Fed Bailout for Subprime Loans?

Treasury Secretary Paulson has proposed a bailout for those who made a bad financial decision to finance their home with an ARM. I can’t believe this is being proposed by a Republican Administration. Sounds more like a Democratic, nanny-state proposal. Just goes to show the similarity between the two parties, and how they’ve grown more similar over time.

I’m absolutely disenfranchised from both parties, but that’s fuel for another post.

A recent reader poll conducted by the Wall Street Journal Online Edition showed readers were heavily against this proposed program, by an 84% to 16% margin. Couldn’t the administration have gotten a read on whether this would be well accepted BEFORE they proposed it? How out of touch are they? The only ones who want this government interference are the financial companies. The fact is some of them need to go out of business, because of their failed business model, they shouldn't get propped up by the feds.

Any such government program is paid for with tax dollars collected mostly from those of us smart enough not to have taken out a subprime loan. How fair is that?

This also gives us baby-boomers a glimpse of the future. Those of us who were smart enough to save for our retirement will likely have it taken away to support those who weren’t so smart.