The most important thing to me is that my tax dollars are not wasted bailing out irresponsible people whose eyes were bigger than their wallets. I was responsible when I bought my first home and then upgraded to my second home (sold the first) five years later and made sure that I could afford my house even with a drop in my family's income.
A bailout or other easing of the natural consequences of biting off more than one can chew will have at least two effects. 1) it will waste my tax money and reward irresponsible people and thier behaviour, 2) it will set a bad precedent for future irresponsible bubbles--"Hey I can jump on this next big thing and ride it as long as it goes--if it tanks, Uncle Sam will bail me out just like he did when with the subprime mortgage thing."
Maybe this sounds unsympathetic, but it seems no one wants to take responsibility for their own problems these days.
I think tax dollars would be better spent counseling the people who lost their homes or people thinking about buying homes, and cleaning up an inefficient industry--Most of us spend several thousands of dollars in fees, comissions, closing costs, etc. to sell and buy our homes and it is not really clear what that money is for, except to enrich all the middlemen.
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The most important thing to me is that my tax dollars are not wasted bailing out irresponsible people whose eyes were bigger than their wallets. I was responsible when I bought my first home and then upgraded to my second home (sold the first) five years later and made sure that I could afford my house even with a drop in my family's income.
ReplyDeleteA bailout or other easing of the natural consequences of biting off more than one can chew will have at least two effects. 1) it will waste my tax money and reward irresponsible people and thier behaviour, 2) it will set a bad precedent for future irresponsible bubbles--"Hey I can jump on this next big thing and ride it as long as it goes--if it tanks, Uncle Sam will bail me out just like he did when with the subprime mortgage thing."
Maybe this sounds unsympathetic, but it seems no one wants to take responsibility for their own problems these days.
I think tax dollars would be better spent counseling the people who lost their homes or people thinking about buying homes, and cleaning up an inefficient industry--Most of us spend several thousands of dollars in fees, comissions, closing costs, etc. to sell and buy our homes and it is not really clear what that money is for, except to enrich all the middlemen.