The American Spectator

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/p> p> SUBPRIMING THE PUMP br> Re: Lew Uhler's Subprime Rescue Politics : /p>

Great article, but omitted one salient point, i.e. most of the sub-prime borrowers have nothing invested in their homes. Nothing down, and many of them have never made a mortgage payment.

p>This is another costly hare-brained scheme to elicit sympathy for the fabled "poor" people and not incidentally bail out the mortgage bankers and speculators. br> -- Robert W. Roth br> Langhorne, Pennsylvania /p>

The old saw goes: "when you can't pay your mortgage to the bank you're in trouble. When you own multi-millions and you can't pay it, the bank is in trouble." What is not said is that when the bank is in trouble (in this case, a lot of banks) a lot of innocent folk will get hurt in the cascade of economic failure. I agree in principle that the government is ill-advised to bail out the banks; but it seems the average taxpayer will get burned one way or the other.

Sort of reminds me of an experience in my own life. I told my son not to buy a particular car. He did anyway. Said car "suddenly" needed major repairs a few months later. He did not have the money. I told him he would just have to save up from his paycheck until he could afford to get his car fixed. I had the money myself but thought he needed to learn to make better decisions. Guess who ended up taking him to work so he could keep his job. You know, the job he needed to get the paycheck(s) to save up for the repairs as well as keep up with insurance and car payments.

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