Whose Fault is This Anyway?

Just two years ago the housing market was booming. Homes stayed on the market in Los Angeles just a few weeks before being sold. Even those homes in poor condition were sold within two months. People were buying homes with little or no down payment and low monthly payments. Now all of that has changed and we have at least two Democratic candidates calling for some kind of relief for those foolish buyers. The web site http://patrick.net/housing/contrib/nobailout.html defines the problem better than I. That web site also suggests what many of us feel about the low down payment/low monthly payment buyers. I too agree that it is unfair for the government to bail out these foolish buyers. After all, to be fair, we would then have to bail out those people who have lost money in the stock market or opened a business that failed. There would be no end to government bail outs to people who have made financial mistakes.

I find it astonishing that candidates for president would suggest such a plan. The candidates are looking for a way to gain support in the upcoming primaries. If they suggest tougher restrictions on lenders that would be appropriate. Democratic candidates need to define other reasons to vote for them that will have a positive impact on our nation. More of these kinds of ideas will cause many American to vote for a Republican in the next election even if they perceive problems with the Republican candidate.