After watching the morning news, I have to speak my mind on the current housing crunch and all these people wanting to throw money at it. I highly disagree with this approach. I mean, it all started back when Clinton passed the law that allowed homeowners to not pay taxes on the first $500k of profit when selling a house. This caused investors to flip houses like mad. This shot the price of homes up in some areas, and these investors were getting lots of loans which created capital. This led to banks becoming more comfortable financing some of the more "questionable" people because they had more capital on which to grant. Well...those "questionable" people started to default, and investors stop investing because of the slowing economy, and look who's left with all the problems. Banks and consumers are both gonna get a kick in the pants over this one, and why should the government save them? Who's gonna come save me when I cant pay a bill because I made poor choices? Why should my tax dollars go to help people who try to live beyond their means and fall on their ass?
My 2 cents
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