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Originally Posted by GBBob
What bugs me isn't whether you think the economy is "bad" or not...and relatively speaking...yeah, it is. It's how you dismiss those who are having tough times so casually..
So a small percentage of people who never should have owned homes to begin with are going to lose their homes. Big deal
If you purchased a home that you COULD afford with the intention of living in it for the duration, you have zero to worry about. This is a fact.
Now, if you stupidly purchased a home that you could not afford as an investment in 2005 and hoped to flip it to make a profit, you are probably going to get burned.
You tell me what's wrong with each of these..either morally or economically
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I'm not exactly sure what you are asking me. But I'll try to respond.
What EXACTLY is the problem with the housing market? I don't consider a decrease in prices off their insanely high levels of 2005 to be a problem. Again, prices are higher than they were five years ago. And the only people who are going to be HURT by the "housing crisis" are A) people who bought houses they could not afford and had no business owning, B) people who used their homes as ATMs, and spent cash that they didn't really have by refinancing, and C) realtors and mortgage brokers, who also happen to be part of the problem.
Again, if the Jones family loses their home to forclosure and has to move out and rent a home, are they REALLY any worse off than they would have been had they done the responsible thing to being with (rent)? No. Their credit rating will take a hit. But they are hardly ruined.
The media and the democrats have made a campaign slogan out of this, citing the "poor people who are going to lose their homes." Well, 9 times out of 10, those homes never should have been theirs to being with. So I feel no sympathy. AND THEY AREN'T GOING TO BE LIVING IN THE STREET. RENTING ISN'T A BAD THING.
I'm not dismissing anyone. The OVERWHELMING MAJORITY of people who are affected by this temporary downturn in the economy have themselves to blame. Unfortunatly, neither the media nor politicians on either side of the aisle gain anything by holding people accountable.