Bailout Nation

Bailouts are the new "normal". AP reports that one in five borrowers have been "reached", with permanent "mods" the next big challenge.

I shudder to think what this means long term.

This sort of program, once it has "reached" a large audience, does not end. Its constituency has a powerful voice, and politicians are not suicidal. What does it mean to have mortgages routinely "modified" by Uncle Sam? What lender will willingly originate a mortgage that is likely to be "modified"?

Though billed as good news, it is not. Voters are being bought, and taxpayers fleeced. Debtors are told they are victims rather than deadbeats. Uncle Sam is now a party in 20% of our mortgages.

How cheaply we sell our freedom and independence.....