Caroline Baum on Bloomberg:

If President Obama’s goal is to stem foreclosures and allow struggling homeowners to stay in their homes, convert them to renters. Many of these folks were owners in name only: They borrowed 100 percent of the purchase price of the home, only to see its value plummet.

The idea of the bum bailout is that we must enable people to own a house because it's simply "unfair" to those who can't afford to live the 'New American Dream' via their own financial means. The motto of the New American Dream should be: "Live beyond your means, and don't worry because it's on us."