Neal (Almost) Nails It Again

Although Neal Boortz quite correctly points out the darker side of W's misbegotten plan to make home ownership "more affordable", he completely misses one of the worst points. If some dufus wants to buy a home and then default on the mortgage -- thereby ruining his credit rating -- the more immediate impact on the rest of us is the concommitent rise in real estate prices.

It's a verifiable axiom that anything the government subsidizes, becomes more expensive. Name any one thing that the government ever subsidized that actually became more affordable. For one thing, the government has absolutely no money except what it took from the rest of us thru coercion. There's simply no such thing as "government funds" -- it's taxpayer money. Ergo, in order to subsidize home ownership for the few -- who, as Neal so correctly pointed out, have not put themselves in a position to be home owners -- the government has to get that money from somewhere; i.e. those of us who actually pay taxes.

And, of course, consumed by an all-encompassing "compassion" for the "unfortunate", the government will never exercise anything near the care that financial institutions will in screening applicants for ability and demonstrated willingess to pay.

Watch your wallets, the legislature is in session...