Tuesday, September 30, 2008

On the financial crisis

As much as I have no great desire to live in Michigan, I wish I lived in this guy's district because it would be so nice to have a candidate I could vote for without having to hold my nose.

This pretty much sums up my position on the bailout; let the market do what it's doing, correcting for past excesses; let those who gambled on the bubble wear their justly deserved losses; and let the Government stop thinking that it can repeal the laws of economics with my money to buy the votes of those who were too stupid to think twice about what they were doing.

If you bought a house with no money down - you're a fool.

If you bought a house believing that you'd sell it in a year and make a killing - you're a (greedy) fool.

If you bought a house with an adjustable rate mortgage and didn't think about what you'd do when the rate reset (to a higher level) - you're a fool.

If you're a bank that issued a mortgage with no money down - you and your shareholders are fools.

If you're a financial institution that bought mortgage backed securities without caring to understand the true risk of the underlying loans - you and your shareholders are fools.

I'm sorry (well actually I'm not), but I don't tolerate fools terribly well. And I certainly don't want the Government taking my hard earned money to reward them for their folly.

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