I want to take a different turn on this bailout talk, assuming it's not just talk.
I think it's reality.
I think we're going to be spending billions to rescue mortgage holders who got squeezed. I don't agree with it, like it, endorse it… so be it.
But let me be the first to warn: No good deed will go unpunished, including this one.
Pretty soon, the battle will be over who gets rescued.
Let's say you set it for those who are three months late on their mortgage.
What do you think those who are two months late are going to do?
Maybe they have incentive now to skip another month?
And what about the size of the mortgage rescued.
Let's say we cap it at $500,000. What do you think the guy owing $525,000 is going to say?
And let's say you want to rescue only those with teaser rate adjustable mortgages?
What about those with adjustables that didn't have teaser rates?
Do you bail them out? And if so, how far back do you go?
Say it's January 1 of last year? What about the guy who got in the same pickle on December 31st, the day before?
Oh yeah, and what about the guy dutifully paying his mortgage, stunned to discover his neighbor with the exact same home doesn't have to worry about paying his?
What are you going to do for him?
I'm sure compassionate politicians will figure all this out... maybe they'll bail everyone out.
They'll arrive at a figure, a big figure.
After all, it's only money.
Not their money, mind you.
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