Friday, May 02, 2008

A Crisis?

You know what really chaps my rear about the "sub-prime mortgage crisis"?

These idiots purchased property on adjusting mortgages when the 30 year fixed rate mortgage rate was at historic lows. Just where in the hell did they thing the rate was going to go when it adjusted?

The sob stories are a bunch of crap. I am tired of hearing them, I am tired of the media and our politicians pandering to them, and I am more than tired of hearing how my tax dollars are supposed to help bail them out. We are not "suffering" a mortgage crises, we are in the midst of a personal responsibility crisis.

Where is the politician who has the intestinal fortitude to say "Look folks, you signed the contract. Make your payments or suffer the consequences"? When is the media going to stop enabling the foreclosure mindset and start hinting that maybe people have a responsibility to pay their mortgages?

It is not my fault that mortgage companies lent huge sums of money to folks who could not qualify for an American Express card. Maybe the companies who did business like that should be allowed to go under, maybe they should suffer the consequences of their poor business decisions.

Maybe, just maybe that would prevent a "crisis" like this from happening again.

Just saying...

5 comments:

TexasFred said...

And WE are the ones paying for it...

GeorgeH said...

As Calvin coolidge said when our former allies couldn't repay their WWI debts and wanted relief,
"They Rented the Money"

BJ said...

"We are not "suffering" a mortgage crisis, we are in the midst of a personal responsibility crisis."

A lack of personal responsibility accompanied by an entitlement mentality.... It seems pretty obvious why this country is in its current state!

dw said...

i totaly agree jr. and the company i work for just got out of the cmbs / cdo / conduit business because they where the ones securitizing these arm loans. there profit went from 1 billion 1st quarter last year to 77 million 1st quarter this year. now who got that money!!! and as far as the politicians go, i just spent my "stimulus check" on my personal politician, ME and my AMMO.

JR said...

I spent a good part of the day at the gun show and then Cabela's stimulating the economy with ammunition and ammo component purchases.