Michelle Malkin correctly sums up the American “housing crisis.”

Over ninety percent of these defaulted loans are from people who took out loans and blew the money or people who lied about their income or both.

I have watched this go on for a couple if years now and I am angry that any tax dollars will go to pay for other peoples new car loans, Nintendo Wiis and flat screen TVs. I have none of the aforementioned. I pay my mortgage.

Excerpts from previous posts on the subject:

12/17/07

• What about my sports package? Will we just BBQ at each other’s 250,000+ dollar houses and cry over how poor we are as we watch season after season of tivoed shows and DVDs because of the writers strike?
• If this is the picture of the forthcoming great recession, than I bet the rest of the world can’t wait to get in on it.
•  

1/31/08

• Much of the economic trouble today is quite simply our own fault. I am sorry to disabuse you of the notion that evil white men laughing in wood trim offices and smoking cigars have not stolen the American Dream.

4/9/08

• This is the elephant in the room. Greenspan wants to use taxpayer dollars to bail out many losers and speculators. No way.
• On a case by case basis, there may be a few homes worth saving. There may also be a few, a few  predatory loans. Other than that, these people should have applied the power of reading to their loan.

Steve Forbes is right about busting up Freddie Mac.

The laugh of it all is Congress going on about more regulation. What they need to do is let these failed loans run their course. Credit will be ruined and banks will take losses. Tough.

President Bush should have stood his ground and vetoed the housing bill.

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