The Bailout: Part 2

higherlead
Thu, 06 Sep 2007 02:23:17 +0000

The problem with housing and the underlying cause of the bubble is the preferential tax treatment of money invested in the housing market. Things are going to get much worse before they get better.

America has lost the will to sustain itself. What happens to you suburban exurban McMansion if the price of gasoline suddenly goes to $9 a gallon? You are living 30 miles from your job with 2 SUVs, a Dodge Caravan, one kid in college and another in HS. You don’t have any public transportation in your pick a direction suburb because that brings the wrong element out from the city - which by the way made it necessary for you eldest child yo attend very liberal very ivy covered Old U so he/she could actually see a carefully vetted pick the minority of your choice.

You hate blood for oil, heartless conservatives, and subsidizing the rich unless of course it is the federal flood insurance on your beach house, the tax free endowment al Old Ivy Covered U, the huge preferential tax treatment of your mortgage, or the illegal non tax-paying alien putting a new roof on your house or cutting you grass.

Of course you are certain civiliztion as you know it cannot collapse in the twinkling of an eye because surely there will be someone out there willing to protect you and yours from things that go bump in the night. You yourself don’t actually believe in anything other than your unalienable right to live comfortably and have others do the dirty work, and of course your own moral superiority. But who could doubt it? It has always been this way. It will always be this way.