There seems to be a move in Washington towards bailing out irresponsible mortgage holders. Not only did a lot of these people have no business owning a home in the first place, they signed onto unfavorable terms (ARM’s, interest only payments, flipping in risky markets). Did people *really* think that the real estate market is just some magic piggy bank with no downside?
So as a responsible homeowner who lives within my means, my tax dollars are now going to bail out these people.
Whatever happened to personal responsibility in this country? Furthermore, I’m disgusted with the Bush Administration even considering bailing out people…we live in a free market, and Darwinian economics will sort this out.
Elana, I respect your opinion…but we have to be cognizant of the following: You’re essentially admitting that the wealth created by the housing bubble was false wealth, and allowing it to crash naturally will hurt larger segments of the economy. Well, that’s what happens in a false economy, where there are no fundamentals to support it over the long time. At some point, reality has to set in…a continued propping up of this false economy only perpetuates the myth that all is well, and thus makes the pain worse when the larger house of cards tumbles.
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