You are not a shit. It is mommy and daddy government who is raising a bunch of indolent morons. Personal story: I have always paid for health insurance. Someone I know who was self-employed and made way more than I (150K + a year) could not 'afford' to buy insurance. He got in a motorcycle wreck. Medi-Cal paid a huge chunk of his bills. WTF? Isn't that for poor people? Not people that own their homes, businesses, cars, trucks, motorcycles? Oh and then - after the bills were paid - he got an insurance settlement from the other motorcyclist that hit him for 30K. I am sorely tempted to stop saving money for retirement, 'cause I am going to pitch a fit if they 'bail out' all the people who lived large on credit and arrive at 65 dead broke! I bought a farm for 260k was offered up to 900k for it. I could have borrowed tons of money on home equity, but I didn't. I did borrow some to build a new barn, but I sold the place with a total of 300k in mortgages on it.

And as far as it goes, the banks are the ones that will mostly be bailed out under this plan. They are proposing giving local government grants to buy and fix up foreclosures - fuck you, independent investors - oh, the only good part I saw was there may be a 7k tax credit to buy forclosed houses, of course the prices will not be as low as they could because they are propped up by the gov.

I completely agree with you, Kalsang, and I emphasize. I lived in California at the time these sub-prime loans were introduced, and there were write-ups about the dangers of these from the onset. No on can claim ignorance here. What's at play here is greed - both on the part of the mortgage companies and homebuyers. As always, it's others who will suffer.

It's ridiculous for the government to step in and spend tax dollars to help people who made these foolish choices. Not when they are taking millions of dollars away from education. Not when Katrina victims are still homeless and living in filth. Why did these people not take in roommates rather than default on the loan? Get a second job? Rent it out?

Homeownership was something I valued so greatly that it was worth the move out of SoCal. I'm happy so say I'm enjoying a much higher quality of life here as well.

I actually didn't know "they" were bailing out the people conned into these mortgages.

Most of the bail out is going to executives of these criminal institutions involved...the investment bankers. Like billions of dollars from the federal reserve and not actually from the federal government. It reminds me of what was happening in the 1920s and 30s.

The millions and millions of people loosing their homes (disproportionately African American...oh, surprise, surprise that they were targeted) will soon be right there with you, paying a monthly rent. That is if they aren't homeless.