Monday, December 3, 2007

What You Subsidize You Will Get More Of

Did you hear that? Just now. Yeah, that was the sound of me twisting off. Here's why:

You may or may not be aware that there is a "mortgage crisis" going on. (That's not my term, by the way. My term would be "lack of personal responsiblity crisis".) See, a whole lot of people bought a whole lot of houses that they really couldn't afford because they chose to use a mortgage that would initially have low or regular monthly payments, but would shortly (usually within a couple of years) have much higher monthly payments, due to the adjustable interest rate that they agreed to increasing.

Now that all of these financial geniuses have huge mortgage payments that they "can't afford", homes across the country are going into foreclosure like rabbits, um, well, doing what rabbits do. Apparently, people who report on this sort of thing feel the need to deem this "a crisis". (It's a crisis, but not the kind they think it is.) And this "crisis" has caused the Federal Government to ask themselves, "How do you solve a problem like Maria?" (Only without the music and the dancing vonTrapp family. I hope.)

Their solution? You got it. BAIL THEM OUT. Well, not exactly. Treasury Secretary Henry Paulson seems to think that if he can get those in the mortgage industry to freeze the interest rates on the adjustable rate mortgages for a couple of years, that will make everything better. I can't be the only one who sees a problem with this, can I? I mean, he's the Treasury Secretary for cryin' out loud and he seems to think it's a fabulous idea and that makes my head just spin.

I am not saying that everyone who is in foreclosure or facing foreclosure was irresponsible. I'm specifically targeting those who took out ARMs when they knew that there was no way that they could make those payments when (NOT if) the interest rate increased. Why is THAT specific behavior being essentially rewarded by freezing the interest rate on something they agreed to?!What about all of the people who bought a home that was less than what they would have like to have purchased because they knew that they couldn't afford the bigger or more expensive home? How are they going to be rewarded by the Federal Government? Oh, that's right. They're not.

I am over it. I am over how taking responsibility is becoming a foreign concept to many, many people. I am over the entitlement that so many, many people shamelessly embrace when blaming their mistakes on others. I am over the notion that delayed gratification is pointless and if you want something, by God, you should have it and you should have it now because you want to. I am over the notion that there should not be negative consequences as a result of poor decisions and that irresponsible choices should be rewarded by someone else scurrying around and trying to fix them. I'm over all of it.

Did you hear that? Just now. Yeah, that was the sound of me twisting off. Again. ::sigh:: Where are those lucky rocketship underpants when I need them?

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