I’m not sure if any of my readers know this, but I am currently a Business major at the Georgia Institute of Technology with a focus on Information Technology Management and Finance. After a tough day of classes and work, I came home and turned on the television. After a few hours of ESPN (can you believe Jose Canseco? This guy is a total scum bag and I frankly can’t believe anyone listens to what he has to say, regardless of some of the Truth in Juiced) I turned on FOX News (Yes, I am conservative!) to see how the stock market was doing since some indicators came out today showing that the economy was indeed slowing.
One of the first things I noticed was the picketing going on at Bear Sterns regarding their government bailout and how people from all over the country came to protest because they thought they should be receiving that money. ARE YOU F****** SERIOUS? The guy that set this whole thing up is a pretty respected individual and leader of Assistance Corporation of America (Forbes story here)….but I can’t believe some of the things he was basing his argument on. Don’t get me wrong, I don’t think the government should be bailing out any company that got themselves into a huge mess, let the market handle things like that. But this guy was trying to say that people didn’t know what they were getting themselves into. They were the IDIOTS that didn’t fully read the mortgage note and realize that rates could rise to the 14% mark. I don’t care how hard someone was pressuring me into something, I’m going to take my sweet ass time reading everything I can before I go and make what will likely be the largest purchase of my life.
It has almost gotten to a point of ignorance. These people, which are barely 5% of the total mortgage population, expect US, the tax payers that DID read what we were supposed to, to bail them out. NO FREAKIN’ WAY. This is a huge reason why I am such the conservative I am. It is not our job as a population to dig out the idiots of our society that refuse to do something as simple as reading through their loan application. Medical care to everyone…MAYBE. But this….it will be a cold day before I agree with this.
I also would like to bring up another interesting point…these people OPTED into a mortgage. Nobody said you "had to buy a house." These people were too blinded by the low payments, that they totally forgot about the risk associated with an adjustable rate mortgage. These people are the people that should have been RENTING, hence their sub-prime status.
As soon as someone gets the video posted online, I’ll be sure to get it on here.
PS - You think getting money was easy for lenders before and was a cause of the sub-prime melt down. Just wait…money is at historic lows, and in my opinion, will continue to decline. Money will flow like wine and we’ll see ourselves in the same situation in the near future again if we don’t learn from our actions and let the MARKET make the corrections.
