No TARP for Mortgage Deadbeats

It's already too late to get indemnity for the TARP debacle, or at least the first part of it. There were no clearly defined rules for the use of the money, and probably billions have gone into the pockets of the very same goof balls who got us into this hole in the first place. So be it.

But now, President Obama is proposing a new influx of taxpayer money to keep people in their homes. Yes, the next bailout goes to homebuyers who face foreclosure because they can't pay their mortgages. This is supposed to be justified by the credit crisis because, it is argued, the banks won't issue new loans and mortgages until the housing market is stabilized.

Not good enough. As a taxpayer, I want attention paid to what I get out of this gift. It wasn't me who signed a loan contract in order to buy a house I couldn't afford. Nobody called me up to ask me to guarantee that mortgage. But now, all taxpayers are supposed to take over part of the mortgage payment so that another goof ball can enjoy the benefits of this crisis.

Obama needs to complete the circle. Provided that the government payments actually do the job instead of going down a big hole because the deadbeat defaults again ( a big IF), how does the taxpayer ever see the money again? Will the U.S. government get an equity share in the house that will be repaid upon the resale? If so -and I think that is likely to be in the law - I still don't think that's enough. I want a rebate on this one. The taxpayer should demand a full refund, including interest, for this bailout money. The President and Congress should remember that the economy is being saved by the very people who did not engage in the behavior that caused the crisis. We are never going to live in those homes. We are too busy paying our own mortgages, our debts AND the taxes that will go to bankers and deadbeats whose selfish, greedy and plain dumb habits have resulted in the most painful economic episode in this country since the Depression.

It's time our elected leaders demonstrated a genuine commitment to the real victims here. After all, we can only recover economic stability, and a sustained growth, if we continue the kind of behavior that is conducive to renewed prosperity. This includes honesty in contracts and a sensible balance between ambition and financial prudence. We should be rewarded for that.