Jim

Archive for October, 2008|Monthly archive page

What’s wrong with this bailout picture?

In Politics, Unfettered stupidity on October 10, 2008 at 12:31 am

Sen. John McCain, the conservative. free-market-worshipping Republican, is proposing a government subsidy to homeowners who face foreclosure.

Democrats and liberal media, such as MSNBC’s Keith Olbermann, are tearing his proposal a new one. 

Uh. What? 

Honestly, if we must bail people out, I’d love to end up with help on my mortgage, as opposed to only bailing out the rich scumfuckers who bet the firm — and national prosperity — on really bad paper. After all, I had at least some reason to believe my mortgage was a good bet, and the main reason it went sour has to do with others’ machinations. And I (ooh, so clever) didn’t sign up for one of these ridiculous ARMs with a huge balloon payment after a year or two — the little guy’s derivative. (Yeah, that’s a shitty analogy.) 

What’s surprising, even to me, is this through-the-looking-glass moment. 

Here’s what a whiplash-inducing move this is for McCain. Seven months ago, he said “It is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.”

That was right after Hillary Clinton had proposed a $30 billion bailout for homeowners. Now, McCain is talking about a $300 billion bailout.