Why rescue others from bad money decisions?
A foreclosure here, a foreclosure there, a foreclosure everywhere. Turns out we're fourth in the country in foreclosed homes, with 1 in every 32 home mortgages headed south. I feel sorry for those homeowners who got caught up in mortgage fraud schemes.
But I think the vast majority of these people who can't pay should've known it was coming. They couldn't afford the house in the first place and that's why they were getting adjustable rate mortgages and the 57 other dangerous varieties. What's more, plenty of them figured they could just flip the place and make a handsome profit. Now they're caught. Too bad, so sad. It's happened to all of us who make a bet on stocks, real estate and commodities.
But I don't want my tax money rescuing people who should've known better and who would've continued their bad economic behavior if the market had continued to soar.
We Americans have to start learning old-fashioned money values -- self-reliance, frugality, discretion. If you can't afford it, don't buy it.
But I think the vast majority of these people who can't pay should've known it was coming. They couldn't afford the house in the first place and that's why they were getting adjustable rate mortgages and the 57 other dangerous varieties. What's more, plenty of them figured they could just flip the place and make a handsome profit. Now they're caught. Too bad, so sad. It's happened to all of us who make a bet on stocks, real estate and commodities.
But I don't want my tax money rescuing people who should've known better and who would've continued their bad economic behavior if the market had continued to soar.
We Americans have to start learning old-fashioned money values -- self-reliance, frugality, discretion. If you can't afford it, don't buy it.
posted by Ana Veciana-Suarez at 10:06 AM
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3 Comments:
I live in europe (Sweden) in my country we had a your problem in the early 90:s .
At that time the taxpayers had to help the Swedish banks whith lot`s of money so they should not go bankrupcy.
Now 15 years later the same banks makes more money than ever but they are not paying it back to us taxpayers.
So my advice to you American`s , do not use taxpayers money to help companies or people who put them self in a bad possesion.
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I agree with you 100%. If you can't afford it, DON'T buy it! I don't want my tax money to rescue your dumb decisions.
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