“It’s raining. Brother, can you spare me an umbrella?

As usual, Thomas Sowell hits the nail on the head.

Why should responsible taxpayers bail out fiscally irresponsible non-taxpayers (and fiscally irresponsible states)?

Excerpts from RCP: Saving” the Housing Market, January 4, 2011

Sometimes, some people are especially deserving.

But this cannot be said about those who borrowed money to buy homes that they could not afford, or who borrowed against the equity in their homes, and now find that what they owe is more than the home is worth.

If anyone is especially deserving, it is those who had the common sense to avoid taking on bigger financial obligations than they could handle, but who are now expected to pay as taxpayers for other people’s irresponsibility.

No doubt some people who are facing foreclosures might have been able to continue making their mortgage payments if they had not lost their jobs.

But since when were we all guaranteed never to lose our jobs?

People used to put money aside “for a rainy day.” But now people who have spent like there are no rainy days are supposed to have the taxpayers pay to give them an umbrella.

What about the people who saved and put their money in a bank?

Those who blithely say that the banks ought to modify the mortgage terms to accommodate people who are behind in making their monthly payments forget that, however “rich” a bank may be, most of its money actually belongs to vast numbers of depositors, most of whom are not rich.

Those depositors deserve to get the best return on their money that supply and demand can offer.

Why should people who save be sacrificed for the benefit of those who spent more than they could afford?

http://www.realclearpolitics.com/articles/2011/01/04/saving_the_housing_market_108421.html

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