Monday, March 29, 2010

Principal Reduction Plans: Obama's "Screw You!" To Responsible Taxpayers and Savers

You were wrong.

You were wrong not to leverage yourself into oblivion along with everyone else between 2003 and 2008.

You were wrong to try and save money for your retirement, your children's education, and that not too distant "rainy day" your parents told you about as a kid.

You were wrong to wait for rental parity.

You were wrong to keep scraping just enough money together month after month in order to stay current on your upside down mortgage.

You were wrong to rent, and no, you'll receive no taxpayer-funded financial relocation incentive. That privilege is reserved for financially inept home debtors only, not smart, hard working savers.

You were right to game the mortgage lending system and lie about your income.

You were right to throw caution to the wind because real estate never goes down in value and even when it does, there's a safety net bought and paid for by your stupid tax-paying neighbors to catch your dumb ass when you come careening downward.

You were right to siphon the hundreds of thousands of dollars out of your home with home equity lines of credit (HELOCs) so you could buy those granite countertops, trips to Hawaii and that pathetically stupid looking white Lexus SUV for your wife.

You were right to follow the advice of corrupt real estate sales people and all of their army of duplicitous, REIC-bribed economists, because the effort and value associated with marketing a $500,000 house versus a $700,000 really is really worth the extra $6,000 you paid them in transaction commissions.

You were stupid to believe anyone in government, least of all a Harvard Law Review student come President, would defend U.S. contractual law or defend against moral hazard.

You were dumb to believe Barrack Obama would utilize common sense, prudence and a sense of fairness to govern

The United States of America is already headed for strategic default at 200 miles per hour. Obama's principal reduction plan just slammed the heel on the accelerator.

This really is change you can beLIEve in.

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