I have been saving my money for a decent size downpayment. I have been waiting for the home prices to come down. Yet in the Long Island area, the prices have not come down as much as everywhere else. There are still people holding onto their homes thinking someday they will get the previous level prices.
There are many developers who speculated they can improve a home and sell it for a higher price. Now that they can't sell them, they are renting them out. This bailout pisses me off because it is only going to help all those speculators keep their house a bit longer. But eventually, they have to sell. This bailout is only going to elongate the period of housing depression.
So I have a better solution. I am looking to buy and this market needs more buyers. How about giving me a 2 percent rate for next 10 years Mr. Paulson ( I am not going to call him PaulSIV because I am asking for his help:). Instead of temporarily helping people keep their house who can not affort to, let me buy the house with a low Mortgage rate.
We need to bailout the buyers! The prices are still too high.
Hope you are listening Ben B and Henry Paulson.
3 comments:
Excellent post. A bailout will only reward those who speculated beyond their means and punish those who have lived responsibly within their means. It also makes a lie out of the American Dream.
Thanks. It seems like being irresponsible is the in-thing as long as you have a big group of people doing it. Banks taking risk? It's ok because everyone was doing it.
Hopefully, we can make our voices heard and stop this socialism in America.
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