Wednesday, February 18, 2009

Lowest Common Denominator

The Obama Administration has unveiled their plan to refinance mortgages (emphasis added):
President Obama pledged on Wednesday to help as many as 9 million American homeowners refinance their mortgages or avert foreclosure, an initiative he said would shore up distressed housing prices, stabilize neighborhoods and slow a downward spiral that he said was “unraveling homeownership, the middle class, and the American Dream itself.”
Anyone like to place bets on how many of these overlap with the following group?
Nielsen Media Research estimates that about 5.8 million households, or about 5.1 percent, have not upgraded their sets.
Or how about a bet one when we stop taking care of people who fail to take care of themselves?

Look, I understand some amount of welfare to help people who are less fortunate. But people who aren't ready for the DTV transition can blame no one but themselves. The same goes for people who bought houses when they didn't understand what they were getting into. No one was forced to buy a home.

Someone explain to me why we're holding the banks and mortgage holders accountable for the idiocy of these homeowners. Please.

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