Feds: Reward The Irresponsible
According to Ben Bernanke, the government MUST reward irresponsibility, and they MUST do it now. Because if we don’t do “something” to provide rewards and gifts for those who are foolish, then the economy will continue into recession.
In this case, Ben wants lenders to write down loans on delinquent borrowers. In other words, if you borrowed $150,000 from the bank and still owe $140,000 or so, Ben says that the banks who lent you that money should just throw away some amount of the loan. Maybe $10 or $20 thousand, he’s not specific. That way you suddenly won’t owe money. And yes, he says that banks should only do this for people who are behind on payments.
Guess what — first word I hear this is happening, I’m stopping all mortgage payments. After all, think about it — it’s a great deal. You get free cash if you don’t make your mortgage payments. That’s it. Oh, there might be a tiny hit on your credit record, but those things aren’t all that important. And I’ll take a hit on my credit record in exchange for tens of thousands of dollars in free money, wouldn’t you? And amazingly enough, he actually thinks encouraging people to not pay their debts will HELP the economy.
Then again, I guess it would help in a strange way. If I don’t make my mortgage payment for a few months, that will give me a pile of money with which to buy crap and stimulate the economy, right? And for those not following the details, know where this problem came from? That’s right, government caused the problem — because they encouraged banks to make these bad loans to people who were very high risk to begin with.
So watch the banks and the news so you don’t miss your chance to get piles of free cash. Heck, Congress might even pass some law that forces the banks to give away the free money. Now keep in mind — in order to get this windfall of tens of thousands of dollars, all you have to do is NOT pay your bills!
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I wouldn’t be surprised to see the Gubmint interveve on credit scores next, because of all this. Just watch.
GAH I am going to stop paying my bills for a few months and whine. The feds will rescue me. Yes, as I go out and spend, spend and spend some more…I’ll be buying all sorts of crap…I WANT a new TV, a new stereo, a new bed…the possibilities are endless as to how I could spend that money.
I’m going to do something more evil — I’m NOT going to spend the money I don’t use to pay my mortgage! I’m going to hide the money where the government can’t find it. Then I’ll earn money and interest on my money that I’m not using to pay my bills. If government’s going to royally screw me, I might as well make some money from it.
OOH that’s a darn good investment idea. Think I’ll do the same…heheee…
…at the rate the gubmint is going all our bills can be paid for by everyone else BUT us. Gee…we could really live, for free.
Hey, this does sound great. I would love them to knock off a little of my Mortgage. Maybe if I whine some they will provide me with a cell phone too. You know, it would help out and could be considered vital to life. They like that sort of thing, right?
Well if a cell phone is vital then so are video games!!!
And laptops! And internet access!
AND $200.00 sneakers!!
Now you’re getting the hang of things! In America today, there is NO need to be responsible. Government will ensure ALL your needs and desires are met, bar none.
At best, this idiocy is only postponing the inevitable.
Furthermore, the “lesson” learned will be lack of accountability will be rewarded by the government (which has no money except what it pickpockets from us the taxpayers).
Borrowers signed on the dotted line. Every time that I sign on the dotted line, I’m held to the commitment. I learned from some of my foolish decisions. That’s as it should be–or used to be, anyway.
Indeed, that is how it USED to be. Currently, thinking that you are responsible to your commitment is the foolish decision — according to the US government, anyway.
Once upon a time, government existed to support and help enforce contracts. Today, government exists to destroy contracts. I SO want to be free.
I swear, if it gets any more crazy, I’m moving to Austrailia! The outback and crocs for me. [gee… I wonder if I said “It’s for the Children” three times… if the guberment would pay for say… a face lift, tummy tuck, and breast augmentation???? I mean, all you have to do is “say it enough and it becomes true” … right? Just like the liberals do, it’s Dubya’s fault, we need socialized health care… “It’s for the Children”!!!
Now we have the “don’t worry and pay your bills…; there’s no need to fear, the guberment is here”!!!
Yes, yes they will. Government will pay any amount to any person if it’s For The Children ™. And no need to move out of the country — just become irresponsible and you’ll be taken care of.
And if you truly want freedom, well, there’s nowhere left on this planet for you, sadly.
Maybe this summer we all need to meet up someplace like Nags Head, build a big bonfire, bring one item that represents “freedom” to us each, and burn it in effigy!!! Then we steal us a pirate vessel and hit the HIgh Seas!!!! Arrrggghh Matey!
I could SO be a pirate. I’ve already got the “not bathing” part down pat.
You are after all… an Ogre! That says perfect pirate to me! I was born about 200 years too late, because I just love the idea of being free of everything on the high seas, even country/government!!!! Arrrgghh!!!
Ever read about the pirate in Atlas Shrugged? That would be my model.
The movie “Captain Blood” was one of my faves when I was a kid. We could make a rather motley crew I think!
And I bet incredibly successful — because we’d just have to avoid the government bureaucrats!
[...] on the rise! I am seriously considering defaulting on my own mortgage! Why? Because I might EARN $20-$50,000 TAX FREE! How stupid are these government and reporters? When for days and weeks government runs [...]
That would be much easier to do on the High Seas matey!!!
I bet you’d be killer with a cutlass!!!!
And such actions should be supported by government — because government believes in the secular humanist religion, which states that evolution is facts and might makes right.