How is trying to buy a home irresponsible? Isn’t that the epitome of responsibility?

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I have seen a lot of talk about how the financial meltdown was apparently caused by people who were irresponsible or shouldn’t have been given loans or were just lazy or stupid. (Have I missed any?) To me this doesn’t really make much sense. I know the media seems to have painted a black and white picture surrounding these events and they are really trying hard to make it seem clear that its stupid poor people who screwed this all up for everyone else and as Rick Santelli eloquently points out why the heck should he have to help these people? In case you missed this you can watch him talk below.

But there is a reason the powers that be want to point the finger at the delinquent homeowners. It’s either point the finger at them or we start figuring this out and point our fingers at Rick and his buddies. But since they control the media it’s going to be a lot harder for our fingers to win. And really Rick is right about one thing, this whole mess is about one thing: responsibility. But it’s not in the sense that you are probably thinking especially if you watch a lot of news because if you do you might even have agreed with what Rick had to say or what the rest of the media has said. They certainly are convincing and it sounds reasonable enough. People with bad credit were given homes they couldn’t afford. Simple right?

But it’s not as simple as that because as I asked in the title since when is wanting to own a home irresponsible? Seriously think about this for a moment isn’t that the epitome of responsibility? I think it is. Everything we ever learned growing up taught us that some day if we worked hard enough and held a good job that someday we might be able to own a piece of the pie and have our own place to call home. That’s the American dream for most poor people but I guess that’s not enough for people like Rick. But you have to really look at the situation to understand things fully.

What Rick is saying assumes an awful lot and it goes against basic psychology. People become emotionally attached to homes, ask anyone in the Real Estate industry because we all know that. It doesn’t make any sense that people would just throw it all away and just not care because it defies all logic to do so. It’s not in our nature to act this way, even if as they often point out they have no monetary investment in the home because they didn’t need a down payment and got a 100% loan. But again this defies logic because then you could argue that anyone who got a 100% loan could care less if their homes burned to the ground because they “can just walk away” as you often hear. But it’s simply not true in either case. The powers that be try to make it sound this way for a reason, it’s either that or we start blaming them.

Bad Credit?

What exactly is bad credit? If you really look at the financial record of someone with bad credit you will notice a pretty remarkable pattern. It’s not the gambling and ridiculous things that the media tries to portray but typically a pattern of simply not having enough money. Not that they are any more irresponsible with money than anyone else but when you have no leeway with how much money you make versus how much money it just costs to live in this country, when something happens you are out of luck. The bigger the gap between your cost of living and your income the easier it is to save. Sure you could argue that someone should have substantial savings before they buy a home but how many do or did in the last few years? Not many. So the ones that make it they were responsible while those that suddenly lost their jobs or who weren’t lucky enough to have good health insurance and find themselves facing large medical bills, those are just irresponsible people? That doesn’t add up to me.

And what’s bad credit? Someone who gets $10,000 in medical bills and suddenly can’t pay them or is forced to use a credit card and then the interest rate racks up and they can’t afford it? Or they could afford it and suddenly lose their job(s)? After all look at the unemployment rate, there is a reason I am stressing the job thing. People at the top typically don’t lose their jobs while those at the bottom are routinely picked off like a scab when times are lean because those at the top certainly aren’t going to take a pay cut.

Like I said this is about responsibility. But it’s not a few people not paying their mortgages because they just don’t feel like it. It might even be a lot of people not paying simply because they can’t afford to but that’s not our problem. The problem is responsibility and it’s the people at the top of these financial schemes who would rather throw out all responsibility for their own greed. They would rather see the lives of innocent people completely left in financial ruin and kicked out of their only home just so they can own that 3^rd or 4^th home that they never even see.

Our country is in a state of panic and turmoil because of a few people who have so much power and who already have so much wealth but it just wasn’t enough. They needed more and they just took it. But they have the audacity to say that it was other people who are not responsible? So yes it is about responsibility and those at the top are ultimately responsible for this entire mess. They can try to use everything at their disposal and every media outlet that they own will send the same message as they have from the start but I will never for a moment believe that average hard working Americans are somehow irresponsible enough and had enough power to bring our country to its knees. Since when have poor people ever had power in this country?

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