And Irresponsibility Shall Set You Free...
This particular bit of news is really putting a rash in my diaper.
Apparently, in no small part because of an election year methinks, those citizens who made poor choices with their finances are going to be rewarded. Obviously, the full extent of the "relief" has not been determined yet, but is that really the point? Our fearless leaders are now going to set the precedent that it doesn't matter how far you over-extend yourself or get into contracts that are beyond your means, you will be bailed out by the government.
I have to wonder, what does this mean to those of us who stayed within our means and purchased only a house we can afford? We get no "kickback" now, but what if a couple years down the road my wife & I run into trouble...REAL trouble, like job loss...Not the kind of trouble this constituency got themselves into whereby they decided to buy a 5-bed / 3-bath house on 4 acres with a total gross income of $25k a year? Do I get to go to the government for a bailout? Just curious about that.
Also, I really don't want to hear about "predatory" lenders. A few years back, when the U.S. of A. was flush with money, these lenders we being castigated for NOT making the "American Dream" available to the poor. Now that they have listened to the masses and distributed loans, they are called "sharks" and "predators"...To me, this is just another deflection of the fact that the recipients of the loans did not accept the consequences of his/her actions. I've gone through various loan practices; everyone is told what the payment is going to be and, in the case of variable interest, what it will change to. Just because some fool didn't want to read the terms, or chose to disregard them, doesn't mean a) The lender should be called a predator and b) Those of us who do review the paperwork pay for those that don't.
This legislation will pass. Irresponsible people will be bailed out. And when the dust settles and people who truly fall on hard luck need help, the money will have dried up...And America will continue its inexorable pass into a nanny state.
Apparently, in no small part because of an election year methinks, those citizens who made poor choices with their finances are going to be rewarded. Obviously, the full extent of the "relief" has not been determined yet, but is that really the point? Our fearless leaders are now going to set the precedent that it doesn't matter how far you over-extend yourself or get into contracts that are beyond your means, you will be bailed out by the government.
I have to wonder, what does this mean to those of us who stayed within our means and purchased only a house we can afford? We get no "kickback" now, but what if a couple years down the road my wife & I run into trouble...REAL trouble, like job loss...Not the kind of trouble this constituency got themselves into whereby they decided to buy a 5-bed / 3-bath house on 4 acres with a total gross income of $25k a year? Do I get to go to the government for a bailout? Just curious about that.
Also, I really don't want to hear about "predatory" lenders. A few years back, when the U.S. of A. was flush with money, these lenders we being castigated for NOT making the "American Dream" available to the poor. Now that they have listened to the masses and distributed loans, they are called "sharks" and "predators"...To me, this is just another deflection of the fact that the recipients of the loans did not accept the consequences of his/her actions. I've gone through various loan practices; everyone is told what the payment is going to be and, in the case of variable interest, what it will change to. Just because some fool didn't want to read the terms, or chose to disregard them, doesn't mean a) The lender should be called a predator and b) Those of us who do review the paperwork pay for those that don't.
This legislation will pass. Irresponsible people will be bailed out. And when the dust settles and people who truly fall on hard luck need help, the money will have dried up...And America will continue its inexorable pass into a nanny state.
posted by Invictus | 1:47 PM
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