Dick Armey of AngryRenter.com and FreedomWorks.org on the Glenn Beck show

AngryRenter.com and FreedomWorks.org Chairman and former House Majority Leader, Dick Armey, explains FreedomWorks' newest initiative - AngryRenter.com opposing the mortgage bailout , with CNN's Glenn Beck.

What happens when the federal reserve cuts interest rates?

Glenn Beck and Dick Armey of FreedomWorks.org shed some light on the controversial mortgage bailout.

Cutting interest rates is in essence printing money and printing more money devalues the US dollar.

Irresponsible Banks and irresponsible borrowers are getting better treatment than responsible renters in this country.

It is un-American. This is not the capitalist economy it is supposed to be.

What about those of us who play by the rules everyday. We get up every morning and go to our jobs. We save our money. We don't indulge ourselves with material possessions we cant afford. We don't borrow money that we cant pay back, We pay our bills on time, We sacrifice now for a reward later, We rent until we can afford to buy and when we get equity in our home, we wait until we can afford to buy a nicer home.What do we get? Besides higher taxes and a weaker dollar...What kind of bailout are they planning for us? or is the bailout going to be financed by those of us who have done the right thing and should be rewarded for it.

Buyers who bought more home than they could afford gambled that house prices would always continue to rise. They let greed influence their decision making and they bought into a "get rich quick scheme". If you would have offered my Father an interest only loan 40 years ago, he might have called the police. That is how absurd it would have seemed to him.

Dad was right.

Dick Armey is Chairman of Freedomworks.org and has just launched a new website called AngryRenter.com.

Freedomworks.org is a group of activists who advocate small government. What they do is advocate good policy and fight bad policy. They are about 800,000 strong and are dead set against the mortgage bailout.

What Dick Armey is asking for in this video is that angry renters and other people sign a petition and deliver it to Washington to send a message that this Mortgage bailout and any other policy that rewards irresponsible lenders and borrowers.

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