That really chaps my hind quarters. I went through this the hard way, like actually saving money and not putting too much out there in credit risk. I work so hard to raise kids, pay for everything on time, and put them in college - and pay for a very expensive, old beach shack on South Padre Island. How dare some nabob come on saying he's going to forgive billions in predatory lending and very unwise purchases when I've worked so hard to just stay afloat?
I lost nearly all my investment money on "Black Friday" back in the 80's. We lost our house in the Texas Savings Loan Scandal in about 1987 because the Tony Sanchez bank went belly-up. We lost much of our 401k plan money in 2001. Darn it, nobody paid me a red cent for losing all that money because the government messed up! I'm talking about losing over $300,000. Write me a check with five 9's and no cents in it and I'll get off my high horse.
Sorry, I feel for the people about to hit the street and look for rent houses because of the ordeal, since I've been there and had to go through years of building good credit because the banks and government screwed me over royally, three times over. But the Bush Plan just gives away money for making really bad decisions - and the proposed solution is a really bad decision too. I resent that. I made smart decisions and got caught upside down - these folks made stupid decisions at each and every step of the way.
So, we're penalized because we did the right thing and were careful, right? Gee thanks, Prez.
UPDATE: apparently I'm not the only one who is mad about the proposed bail-out. The more clinical and objective Economist writes:
Whatever the economic arguments for the Bush administration’s plan, it amounts to poor public policy. America’s unfettered brand of capitalism is one of its strengths; investors may be less likely to trust a government that manipulates private contracts when conditions deteriorate. At a time when the economy is already weak and the dollar is suffering from a crisis of confidence, Mr Paulson’s awkward intrusion into the mortgage market looks more like desperation than a hedge against further trouble.