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This is for all of you who have followed my SuckItUp subprime blogging the past eight months and wondered “What can I do?” There’s now a new site dedicated to the anti-bailout movement. Check out AngryRenter.com and sign the petition. It’s about time!
All we hear these days is whining from reckless home borrowers and their banks.
But did you know that renters are 32 percent of American households? And that homes in foreclosure are less than 2 percent?
So why is Congress rushing to bailout high-flying borrowers and their lenders with our tax dollars?
“So you bought an overpriced house or cashed out your home equity like an ATM? Here’s an idea: Take responsibility for your actions!”
That’s the mood over at AngryRenter.com. The plain-spoken Web site run by FreedomWorks gives voice to what might be termed “the Silent Minority” of the mortgage- bailout debate: the one-third of American households that don’t have a mortgage.
CNN Money has a story on the backlash against the bailout which mentions FreedomWorks' AngryRenter website and includes an interview with my colleague Adam Brandon. A key point to make here is that bailing out homeowners through loan readjustments or no-foreclosure periods sounds like a softening measure, but the real result is to make the market's downturn even worse. Instead of quickly going through the painful process, it extends it, protracting the downturn rather than making it easier.
Shorter Ruth Marcus:
What America really needs is higher taxes. In fact, it would be totally awesome campaign strategy for a Republican to just say, "Yeah, higher taxes! We need 'em!" Because clearly, GOP voters eat that sort of thing up.
Whether or not the U.S. should seek the long-term goal of becoming "energy independent" is an open question. But what's germane to our current political situation is whether or not we can. And right now, the answer is: We can't. At World Politics Review, Peter Kiernan explains. You should read the whole thing, but here are a couple of sharp passages.
Dean Baker is technically correct to say that John McCain "doesn't support free-market health care," but mostly in the sense that absolutely everyone who supports, even grudgingly, leaving some of the current government health-care funding and regulatory infrastructure in place doesn't support free-market health care.