In a totally unrelated story, the Bailout Brothers went through the budget and found enough money to wipe out the national debt entirely. In fact, we are now looking at a $600 billion surplus… or at least we will be once the new ink cartridges arrive from Amazon.

We’ve been told for years that debt is the natural order of things. That to own a home is to own a mortgage. Once that mortgage is paid, the home becomes equity for another mortgage for the "finer things" in life. To be out of debt is unrealistic, and dare I say it, unamerican. And don’t get me wrong, I’ve drank the Kool-aid as much as anyone else and carry my share of debt. However, there does come a point when you have to stop and say enough is enough!

How much is a home worth? Whatever people will pay is the typical answer. Put in your bid, and maybe we’ll sell it to you before someone else bids more. This is all well and good, but eventually, desperation and frenzied buying reaches a point where the cost is completely out of proportion with the commodity.

Two bedroom homes on a postage stamp lot selling for $500,000…$600,000…$1,000,000. I’ve seen it, and that’s simply insane. But that is the commodity that our financial system is based on. A debt-driven economy… that makes sense. And today the Fed announces that they’re dropping the prime rate another half percent in order to get Americans out there spending again.

Fer Fark’s Sake!

What’s it going to take to end the madness?

I was also pleased to see that both candidates support taking the bailout money and buying distressed mortgages so that Americans can keep their homes. The government would buy the mortgage, revalue the property at today’s market prices and adjust the mortgage down accordingly. Quite a deal. Were you stupid and bought a $500k mortgage you couldn’t possibly afford. No worries. The home is really only worth $200k. We’ll just lop off that pesky $300k and lower your payment so that you can keep your home.

Great. I’m so glad I made the fiscally responsible choice and did not buy the house I wanted but couldn’t really afford. Thank goodness I did the right thing!

Oh well, I shouldn’t complain. I may not have a home of my own, but at least with my tax dollars, I’m buying one for everyone else.