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The problem is like one of those old many-headed monsters, you cut one
head off, send it rolling and another pops up... Let's say for instance a kid makes it through school and gets a halfway decent entry-level job. He assumes this is the first step up the ladder, that his earnings will grow each year. It doesn't make sense to throw away all that rent money when Uncle Sam gives tax credits for owning, and becoming a home owner automatically raises your credit rating. This is the honeymoon period. Things are looking up, the value of the house will go up over time... The next head is the greedy mortgage guy, who encouages the kid to overspend (bigger commissions, more profit) on a shiny new McMansion instead of a cozy little starter home. Couple that with all the DIY channels that make the role of home owner look easy. Then elect a president or two who let the money lenders lie, cheat and escape punishment for outright fraud, and you've got a situation where they rob from the poor to fatten the purses of the rich... which is one photo, but by no means the whole album of unhappily ever-aftering.
I've been wondering were you were -- hope all's well. Glad you've come back with a thought provoking blog. Sorry about my long-winded comment but the fingers just started moving... :)
posted by
Pat_B
on August 9, 2008 at 5:07 AM
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