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Sunday, December 02, 2007

Paulson & Bush push for subprime rate freeze

OK, so what's in it for the millions and millions of Americans who actually didn't buy into this rubbish? Why should they be penalized for taking out traditional loans with higher rates and paying them? What about the others who didn't jump into the real estate circus because they couldn't afford the high costs and were uncomfortable with the problems now dragging down the system? If the Democrats have any interest in holding or growing their own support with the middle class, they should avoid this like the plague.

The Paulson/Bush bailout has everything to do with bailing out the big financial organizations who created this problem (together with Greenspan and the administration) who now want a lifeline. Any bailout such as this will definitely be viewed as the middle class taking it on the chin for the umpteenth time, despite the middle class doing the right thing. They've paid for the war, they've watched the wealthiest Americans have their taxes cut during a time of war and now this. Sheesh. It's unfortunate that so many bought into the subprime loan story, but it's not the fault of everyone else who didn't so why should they get stuck paying?

How many more times will Washington stick it to this group? Is the middle class such a bunch of chumps that will just sit there and take it? Absolutely not and people are getting fed up with paying for everyone else's problems. Everyone has limits and this new plan is hitting the limits of acceptability for the American middle class.

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