So, a CNBC host is calling for a new “tea party” to protest Barack Obama’s out-of-control spendulus/entitlement culture? We’ve been doing it all week. Seattle, Denver, Mesa. Kansas this weekend. And more outbreaks to come. I’m posting a second round of photos from KFYI’s anti-porkulus protest in Arizona yesterday in opposition to Barack Obama’s visit to push his massive housing entitlement campaign. Thanks to La Mano at Sticker Patch for the pics. The revolt against the savior-based economy continues…
Via CBSNews EconWatch, Obama’s massive mortgage entitlement plan gets panned:
mortgage bailout announcement on Wednesday directs $75 billion in government funds to bail out certain borrowers who are behind on mortgage payments or “at risk” of falling behind.
Although the president said that “it will not rescue the unscrupulous or irresponsible,” there’s no requirement that that U.S. Treasury deny bailouts to Americans who took outsize risks in hopes that their homes would continue to appreciate.
Which is why Obama’s announcement has drawn a howl of protest from renters and those people — yes, they exist — who bought cheaper, modest homes they could comfortably afford.
BuckNakedPolitics writes: “I have little sympathy in one sense with the moans of homeowners stuck with negative equity as a result of a gamble that the value of homes would always go up, up, up. One reason I’m living in an apartment is that I recognized that this myth was a myth.”
Conservative blogger Michelle Malkin describes it as a new “massive mortgage entitlement campaign.” Housing bubble blog Patrick.net dubbed it a “plan to reward debtors at the expense of savers.”
NewsRantsAndReviews says:”Obama has one word for those who didn’t get in over their heads during the recent housing boom and have paid their mortgages on time: Suckers!”
…A reader post at the New York Times says: “I should have lied about my income and refinanced in 2005 for the full ‘value’ of the loan with a low, low teaser rate. Than I should have used the cash for new appliances, vacations, flat screen TVs. Oh and I could have financed all of my son’s college instead of taking out all those loans.”