Obama goes nuts, supports wasting taxpayer dollars

Excerpt: At a speech in Manhattan yesterday, Senator Barack Obama blamed lax oversight and deregulation for the housing sector's woes, saying that "Under Republican and Democratic administrations, we failed to guard against practices that all too often rewarded financial manipulation instead of productivity and sound business practices. The result has been a distorted market that creates bubbles instead of steady sustainable growth, a market that favors Wall Street over Main Street but ends up hurting both."He's right about that -- but his solution is to pump $30 billion into the system, in part to help bailout homeowners who were the beneficiary of overly aggressive mortgage lending.His position makes no sense: If people were able to buy homes because of a distorted market caused by lax oversight, doesn't pumping in money to help them keep "their" homes just prolong the problem?He also lashed out at Senator John McCain's reasonable, consistent argument that we shouldn't be bailing out any of these people. Free markets got us into this mess, and free markets should get us out. Obama said that "While this is consistent with Mr. McCain's determination to run for George Bush's third term,m it won't help families who are suffering."Here's the problem: these families that are suffering with making mortgage payments were the beneficiary of lax lending practices and poor oversight! By bashing the industry/regulators but insisting that people should be given help in keeping their homes, Obama is trying to have it both ways.But in an election year, that might be the best way to approach it. The Republicans are trying to have it both ways too, supporting plans to help financial institutions avoid paying the piper for years of bad decisions.The Democrats want to help out homeowners and the Republicans want to help out banks. The right thing to do is to help no one, and let them fix the mess they started themselves. Source: http://www.bloggingstocks.com/2008/03/28/obama-gets-it-wrong-on-subprime/