So true
As these special breaks proliferate, we are implicitly creating a system of transfer payments that shifts money from the smart to the stupid, from the lucky to the unlucky.
| Posted at 8:13 AM | Permalink |
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Comments (3)
No sympathy for those who pinched an extra hundred grand in equity for a luxury car and boat and now can't afford the increased payment. Are greed and stupidity synonomous.
Posted by genop | April 16, 2008 9:35 AM
As these special breaks proliferate, we are implicitly creating a system of transfer payments that shifts money from the smart to the stupid, from the lucky to the unlucky.
What's new?
Top to bottom, that's how it works.
What's the difference between buying beer and cigarettes with money you should spend on food for your kids and buying a "luxury car and boat" with refi cash out?
Posted by cc | April 16, 2008 11:07 AM
I have a hard time with that aspect of this, but I've also seen the maps that show the high incidence of foreclosures in some major metropolitan areas. The average across the country isn't that high, but some cities, like Atlanta, have been slammed pretty hard. I don't know how you save those cities without saving some stupid peoples' bacon.
Posted by what now | April 16, 2008 12:40 PM