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Fox Bashes "Dems" Who Want to "Bailout" Stupid People Who Can't Pay Their Mortgage

Reported by Melanie - April 15, 2007 -

Never mind corporate tax breaks (PDF) (some corporations pay no taxes whatsoever), subsidies, and bailouts (think Chrysler and the airline industry post-9/11). Fox says when stupid people are lured into buying a home they can't afford, they shouldn't get a "bailout from you and me."

Such was the consensus yesterday (April 14, 2007) on the Fox "business news" show, Bulls & Bears.

Host Brenda Buttner set the stage with her teaser:

You, me, we've all bought something we can't afford. So when the bill comes, should other taxpayers pickup the tab? That's what some Dems want. Uncle Sam bailing out [her voice increasing in pitch and volume] people who can't pay their mortgages!! You can not miss this. Next.

Buttner continued after a break:

So, should homeowners who bought houses they couldn't afford get a bailout from you and me? From American taxpayers?!

Buttner introduced the panel while the chryron at the bottom of the screen read: "Dems' Housing Bailout: Good Plan or Disaster?"

"Democratic strategist" Laura Schwartz went first. She said foreclosures have a ripple effect that spreads out throughout the neighborhood and town in which they occur. She said refinancing is more "cost-effective."

Regular panelist Gary B. Smith said he didn't think the government should have bailed out the airlines and that the "government should stay out" of this. "At some point," he said, "there has to be some personal responsibility here." People like Chuck Schumer (D-NY), the sponsor of the bill, "want people on the dole."

Buttner conceded that "some of these loans are not really on the up and up," and Schwartz reminded viewers about predatory lending.

Regular Pat Dorsey said if the government gets into the "business of bailing out stupidity, we're going to go bankrupt in a hurry."

Scott Blier said the "government has no business doing this. ... Is the government going to bailout investors who bought these sub-prime loans and have lost billions of dollars?"

Schwartz came back to remind viewers about "bad apple mortgage brokers," who took advantage of borrowers and Buttner signed off with, "Well, will the Dems push through this plan? Tune into Your World [Your World w/Neil Cavuto] and find out."

Comment: Ah yes, another lecture about how the little people should take personal responsibility while bailouts and tax breaks for the ruling elite are blowin' in the wind, little more than inconvenient truths.