Now I realize that the housing crisis is much deeper than what I will portray here, but I'm tired of all the folks who bought into the hype five years ago and thought that by paying $1,600/month they could afford a 7ooo sq ft. home just outside a metropolitan area. Now, all of these folks who are having a tough time meeting their monthly mortgage payment (and the Escalade payments as well) are crying foul and looking for relief.
I can certainly understand helping out people who had good credit but were duped by shady brokers or unscrupulous lenders. I can also understand helping out people who have lost their jobs, through no fault of their own, and need some short term assistance. It is the overspenders and wannabes that spent wildly because they could and nothing was checking them.
I have a few messages of self responsibility here for such people:
YOU didn't read the fine print well enough.
YOU overspent to keep up with the Joneses.
YOU underestimated the swings that the economy can take.
YOU didn't budget adequately for house expenses.
YOU don't deserve help from the government because of carelessness or stupidity.
Perhaps I'm being harsh but it's time the government says no to all of these bailouts to individuals through bankruptcy, foreclosure assistance, welfare, etc. The more we enable our citizens to make costly mistakes and not pay for them, the more we weaken our country, our economy and our future. It is time to step up and take responsibility for your actions!
What are your thoughts on this crisis? How would you deal with it other than with a government bailout program?
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