Famed bond fund manager Bill Gross said the White House should bail out the millions of American homeowners who face the dreaded prospect of foreclosure this year.
What is true is that millions of American homeowners' eyes were too big for their wallets and now they can't afford their mortgages. It is not the job of the president, Fed, or anyone for that matter to rescue people from stupidity and greed. And how would the White House bail the millions of homeowners out? With tax dollars, paid for by you and me. So in reality, if this were to happen, you and I would pay for the mortgages of other people who bought more than they could afford.
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