Let’s all get on the bandwagon and blame some big bank or other corporate entity that we can’t seem to find.  All the fat cat bankers and mortgage brokers et al, must be to blame.  It can’t be us! And certainly not me!

Well’ I’m here to tell ya folks, I beg to disagree.  Sure there’s been plenty of predatory lending.  And sure many folks who didn’t understand what they were getting into are getting hurt.  Call me crazy, but I just have to ask, what happened to personal responsibility?  What happened to living within our means?  You can’t tell me for a minute that it makes sense to sign a mortgage on a home that’s going to cost close to $4,000 a month in principle interest and taxes when your household income is $60,000 or even $80,000 per year.  That’s NUTS!  Then, throw in some kind of variable rate, interest only deal, or a deferred interest rate increase and most people can see it’s a recipe for disaster.

Sure, stated income loans were a big regulatory mistake, but, John Q. Public went ahead and signed ‘em anyway.  Oh well, I’m sure it will all work out somehow they thought.  Maybe I’ll get that $50,000. raise this year.  Maybe, just maybe honey you can get that second job on the night shift.  Bravo Sierra! as we used to say in the military. Ain’t gonna happen! 

The problem I do have with all this is the fact that the taxpayers who aren’t in trouble are the ones who are going to pay the taxes to bail us all out.

If that ain’t Socialism, I don’t know what is.

That’s my opinion.  What’s yours? As always, your comments good or bad are welcome. Just click on “Comments” below to let us know what you think.