A story in MIRS reports that Carl Levin is backing a $300 BILLION bailout of homeowners who overextended themselves and two mortgage providers who did the same.
"Levin met with representatives from housing groups, including the Michigan State Housing Development Authority (MSHDA) and Community Economic Development Association of Michigan (CEDAM) for input on the broad legislation, which authorizes the Federal Housing Authority (FHA) to insure $300 billion in mortgages."
I love this quote: "We're not bailing out anybody," he said. "Everyone has to contribute." That quote says so much. Let me give you my translation. We (the federal government) are not bailing out anybody. Everyone (the taxpayer) has to contribute (pay more taxes).
In other words, instead of letting the market handle this, and letting those who got themselves into trouble pay the consequences, WE, (the ones whose homes are paid for or who stay current on our mortgages) are going to pick up the tab and in the process, add a few more billion to the massive debt that our children and grandchildren, and their great-grandchildren...will have to pay back.
Mr. Levin, it is time for tough love. It is time for personal responsibility. If you get yourself into trouble, you should get yourself out. Please don't continue to pile more debt on my family while absolving people of responsibility for their bad decisions.