Sub-Prime Opinion

CNN is usually the last place I'd go for a well-thought-out, well researched, insightful editorial but I happened upon a speck of quality in the mounds of reactionary, patronizing bullshit they 'report' each day. Glenn Beck reacts primarily to a New York Times piece (although the piece is actually from a blog hosted by the Times) claiming that Ed McMahon's declaration on Larry King Live that his Mulholland Drive mansion has been foreclosed upon has humanized an issue facing roughly 3 million Americans. Beck points out the obvious: that although McMahon's story is newsworthy and relevant, he hardly represents the average American suffering through the sub-prime mortgage mess. He goes on to argue that this sort of coverage clouds over the major issue: that McMahon's 'sin' - spending more than you earn - is endemic to American life.

He closes with the following:

The same night the McMahon interview aired, I got a spam e-mail from Matthew Lesko, the guy who wears a question-mark suit on infomercials. He was informing me that, no matter my income, there are plenty of free government programs that I can take advantage of to help me pay my mortgage. Perfect. Just what we need: free money for those who got into trouble by spending money freely.

Do we need to help the people who would legitimately be out on the street if they lost their home? Absolutely. But those programs are already in place. We have strict bankruptcy laws, unemployment benefits, welfare programs and health care plans -- all financed by taxpayers. Why should there be a taxpayer-funded mortgage bailout program on top of it all?

Whether one person loses a home, or a million do, it isn't a tragedy, it's a lesson. And like all lessons, we can learn from it. Since I started with a Stalin quote, I'll end with one from Henry Ford: "Failure is simply the opportunity to begin again, this time more intelligently."