Friday, December 5, 2008

Hey look...a monkey with a loaded gun...

Foreclosure notices have been issued to nearly 5,000 households in the city, Long Island and Westchester in the past two months, according to state Sen. Jeff Klein (D-Bronx).

The pol yesterday released a name-and-shame list of the top 10 repossessing banks in an effort to convince them to find alternatives to making people homeless.

"It is shocking that financial institutions are getting all this bailout money, but they're not willing to take any stance to help people keep their homes," Klein said. "Hopefully, I can shame them into acting. If not, then we need legislation to force them to do something."
For those of you following along at home...this moronic Senator (shockingly, a Democrat) thinks that the banks (who got screwed by the forced diversity sub-prime mortgage idiocy) should have to use the bailout money to pay off the foreclosures of even bigger morons who defaulted on mortgages they had no business receiving in the first place.

Now, I didn't support any form of bailout in the first place. My philosophy is that capitalism giveth...capitalism taketh away. The government should not taketh or giveth anything but a strong defense, some good roads and perhaps a few regulations about serving rats in place of beef at the local Burger King. However, someone needs to explain to me how paying off the mortgages of deadbeats improves the financial position of the banks (specifically) and the economy (in general).

I rather the foreclosures go through...the dwellings are sold off at, perhaps, a discounted rate...and the bank receives that revenue to loan to individuals who have an snowball's chance in hell of paying on a going forward basis. And, since the evil has already been done. I rather the banks hold onto the bailout booty to provide confidence in their cash position as more and more folks default on their mortgages. It's not like the mathematically challenged all receive the same income and stop paying all at the same time. There are more to come, and the banks need to be solid to secure 'good' loans that will produce revenue for their operations.

Senator DimWit...however...thinks we should just prolong the idiocy by rewarding the idiots.