Durbin the Extortionist

Bill Dyer, Townhall:

And if Durbin gets his way, in the end it will be the responsible consumers — the ones who actually make their mortgage payments regularly, and who didn't use subprime mortgages to move into McMansions which they objectively can't afford — who will suffer. To bail out the profligate (both past and future), the responsible homebuyers will be forced to pay. And that payment will not just be speculative and indirect, through possibly higher taxes or increased national debt if the bailout mechanism doesn't ultimately pay the Treasury back as planned. Instead, the cost of Durbin's provision will be direct and certain, paid through higher mortage interest rates extracted from all new homebuyers over the entire length of their mortgages. [snip]

This is naked, blatant income redistribution from the responsible to the irresponsible. Dick Durbin and his Democratic allies are extortionists who want to take from the worthy and responsible, and give to the profligate and irresponsible (who, by the way, also tend to vote Democratic). Even if no one who knows Sen. Durbin can be particularly surprised by it, this is worthy of your outrage, and it should be a deal-breaker on the bailout bill if Durbin & Co. don't drop it. If so, and if the entire economy tanks as a result, the blame will be squarely on the head of Barack Obama's slippery fellow senator from Illinois, and on Obama's head, too, for not using the full leverage he has as the Democratic nominee to back Durbin off this extortion.