Against the bailout? Just stop paying your mortgage

[Luke]

Just stop paying your mortgage | The San Diego Union-Tribune

If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government's landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Furthermore, if you believe that with some planning and sacrifice you may be able to meet your mortgage obligations, the government's message is clear: relax, don't bother.

While angry voters have labeled the package as a bailout for Wall Street, it is more akin to a “Get out of Jail Free” card for anyone who acted irresponsibly during the boom. Here's why.

This is certainly one way to recoup some of my tax dollars. Who's with me?

[Insider]

I'm there. Totally!

Only one problem... I was responsible and didn't get in over my head. I also did not take out any loans and have no credit card debt. I guess I should head to the bank, and then to the mall...

[Karried]

I'm there. Totally!

Only one problem... I was responsible and didn't get in over my head. I also did not take out any loans and have no credit card debt

Same here, that's what makes me so angry about all of this.

Just watch, the coasts will once again see their property values rise and we won't... they will get to keep all the new equity and we won't... we'll just get to pay higher taxes to fund their foolish mistakes.

[Luke]

I'm there. Totally!



Same here, that's what makes me so angry about all of this.

Just watch, the coasts will once again see their property values rise and we won't... they will get to keep all the new equity and we won't... we'll just get to pay higher taxes to fund their foolish mistakes.

You know, usually the rich are taxed tons and tons to fund the poor and needy (e.g. Obama). However, in this case, the vast middle class has now funded the rich wall street fat cats.

And after all the negative publicity AIG got for wasting the bailout money on 5 star resorts, they STILL managed to blow almost a hundred grand on a partridge hunting trip overseas. Nice, AIG!

[jbrown84]

The bailout should have included a requirement that all big banking executives take major pay cuts.

[dismayed]

Actually the reality is that the middle class pays most of the taxes in this country because there are just so many middle class people. That's the real reason why neither party really ever gives the middle class a break.