R.I.P Personal Responsibility...the guvment is in charge now

I want to apologize to all the readers that read this blog and decided NOT to purchase a house. Had I know we could have bought houses that we couldn't afford, at rates that we 'knew' were going to adjust higher, AND that the guvment was going to come in and 'save' us, I would have said go ahead and buy. Seriously, why be responsible anymore?

Who knew that the nanny state was going to step in and force changes to signed legal documents. Who knew they would take 75 billion dollars from people that have their own mortgages and bills to pay and use that money to pay for people that don't feel like paying. Who knew that guvment would step in to artificially 'set' the value of homes by forcefully taking money from people who WORKED to earn it, to give it to people that made bad financial decisions.

SORRY, but the ONLY way to get the REAL value of these homes is to let the free market work. If the guvment artificially sets the value of home prices by spending 75 billion dollars, then you don't have the REAL value of the property!

We all know that guvment has the best of intentions, but we also know that millions of homeowners will work this system for all it is worth. Some people would have taken a second or third job to make things work, but not anymore!! Just go suck on the teet of the guvment and get your 'free' money.

I don't know what to say anymore. If you saved money and were waiting for prices to return to 'market' level, if you were responsible, if you paid your taxes and managed your investments to save for a down payment, then you made the 'wrong' choices for this 'changed' economy that you can(not) 'believe' in.

Somebody tell me what is to wrong with RENTING!?!??!?!? I have been renting for years! I am still alive! I have freedom, less stress, I don't have to pay for repairs, property taxes, or HOA's. I can pack up and go in 30 days notice. Yeah, it did 'suck' when everybody else was doing refi-cash outs and bragging about their 'wealth', but I stayed the course. The real estate boom was irrational, so now it is time to pay the price. For several years there, people were making 100k a year without doing anything. NOW, they are losing 100k a year without doing anything. Oh wait...they spent that 100k when things were good. Not my fault. So suffer the consequences for your actions.

What is sooooo wrong with people foreclosing, and going to rent? Then those 'responsible' people that saved their money can buy homes that they CAN afford. They won't default, and the economy will be more stable. People will stay in homes for that 'standard' 3-5 year minimum as that is what it usaully takes to break even with the transaction costs in a 'normal' real estate market.

For the past 15 years, people have gotten used to 'quick hits' whether it was the stock-bubble, or the RE bubble. Well guess what, the times have changed. You are going to have to produce something and add value to make money from now on. There isn't going to be some 'magical' industry where fast food workers and people with high school diplomas will be able to make big 6 figures. You won't be making millions overnight on a 'no revenue' dot.com or shucking option-ARM loans to mathematically challenged borrowers over the phone.

And don't kid yourself. These same people that 'didn't know what they were signing' are going to have NO trouble finding out how to work the sytem and get their free money from this guvment 'bailout'. Also, do you think the guvment is going to stop at 75 billion if there are some 'poor, hard working homeowners' that didn't get help? Come on, name one guvment social program that hasn't had a budget overrun!

This situation is a mess, but guvment intervention is only going to make things worse. Not to mention that it sets another dangerous precedent as well as being a slap in the face to every responsible person in this country. To all the parents trying to raise their kids properly, this should make you mad. But then again, parents who actually take the time to raise self sufficient children with personal responsibility are in the 'minority' now, so their 'voice' no longer carries as much weight. Too many in the 'dependent class' looking to guvment to solve all of their problems.

R.I.P. Personal Responsibility.... guvment didn't need your vote anymore.

Stay tuned...this sh*t show has just begun

SoCalMtgGuy