Video: Bail me out, Obama!

hotair.com/CNN ^ | Feb. 23, 2009 | Ed Morrissey

[Free ThinkerNY]

Michelle has a clip from CNN that demonstrates the silliness of the mortgage-bailout efforts of the Obama administration. Minta Garcia and her family bought an $800,000 home that they could not afford, using speculative lending as a lever. The value of the house has dropped to $675,000, and now Garcia faces foreclosure. However, the coverage omits a critical piece of the puzzle:

JIM ACOSTA, CNN CORRESPONDENT (voice-over): School bus driver and mother of two, Minta Garcia got the letter every homeowner dreads, your mortgage is in jeopardy of going into foreclosure.

MINTA GARCIA, DISTRESSED HOMEOWNER: We’re going to be losing the house. We’re going to lose everything.

ACOSTA (on camera): You think you’re going to lose everything?

GARCIA: Yes.

ACOSTA (voice-over): Her message to the president…

GARCIA: Stop with the foreclosure.

ACOSTA (on camera): Stop the foreclosures?

GARCIA: Yes. Right now, because if people are losing houses, losing jobs, what are we going to do? …

[The_Victor]

A schoolbus driver in an $800,000 home? It doesn't take a degree in rocket science to see what's wrong with this picture.

[nmh]

If the person is, black, Hispanic or ILLEGAL, he’ll bail them out.

[kc8ukw]

Just keep running stories like this MSM, make the American public madder and madder.

Really, though, how do reporters do stories like this with so much detachment? She's saying several things that are completely ridiculous (e.g., "I'm a bus driver and I bought a $800000 home), and she's taken completely seriously. I'm all for being kind to others, but someone needs to point out to her how wrong her thinking is.

[gop4lyf]

I have never missed a payment on my mortgage, no matter how tough it has been or what I have had to cut out in order to do so. I am seriously considering saying f@#k it and just not pay anymore. Hell, I might actually come out on top of the deal if I did. Oh wait a minute, I can’t. I am a white male with a job.

[keepitreal]

It’s everyone’s fault but Garcia’s. We all owe this person the house of her dreams. This is America, where the streets are paved with gold for all fools.

[nmh]

Is he LEGAL or is this just more

TRICKLE UP GREED by LEGAL idiots?

[from occupied ga]

From the messiah's trip to AZ - Some people get it.

[SECURE AMERICA]

If this women had gone to a casino with 50 thousand dollars and by winning got it up to 250 thousand dollars and then bet it double or nothing on the next rollof the dice and lost, would or should the Government bail her out?
Of course not. Why is what she did any different?

[wac3rd]

If the property had appreciated to $1,000,000 (vs. dropping to $675,000) would there be a story of how the Banks only made a 5-7% return on their money?

Would outrage be had if everyone made 25% returns on their investments?

The answer is no, but when banks are forced to make loans and then an out-of-control culture of 0% down loans to people on the margin to make profits...oh my!

The taxpayer will end up making up the difference, somehow, according to Obama.

I worked in the mortgage industry and it is clearly the fault of both the Government and greedy banks...but culpabilty is to stop the madness and let the market naturally bottom, then we can recover.

[mrmargaritaville]

oh please dear leader buy me a mercedes benz
my friends all drive porsches
I must make amends. . .

[CSM]

Paging, Mr. Ramsey, please pick up the white courtesy phone....

Dave Ramsey Fan Ping List.

If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.

[CSM]

I’m really sick of hearing these “sob” stories. If this is the best that they can find to justify their marxism, then their case is pretty dang weak!

[bigchipzzzz]

Hillary spouten off to China, Great little read here!

http://www.themarketguardian.com/2009/02/will-china-keep-buying-us-debt/

[CSM]

Your post once again proves that conservative women are extremely attractive! Their smiles are beautiful and I wish they didn’t have sunglasses on so we could see their joyful eyes.

[TCats]

I'll give you a better example. Say you buy a stock on margin and the margin debt is secured by stock. next, the stock goes down and you get a margin call. Why shouldn't the Gov’t pony up the difference between the value of your stock and the amount you borrowed against it because the stock went down when you thought it would go up.

I fail to see any difference between this and what Obama wants to do with a select group of ‘Investors’ - Ignorant and greedy Homeowners who expect the Gov’t to put a floor on their losses while expecting to keep all the gains, if any, for themselves in the event the property actually goes up in value and they are able to ultimately sell it at a profit.

[knittnmom]

Several years ago here in Madistan, it came out that Metro bus drivers who got overtime were pulling down $110,000/year.

[TenthAmendmentChampion]

Thanks for the ping, CSM, this woman obviously needs a money makeover!

[CSM]

You betcha!

[chris_bdba]

Gosh how could you not figure out that making $12 or less an hour as bus drivers do could make it so you couldn’t afford an $800,000 mortgage?I am truely stunned at how stupid people really are! Sorry but if you make $1500 or less in take home pay a month you can not afford to spend $1200 or more on house payments. How can you not figure this out on your own?