Quote:
Originally Posted by Jim in CT
There was some of that, sure. There was also some reckless risk-taking. I knew people who bought houses that cost 7X their annual income. Stupid.
Spence, I got sucked into a business deal with a good friend 7 years ago (former good fiend). Turned out it was basically a Ponzi scheme, lost about a year's gross pay. What government program can I go to, to get bailed out for my stupidity? Because what my family did, was spend a lot less and I took a job (which I don't especially like) which pays more. Will take 10 years to re-coup. Where's my HARP program that I get to withdraw money from?
Liberals aren't especially keen on the idea of responsibility. Everything is someone else's fault.
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You were ok with Bush bailing out the banks, I take it. Also, if your stupidity (your word) was going to take down the entire economy of the US with it, there would likely be a program. If it were only those people who took those loans affected by it, there would not have been a program. When it causes the entire housing market to collapse and greatly impacts the ability of ALL businesses to borrow money, then it is within the function of the government to step in. At least in the opinion of most economists, the Bush administration, and the Obama administration.