Friday, April 25, 2008

As a slumlord, I would probably qualify as "overexposed" in the housing market. But I am morally certain that taxpayer-funded bailouts of greedy and foolish investors, lenders, and home-buyers (including me) are both bad economics and grossly unfair to the millions of people who recognized the housing bubble for what it was, and would very much like to purchase a house at proper market pricing. But the end result of the bailout they are being asked to pay for is to prop up the inflated prices--doubly screwed.

So it is with enthusiasm that I recommend the website The website will give you an opportunity to sign a petition to Congress asking it to let the free market fix the housing "crisis" on its own, and specifically to refrain from any bailouts.

WHEREAS: Most Americans rent or own their home outright, and the vast majority of homes (98%) are not in foreclosure.

WHEREAS: Both banks and borrowers should be reponsible for their actions, and the government should not reward reckless behavior.

WHEREAS: It is wrong to force all taxpayers-- including renters who are already subsidizing home owners through the tax code-- to pay for additional bailouts for big banks and home flippers.

BE IT RESOLVED: That Congress should not pass any bailout programs that reward risky borrowing and lending. Let the free market sort it out!

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