Kryst51
Singin' in the Hou. Rain
- Local time
- Yesterday, 21:41
- Joined
- Jun 29, 2009
- Messages
- 1,898
Maybe it is different where I am, but no one I talked to wanted a stimulus package or a bailout. The financial sector bail out was very much despised. No one wanted help paying on their house that they bought that they couldn't afford, they simply wanted the terms that they originally were told they could have.
House prices hadn't fallen so badly like they just did for 70 years or so. 5 years ago the "responsible" thing to do was to buy a house rather than rent, because renting was throwing your money away. Buying a home was an investment. Sure you were tied to the property then, but over time your house gained in value.
That all changed with the housing crisis, where people who did what was the responsible thing to do suddenly found all of their equity gone, and possibly owing more than their house was now worth.
I agree with you that people need to take personal responsibility for their own finances and live within their means, and I think for the most part people do. There are some irresponsible people (and I personally know several of them ), but I think overall people are generally responsible.
From what I understood the housing crisis was a result of people buying too much house over what they could afford, and getting into loans that they knew nothing about how they worked. Most of the people in my office wanted the stimulus package. Maybe I have misunderstood, but that is the impression I have gotten when people have explained the whole thing to me.