My apologies for the video quality, but Nicole Gelinas, a Senior Fellow at the Manhattan Institute makes some interesting points on bailout legislation:
You can just feel your wallet getting lighter as she speaks, can’t you?
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I am not sure what to think anymore. I have never paid more than 180,000.00 for a home, and as low as 40,000.00 in Phoenix in 1993 as an investment. I lived in my 1995 track home in Las vegas for 10 years. Did I want more? Sure I did, I think this is normal, but the more I looked, the more unreasonable the housing situation appeared.
I noticed my employees, as well as many others, purchasing homes much larger than mine, at the time not fully realizing how this could happen, but realizing it defies logic. So now myself and my kids will pay the price for irresponsibility, now and well into the future?
There is probably an occasional illogical question of themselves in the minds of many responsible people as they bailout their neighbors.
The Manhattan Institute are a group of people who are paid to disseminate hardcore right-wing and free market ideas. That, plus Faux news, means that you can really count on an unbalanced, biased discussion.
That said, she’s right, it won’t work. But that doesn’t mean that we should do nothing – how about starting with prosecuting people who committed fraud, and following up quickly with requiring banks to stop hiding all the losses on their books.
But you won’t hear the Manhattan Institute advocating for that – it’d be “anti-business”.