Is Obama's Foreclosure Crisis Plan A Good One?

Yes, he has been saying that ever since he requested the remaining $350 billion of the financial bailout money to be re-allocated to this. I'm not sure how he wants to proceed. What does he really want to do with that money? Will it be handed out for free? Does he want to give struggling homeowners money to pay their mortgage or to refinance at a lower rate? What about all of those who already lost their homes? What about those who rent but can't pay that anymore? If he gives out money for free, he'll get flack because people who have been cautious about their finances don't want those who didn't be rewarded. If he gives out loans, what's the guarantee that those struggling homeowners won't continue to struggle? What are the chances the government will get the money back? How much of all of that will have to be footed by the taxpayer for years and years to come? They messed up big time with the original bailout package. They should have given the money to the people, not the banks who now sit pretty. If he now gives money to the people, most will sit pretty, too, and not spend it. That boat has been missed.

Who is left to help? Millions of people have already lost their homes. Too little too late. Why should the people left get a bail out on their houses? What makes them more deserving than the people that got hit by this crisis in the past three years? We can not afford these bail outs. Our national debt is sky rocketing at a scarey pace. Who is going to pay it all back? Who is going to balance this budget and get us back on ecomonic stable ground? You can not spend yourself into fiscal stability. You do it by paying off your debt not by creating new ones. I wish our elected officials would figure that out.