The more I hear about so-called rescue plans for distressed homeowners and banks, the madder I get.

In the lastest crackpot scheme to come down the pike from Washington, our beloved Fed. chaiman Bernanke urged banks to forgive enough of the equity due on many mortgage loans so that homeowners with those loans will no longer be underwater. In many cases, that would be a forgiveness of tens of thousands of dollars. Call me greedy, but I’d like ten to twenty thousand knocked off my mortgage, too! Where is the line for free equity forming these days? Knocking that much off my mortgage would save me thousands of dollars in interest payments over the life of the loan and give me a nice little cushion should I ever need to take out a home equity line of credit.

Why can’t I get a free mortgage principal adjustment, too? Why should I be penalized for managing my money and failing to get into debt well over my head? Hey, give me a chance! I can spend wildly and injudiciously like the best of them! Then, when I’m done, I want my Congressman to bail me out of my own misguided choices.

The bailout of greedy banks and stupid borrowers (or is it greedy borrowers and stupid banks) just makes my blood boil. How dumb did you have to be to believe that housing prices would continue their stratospheric climb forever? Did anyone actually believe that we’re in a new economic paradigm? Time and time again research has shown that there is no such thing. But somehow, someway, people always believe that this time things will be different.

Maybe these millions of borrowers assumed that they would all hit the lottery if they ran into trouble with their mortgage? Well, they were right. They were playing the Congressional Lottery, however, and not Powerball. And, just like any other Lottery, you can’t win if you’re not playing.