Observation of the Day!
Nobody said much when the prices for homes were sky rocketing at double digit rates. People were buying, driving the prices even higher. Now the market place finally has taken over and balanced the pricing.
Whatever happened to putting away some money every month to accumulate a down payment to buy a home? Instant gratification is the mantra of the younger generations. By the way I believe the bankers and mortgage company execs should be in jail or fired at the bare minimum. NO BAIL OUT! TS!
Have a nice day!
SCA
1 comment:
I am not in favor of bailouts either. But you lose credibility when you place the blame on the "instant gratification of the younger generation." Bullshit.
The situation is tenfold more complicated than that, including such issues predatory lending practices (I have first hand experience as to what one of these son-of-a bitch companies did when I worked with the settlement of a class action law suit). We also have a country whose entire ethos is that of consumerism. When we are told by the current administration that the best thing we can do in response to the attack of 9/11 is to "spend money" something is seriously amiss.
I also must have missed your no bailouts for Bear Stearns post, but maybe that's just me.
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