WyBlog -- Greetings from the Peoples Republic of New Jersey!

Monday, 13 October 2008

Jon Corzine echoes McCain's mortgage plan

Now I know for certain that John McCain's plan for the federal government to buy up the mortgages of homeowners facing foreclosure is a colossally bad idea. Jon Corzine is proposing the exact same plan for New Jersey.

Speaking on NBC's "Meet the Press," Corzine proposed the federal government buy the mortgages at market value then restructure them, and possibly buy houses outright.

A short time later, in an appearance on WABC's "Eyewitness News Up Close," Corzine indicated he would follow his own advice, suggesting the state would be buying homes.

"We're going to do some on-the-ground purchases of homes," he said. He vowed to "protect neighborhoods" from being devastated by large numbers of foreclosures, which lower the values of nearby houses.

It's bad enough that the feds are printing money like it's going out of style, shoveling it out to any bank with its hat in its hand. Now Corzine is going to push New Jersey further into debt so he can ride to the rescue of people who made bad financial decisions. The state is going to purchase homes? With what money? Tax dollars? So not only do I have to pay my own mortgage, now I'm going to be taxed to pay the mortgages of a bunch of deadbeats too? Talk about an incentive to get up in the morning and go in to work. The more I earn the more Jon Corzine will take so he can redistribute it. And if I manage to reach Barack Obama's magic income threshold of $250,000 per year, presumably because I'm working harder than most other people, he'll snatch that money away to fund his socialist schemes. What happened to rewarding hard work? Now we reward failure and bad decisions?

Why don't we just have our employers turn over our entire paychecks to the government, and then the government can pay all of our bills. How does that sound? No personal responsibility. No need to budget. No need to plan for the future. The government will take care of everything for us. They've already nationalized the banking industry, maybe they should go ahead and nationalize everything. Welcome to the United States of Brazil. From each according to his ability, to each according to his needs.

Posted at 16:37 by Chris [/rants] | | Perm Link |