My gut says no. Why do I want the government (and my taxes) to pay for those who’ve taken on financial risks that I (or anyone who was thinking rationally about their ability to pay) would take? After all, its my tax dollars that will eventually be rewarding such folks for their excessively risky behavior that has brought the economy to its knees. (Note: A spelling error has been corrected, per comment, as are a few other grammatical errors. I was multi-tasking again.)

But …

Yes, always there is a but, a strong case can be made for helping these folks. The economic and political calculations are laid in a brief article in the Economist, “Barack Obama’s foreclosure plan | Can’t pay or won’t pay? |” in The Economist. Also David Brooks offers some advice in “Money for Idiots” in the New York Times. For a less sanguine and somewhat disingenuous review, the Wall Street Journal offers its usual Obama pessimism. But, if you avoid the snark in the article, it is worth reading because it does suggest some very serious problems associated with bailing out those with bad mortgages.

…

For fun, and for anyone less interested in the bailout and more interested in the ravings of partisan voices, you can find them on any number of right-leaning blogs and news sources.  One such column, by Danielle Babb ignores the fact that “honest” “hardworking” people are already being hurt. Babb also opines that the Obama plan will encourage risky behavior. What? Hasn’t that been happening already? Is she an authority on these issues? As an academic Dean at Andrew Jackson University, you would think that the good Dr. would be an expert. But… I wondered. Nowhere on the net does a Babb bio identify the source of her terminal degree. Now, really, who cares. But, if this credential is one’s important identifying information, then it should be checked.  So, I did. Babb does not tell us when it was awarded, by whom, or in what subject. She also failed to note that she is regular contributor to Fox News and that she donated $2300 to the Bush campaign. Interestingly, she wrote a book titled “Make money teaching online: How to land your first academic job, build credibility, and earn a six-figure income.” Who cares? Right? Well, you guessed it. The university of which Babb is identified as Dean is an online university, Andrew Jackson University. “AJU” claims to offer “free” tuition through online courses taught by partners (like Babb).  Nice gig, explains the book, the Deanship, and probably the degree. Oh, yeah, it probably explains the credibility too.

There is another whole post in this about the quality of education available at online universities, but I’ll save that for some other time when I am bored.

A similar type of critique is proffered by my favorite hysterical intellectual, Victor Davis Hanson. Hanson never saw a Bush policy he didn’t love and a Democratic plan with which he agreed. Thankfully, he helps us understand “real” Americans and their frustrations. No, he says, don’t spend our money in an attempt to thwart a deeper economic catastrophe, ’cause if we put our heads in the sand all the problems of the economy will go away, not to mention race, the environment, and foreign crises.  Of course, in this logic only a few bad apples are causing trouble–Al Gore (same old bogeyman there), Jesse Jackson (or Al Sharpton or Eric Holder) taking the part of angry black man, and Barack Obama.  If only it were this simple. And, it would be, if only Bush were still President.