No bailout for the mortgage gamblers

Much has been written about bailing out individuals who have bought homes with little or no money down with adjustable interest rate mortgages. One can sympathize with individuals who are forced from their homes due to loss of a job, illness or death. It's another matter when individuals take on a home loan with no money down at an adjustable interest rate. The individuals who entered into these contracts were over age 21. What part of adjustable did they not understand?

Lenders, and the investment banks that bought up these mortgages, also gambled and lost. Not only were the lenders over 21, they were the financial "experts" who encouraged buyers to take advantage of sub-prime, adjustable rate mortgages. Many of these homeowners are discovering what adjustable interest rates mean, finding they cannot meet their higher monthly mortgage payments. They are being forced to sell, or face foreclosure. The mortgage holders are finding they can't collect. Now, both buyers and lenders claim to be victims. But of what are they victims; their own ignorance and greed?

Many now appeal to the federal government to be bailed out and there appears to be no shortage of politicians pandering to this nonsense. Why should any sane taxpayer want to have his or her taxes increased to pay for the irresponsibility of others? I, for one, am sick of it. If a bailout is in order for this, why shouldn't the government bail out everyone who lives beyond their means? Why shouldn't the government bail out every business that goes bankrupt because of making bad business deals? People and institutions need to take responsibility for their mistakes and bad decisions. If we don't insist on this, how will they ever learn not to repeat them?

Jerome Zacny

West Chicago