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Originally Posted by jms62
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I concede, in many ways, there are similarities between the two. Except Bush bought up bad mortage backed securities with the hope of recouping the money or a portion of it at a later date while Obama is simply handing out money with zero expectation of any return or pay back.
Why should someone who bought a home for say 200K in 1990, watched it increase in value to over a million in the early 2000's and is less than ten years away from burning his mortgage, with a home value of 350K, be forced to bailout out his neighbor who refinanced in the early 2000's for 800K, splurged on new cars and a boat and now still owes the bank 4K a month for the next 25 years ($1.2 million) on a 350K home? He and the bank may share fault but the poor neighbor who did nothing but make his mortgage payment, based on his original loan, every month certainly bears no blame and surely shouldn't be forced to pay because of it.
Just as the neighbor who jogs, eats healthy, and is concerned for his health doesn't owe the neighbor who, because of his own habits, has heart problems, anything, much less subsidizing his rightfully high, health insurance rates.
If Obama wants another stimulus, all he has to do is distribute the owed and already paid for $2.6 trillion SS fund to those who are owed, based on contributions and eliminate any future SS taxes. The country would be infused with $2.6 trillion immediately and almost $800 billion in additional money every year or in Obama talk $8 TRILLION over 10 years. Since the $2.6 trillion has already been paid in full and is just sitting in Treasury IOU's, the dispersal would cost nothing and would actually eliminate $2.6 trillion and its associated interest from the debt. A win-win-win /already financed plan.