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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: geode00 who wrote (144569)	11/3/2008 2:31:24 PM
From: TimF	Read Replies (1) \| Respond to of 173976

The homeowners would lose everything including their credit rating and any money they would have put into the home. They would be out a place to live, they would be up a creek. In many states mortgage loans are non-recourse loans where the banks can only grab the house. The people occupying the house never paid more than a fraction of its value in most relevant cases. Rather than handing them something they didn't and can't pay for, they will have to rent instead. Bailing out individual home owners would make what worse? The cost of the program, the amount resources are drained from people who are productive and prudent and go to people who where imprudent, the moral hazard where people are encouraged to take imprudent risks because if the risk pans out they make out great and if it doesn't they get bailed out. Iraq is about oil. In many ways that's true, but its an almost meaningless statement. It means so many possible specific different things that its meaning become ambiguous and the statement useless. What it was not about was a subsidy to American oil companies.