If you think it is bad now, wait until word gets out that homes are now mortgage *free*. That is going to be the way that a lot of people take this. And trust me, this WILL percolate down into rental properties as well. Why wouldn't it? Yeah, it's one thing when people are just in a bad way, but like welfare, this will be abused beyond belief.
People got loans they didn't deserve because they didn't have the financial backing to be realistically able to afford it. And now they expect to be bailed out of thier poor choices as well as the banks being pretty much forced to take those loans regardless of common sense. So when push comes to shove, MY taxes will go up in order to foot the bill, or else the value of MY savings will go down when the money supply is inflated, forcing ME to help pay for this crap.
EVERYONE knew the housing market bubble was going to bust, but how many of them prepared for it by making sound decisions in the face of that probability?
Quite frankly, what this all boils down to is that people need to have the authority to make their own choices, and along with that the responsibility that goes along with this to either reap the rewards of prudent choices, or suffer the consequences of those decisions that were not quite so prudent.
THAT was what made America great in the past. But the current nanny state of government controls will be making the United States of America pretty shortly into a has-been country with a failed economy.
__________________
|