“We are both working professionals who would have liked to buy,” said Matthew Haas, a community development organizer who moved to Los Angeles with his wife in 2003. They opted not to pay bubble prices, and are still renting despite ample income. “Now we have hit [the alternative minimum tax] and are finding out our tax dollars are going to bail out others.” “Where is value, morally, as a country?” he said. “Is it taking taxpayer money and applying it to people who should never have bought, people who were flippers?”
My sentiments exactly – We did not even try to buy in this market because we could not afford a regular mortgage. Why should the responsible ones have to bail out the irresponsible ones?
The website Angryrenter.com, launched just last week, has a vitiation demanding that Congress not pass any bailout programs that reward risky borrowing and lending. To wit: “Let the free market sort it out!” The petition is gathering 40 to 50 signatures per hour, according to spokesman Adam Brandon, who adds that the site is already getting 15,000 visitors a day. “A third of the American public rents,” Brandon pointed out. “They’re saying ‘I’ve been saving for a mortgage for years. I could have jumped in on a subprime loan too. Now I’m going to have to pay for a government bailout.“
Read the entire article over at CNN, check out the external sites listed there with the petitions (if you dare!) and let me know your thoughts on this in the comments!