In the Wall Street Journal, Holman Jenkins explains why mortgage bailout proposals would reward greedy and foolish borrowers and speculators in certain regions at taxpayer expense, while doing nothing to stabilize housing markets. We earlier explained how Congressman Barney Frank’s mortgage bailout bill pays a disastrous ransom that will harm the economy and fleece taxpayers, and how it is based on ridiculous reasoning. Such federal housing legislation also contains political pork for left-wing lobbying groups.
Categorized | Economy, Precaution & Risk
Mortgage Bailout Rewards Speculators, Destabilizes Housing Markets
by Hans Bader
May 21, 2008 @ 10:58 am
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[...] they will actually encourage borrowers to default on their mortgages; and how they will reward speculators while doing nothing to stabilize the housing market or financial markets. addthis_url = [...]
[...] loans, at taxpayer expense, even though the American people oppose mortgage bailouts, which are bad for the economy. addthis_url = [...]
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