I want to make clear to everyone that I don’t agree with everything in this video. Not everyone who took at a sub-prime loan was like Bob (as shown in the video). However, the video does make a point and demonstrates that while the greater focus is on helping those in distress, those who do things “right” should not be asked to pay the bill. There is a balance and in this election season its important to be reminded of this. As the website points out renters represent 32% of the population and they should not be asked to help the 2% who made a poor financial decision.
Your thoughts?
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on Apr 15th, 2008 at 11:53 am
My thoughts? - I think you are right.
on Apr 15th, 2008 at 8:28 pm
Renters should be angry, as well as people paying their mortgages even though the payments are tough. The foreclosures will have to result in higher occupancy rates for landlords, which, in turn, should drive up rental rates. Renters will wind up paying taxes and higher rents. They should be angry. We love socialism when it feels good (like student loans and universal health care), but we dislike it other times. People should realize that it’s not the bailout aspect that bothers them — it’s the socialism.
on Apr 16th, 2008 at 9:57 am
Good points Wade. I agree on this creeping socialism. Initially, when the whole crisis hit I was sympathetic to the borrowers and blogged about it as well. Then as the bailouts starting coming out all of a sudden I had a change of heart, in terms of the sheer dollar volume that they were going to spend to help these banks and folks. Considering how small the affected population is I was outraged. The Bear Sterns bailout really pushed me over the edge. Then when McCain had a change of heart and said he’s going spend billions to help folks, that kind of pushed me away too.
on Apr 17th, 2008 at 11:06 am
I tend to agree with the “Angry Renter” point of view. I’m a “Sally” who stands to get dumped on twice. Once, if my taxes are increased to pay to bail out people who irresponsibly got into mortgages that were beyond their means. Twice, because I’m having to leave my rental home because my landlord is a “Bob.”
I did everything right: I was living below my means, paying my rent on time, and saving to buy a home later. My landlord did everything wrong: he didn’t pay his mortgage, didn’t keep the home in repair, and didn’t keep me informed.
So now I’m buying a house before I really wanted to. Because of my experience, I don’t want to chance renting again from an undependable landlord. While I’m pleased with the home I’m getting, it’s not what I had hoped to be able to get in the future after I had saved more money. I dislike committing to a mortgage before I really felt ready to. I certainly do not want to pay additional taxes to help out the “Bob’s” of the world who are putting other people in the same predicament I’m in.