12/14/2008
POSTED ON CNN/FORTUNE
http://money.cnn.com/2008/12/12/news/newsmakers/morris_bair.fortune/index.htm
No. First of all it is a punishment to those who remained sensible and stayed within their budget. People who bought over priced homes also caused the price inflation and kept reasonable people out of better homes. Now we will reward these at the expense of the ones who stayed within their budgets and means, and are still making payments and have been making payments.
Two, in the markets where the foreclosures are the highest, the jobs are also disappearing fast, there is no guarantee that the people who are refinanced will be able to keep up the new payments.
Three, if and when the prices may go up, these people will be rewarded with price appreciation, while the tax payers are shouldering the burden of bailing them out, they should not be allowed to gain ANY benefits from price appreciation, it should all be payed to the treasury.
It will be best to bring the jobs back permanently, that is in manufacturing, free trade and globalization have failed, and damage the country immensely, The foolishness must be stopped.
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