35offsuit

Barron's: Laing's Mortgage Relief Plan Could Actually Work

No - life isn't fair - but that doesn't mean we should actively use taxpayer dollars to enact ridiculous policy that is also insanely unfair.

If government stepped forward and said, "No bailouts are coming folks. Strap in and pay your mortgage if you can, and pack up and rent if you can't," you would see an immediate change in consumer behavior.

Those who are waiting for the "big freebie" would realize the gig is up and it's time to start paying.

Those who simply can't pay will become renters.

Bondholders will take a nasty bath - and maybe learn a few lessons.

Would it be painless? Of course not - but we'd get through it and we'd return to a much healthier economy in the years to come.

All of these socialistic bailouts are going to have severe consequences.

The real "subprime" mortgage in all of this is our future - because that is what is being mortgaged...