Ken and Daria Dolan are widely known as America's First Family of Personal Finance.
Can someone please tell us what happened to personal responsibility?
The latest news from Washington is that some politicians are proposing that our hard-earned tax dollars be spent to bail out thousands upon thousands of homeowners who purchased homes with "easy" credit and now are in danger of losing their homes in foreclosure.
During the past five freewheeling, "easy" money years in the mortgage business, lots of people bought homes they couldn't really afford and shouldn't have bought in the first place with gimmick mortgages (no money down, 0% interest, etc.). Now that their adjustable rate mortgages are adjusting upward, they can't make their payments.
Look, we aren't trying to be unsympathetic here. It's regrettable that some Americans may lose their homes, but it's not the government's responsibility (the government is US!!) to bail them out.
Let the fat-cat, cash-rich lenders and subprime borrowers pay for their own sins. There's no shortage of ways Washington can put those tax dollars to better use.
This bailout is tantamount to punishing all the hard-working folks who played by the rules and made smart money decisions, and rewarding those who don't. Stop rewarding irresponsibility!
Special note to anyone in danger of losing their home to foreclosure: If you are in trouble, don't wait for the government to come to your rescue. Click here to listen to an audio alert with our specific steps to help you avoid foreclosure and protect your family's home. We'll also tell you how to avoid becoming a victim of the skyrocketing number of "foreclosure rescue" scams.
Ken and Daria Dolan of Dolans.com have hosted their own national radio program for 22 years, anchored their own television shows on CNN, authored six books on money matters, served as money contributors on CBS This Morning and have now launched a comprehensive web site and free e-letter at Dolans.com.