The Democratically-controlled Congress doesn't necessarily agree. They are working on a package that would give billions of dollars to homeowners, expand government programs (FHA) and aid local communities with bonds.
Wait. So, you make a bad decision and you don't have to pay for it. Ummm, okay.
The worst part of this package is below: (From the NY Times)
Both the Senate Banking Committee and the House Financial Services Committee have been working on bills that would allow the Federal Housing Administration to insure $300 billion to $400 billion in additional mortgages, with an upfront cost of $10 billion. The Bush administration has been developing a similar plan of its own that would expand an existing refinance program called F.H.A. Secure.
The solution that Congress came up with is more money for additional loans! Argh! The people are already in enough trouble and now the government wants to sign them up for more borrowed money. How will this help?
I like this solution. Suck it up.
The government bail-out bothers me so much. It's as if Americans have forgotten to take responsibility for actions. We all have consequences for our actions. But the government thinks that if the price is too steep, or it's too difficult, we shouldn't have to deal.
Wrong. There is a great injustice done to the human spirit when a consequence is not faced and then overcome. The spirit never learns that feeling of freedom by overcoming trials. It is not good for a person to never triumph through adversity. Bail-out programs rob persons of this experience.