I'm all for bailing out people who made mistakes, especially those who bought their first home between 2003 and 2007. What I'm completely against, however, is bailing out stupid people.
How do I define stupid people? Stupid people are those who bought a home in 2008, despite the fast-rising unemployment rate, all the data that showed a quickly contracting housing market, rapidly dropping housing prices and swiftly declining stock market. If you made such a risky bet and went against conventional wisdom by buying a home last year, you DO NOT deserve a bailout, now that your home is underwater. But that's exactly what the mortgage bailout will do. It includes a cutoff date of January 1, 2009 for mortgages.
This is not just wrong, this is asinine.
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