Thomas Sowell notes that the administration's mortgage bailout plan would rescue people defaulting on mortgages valued upwards of $729,000. Think about that.
Compassion is helping those less fortunate, but for the President compassion means you helping those much more fortunate, or irresponsible, than you. How many of us would even think of buying a house for three quarters of a million dollars?
Maybe you live in a modest home or in an apartment because you can't afford a home. No matter. You're required to help those who purchased a $730 thousand dollar house, but who defaulted on their payments, stay in their home. This is evidently the current administration's idea of sharing the burden.
Bush was severely criticized for giving tax cuts to people who pay taxes, i.e. the top 60% or so of wage earners. We were told that this amounted to a transfer of wealth from the lower classes to the rich. This was, of course, false. No wealth was transferred. People were simply allowed to keep more of what they earned.
To see a real transfer of wealth from the middle class to the upper class one should look at Obama's mortgage bailout plan.
RLC
