In Defense Of A Housing Bailout Plan

A recent article by The Associated Press offers a defense for the housing aid package that recently was passed by the U.S. House of Representatives and that the White House is currently threatening to veto:

• A government-backed mortgage bailout is needed, and it must be done right away. Before shouting about all the reasons why taxpayers shouldn't rescue the profligate who took on more debt than they could handle, think about this: New research estimates 1 in 33 subprime borrowers will foreclose on their homes in the next two years. That means the mortgage rot could be on the street where you live. And it could spread to your schools, to your hospitals and to the roads that you drive on. This is one of those times when doing the right thing isn't necessarily fair, but it needs to be done for the greater good.

For more, see Arguments in defense of a housing bailout backed by the government.