Here’s my old pal Ivan, taking time away from his
why are homeowners are at risk of foreclosure? because they borrowed more than they can repay? because they took out a series of home equity loans and blew the money on his-and-hers SUVs, 50-inch flat-screen TVs, and vacations? sure, the home loan industry and all the financial connivers connected to it lead thousands across the line into never never (being able to pay) land. but is the Fed supposed to bail out all of these homebuyers with american tax dollars?
These poor people are losing their homes because of 'plummeting home values.' we're told. No one is at fault - act of God, no one could have foreseen - got to prevent a Depression. that's BS. they're losing their homes because they signed papers for over priced ticky tacks either knowing they wouldnt be able to pay the debt in a few months, or they were duped into thinking they could pay, and they could use the equity for the gas guzzlers they wanted for the driveway.
McCain is right about this, and Obama and Clinton and Bush and Barney Frank and the NYT are wrong. So when Bush decides to adopt a Dem policy, does he get out of
Alright, down, boy, back to your cage. But the fact is, I agree with Ivan: much as it pains me to say it, McCain is right this time, and the Dems are wrong. But look who’s talking here: two of the most yellow-dog Democrats you could ever hope to find, total bitter enders. Does it say anything that two old yellow-dog Dems think McCain is right? Or is this just geezerhood talking?