Are people really that dumb?

We seem to be hearing a lot about the economy these days and supposedly how bad everything is.  I am not so sure I believe what the media is in a frenzy about.   It must be because of the upcoming Presidential election.

We also hear a lot of talk about sub-prime mortgages, freezing interest rates, bailouts, predatory lenders, etc.  I have a hard time believing that people did not know what their interest rate was or their monthly payment when they signed the papers to take out a mortgage on a house.  Could it be that they did not pay attention or ask the right questions when conducting this transaction.  If people who got adjustable rate mortgages cannot pay their loans, how is that the fault of the American taxpayer?  Why should we have to bail you out when you don’t pay?  Why not follow the old adage, “when in doubt, don’t”

A house is not an entitlement, but Hillary Clinton and others are beginning to see it that way, along with healthcare coverage.  Why not save the money for a down-payment, ask the right questions when looking for a mortgage and most of all, do not be in a hurry and rush through this type of transaction.   Ultimately, whoever signs the papers at the closing is the responsible party, not the American taxpayer.

Why would anyone get an adjustable rate mortgage when they know that interest rates go up as well as they go down and ultimately they are unpredictable at best?

This controversy surrounds three words that are very unpopular in our culture:

PERSONAL RESPONSIBILITY

ACCOUNTABILITY

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