Strike The Root Blog

Don’t Call It A Bailout

We all knew it was inevitable: the Great Decider has announced that the compassionate and benevolent US Federal Megastate will intervene to save mortgagees and mortgagors alike from the consequences of their own decisions.

Certain subprime mortgage borrowers will be privileged to refinance at lower rates into loans insured by the Federal Housing Administration—that is, the American taxpayer. The prevailing reasoning in Washington appears to be that the poor saps who borrowed at adjustable rates during the Fed-induced inflationary housing boom don’t understand the meaning of the word “adjustable.” A little extra added bonus for the bankers who loaned to the uncreditworthy: They get repaid after all.

But keep in mind this is not a bailout, the Decider-in-Chief is quick to tell us. That’s not the government’s job.

This entry was posted on Friday, August 31st, 2007 at 11:12 pm and is filed under Uncategorized, politicians, statism, economics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Don’t Call It A Bailout

22 Responses to “Don’t Call It A Bailout”

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