Straight Talk Express Rolls Into Mortgage Crisis
Senator John McCain on the government's role in the unfolding foreclosure crisis:
"It is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers... Some Americans bought homes they couldn’t afford, betting that rising prices would make it easier to refinance later at more affordable rates.”
25 N Moore
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John McCain is correct, banks and homeowners made poor financial judgements.
America cannot afford to bail out any American's who decide to extend themselves.
Declaring bankruptcy, cutting expenses or taking on second, or even third jobs could be helpful in salvaging personal financial issues. Living beyond your means and trying to keep up with your neighbors is unrealistic.
If the government issues breaks to financial institutions while average hard working American Joe's are turned out into the streets, then the USA will be equally as irresponsible financially and morally.
All though many good things have come from the success of the Reagan Administration the "Trickle Down Theory of Economics" is the least effective method of finance in the history of the USA. Does the phrase "let them eat cake" ring a bell?
Bail outs and trickle downs sound like methods employed on a sinking ship, both methods imply negativity, when the government is re-acting rather then acting then it is operating from a position of weakness. Greed is not good.
If John McCain is looking to correct what is aliening the America Economy, then the "powers that be' should have a sit down with Suzie Orman. She has an excellent bead on correcting irresponsible financial behaviors.
God Bless America
Of course that mortgage rates are not the government's problem but providing a fair standard of living for the common citizen that pays taxes is. So Mr. McCain should probably think twice before opening his mouth again.