Although I dislike John McCain almost as much as the Bush/Cheney duo, I like his stance on the current mortgage crisis:
Amen! While Obama and Clinton are throwing around ideas about having the Gov pump $30 billion to help struggling homeowners faced with foreclosure or the banks who are regretting their hard-sell tactics of a few years ago, McCain is actually stepping up to say that those people (and companies) made some bad choices, and it’s not the job of the taxpayers to help them.
As someone who has paid his mortgage on time every month for the past twelve years, it irks me that others who are either irresponsible or just plain financial nincompoops might end up with a happy rainbow ending to their sad stories. They were suckered into something that sounded too good to be true or a house much bigger than they needed or whatever, and now they’re whining because they might have to face the music. Well, too bad, so sad. Although I empathize with them, if we don’t let them learn a hard lesson, what’s to stop them from doing it again? And again?
While politicians and bankers and Wall Street experts talk about different bailouts, I think it’s time someone stand up and say we need to let the market correct itself. If a business is too dumb to make good investments, then it should go under. That’s capitalism. Let the strong (and smart) survive, and let the weasels and incompetents fade away.