Thursday, October 2, 2008

American public - step up and take some blame.

I heard a sound bite yesterday on NPR - Barrack Obama was speaking about the pros and cons of the government's recent bailout bill efforts. He was concerned with who's going to help the America families affected by this crisis - those who may lose their homes. John McCain may very well have responded the same way. No matter - the point of this post is not about political candidates.

The point of this post is that I won't shed any tears for those people affected by this financial debacle. Sorry, but I can't.

If blame can be laid at the feet of our government and its politicians, as well as Wall Street and the mortgage companies who dealt in these unfavorable loans, one has to blame the families who made a pact with the devil - the devil being the mortgage companies.

No one twisted their arms to sign on the dotted line. They weren't pushed or cajoled into getting in over their heads. Why should they be helped? They got in over their heads. They bit off more than they could chew. There is no entitlement to own a home, or own a better home than you already have. You earn that. I'm sure my parents would love a bigger home, but they live in a $130,000 appraised Cape Code that they can afford. And I certainly would like to be living somewhere other than where I'm living at now, but I know what my financial limitations are and I live with it.

But thousands of families couldn't live with it. So they signed with the devil for loans they could never have afforded to begin with. Now the shit has hit the fan.

And I'm supposed to feel sorry for these people? Is there anyone out there who - right now - feels sorry for Fannie Mae or Freddie Mac? No. It's all about taking responsibility.

1 comment:

  1. Hey Jeff...we went to HS together. I've never clicked on your blog from Tony's, but I did today, and my husband and I had this very conversation yesterday in the car on our 30 mile commute to a city where we can't afford to live... Yeah, we could've taken one of those loans too, but we didn't, and we still live in the little 1300 sq ft house we bought 13 years ago for $82,500 in the hokey little town of Hemet. You said it well. I hope life is treating you well! Angie (Hoefs) WHS '81 (We are rowdy, we are fun, we're the class of 81 - and don't you forget it!)

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