Sub-prime Meltdown Madness

So now Secretary of the Treasury Henry Paulson thinks the fed needs to step in and solve the looming foreclosure crisis. I have a better suggestion for Sec. Paulson: step way the hell back and eat a bowl of dicks. Then, after you’re done choking down your Cock-Ups, STFU and keep track of dollar bills or something equally as pointless and more importantly, harmless.

Here’s a newsflash: everybody involved needs to accept the burden of responsibility. Borrowers, aka the soon to be defaulting, need to recognize the problem with committing to a bigger payment than you can afford. You gambled on the idea that interest rates would stay low forever or that your income would keep up. You lost that bet. Mortgage providers, aka the impending bankruptcy filers, need to accept the fact that the reason you could make a loan to Badcredit J. Brokedick at 10% adjustable was because Mr. Brokedick never paid off a debt on time in his life. He was a credit risk, and now you’re about to figure out why since apparently you didn’t read the Equifax report very closely. I blame everybody involved for being stupid and greedy.

It’s going to suck when all this mess falls out. The bottom is going to go out from under the market, and a lot of people are going to get screwed. Some of them may even be innocent. I can guarantee, however, that the only thing that will make the situation worse is for the feds to get up in the middle of it and help “mitigate” the damage. Once the feds get involved, those of us who didn’t gamble on the real estate market will pick up the tab for those who did. Yeah, Paulson says taxpayers won’t pick up the tab. The tooth fairy will come and bail everyone out, too. Instead of screwing over everyone that acted responsibly, let the chips fall where they may and we’ll all be better off.