the big picture here, then they must be myopic! Stop being jealous that some $50k a year guy maybe got a home equity loan he didn't work for, and realize that the big playas in the financial system are on the verge of bringing the entire country down! You are going to be paying taxes for a very long time to cover the mistakes of millionaires. Joe Six Pack was just a tool.