It was revealed in a staff report from Kirkland at their joint meeting with Redmond that “Almost 25-30% of households pay more than the recommended 30% of their monthly income.” They either bought too much house, their income has gone down, or they are spending too much on expensive cars, cell phones, cable TV, and Internet along with many other electronic devices with their monthly fees, money that could be used to help pay for the house. Requests for government subsidized human services are rising. They want a bailout. It’s a bailout for irresponsibility and needs to stop.
Politicians thought they were helping potential homeowners afford the American dream of owning their own home. Politicians also encouraged banks to make loans solely on credit reports without looking at assets, net worth, and the ability to pay. They encouraged banks to lend regardless. Liar loans became standard. While many can share the blame for the bad economy, politicians are the major cause. Now they too want a bailout. For what, adding to our debt?
Governments should not abet bad decisions with bailouts. That's baloney. Bailouts do not fit in with Obama’s era of accountability. Who should determine the accountability of congress? It’s certainly not Obama, the fox in the chicken coop. It’s for the people to hold congress accountable.
Paying for bailouts reduces our ability to take care of ourselves and our families. That’s not good. If it continues, we too might need a bailout. I'll probably have to wait in line.