Monday, September 22, 2008

Stupid money and the common sense of mainstreet.

The Washington Post had an article today that looked at the feelings of some people in suburban main street communities who like me are not in foreclosure, who lived with in their means and did not borrow more money than they could afford when they bought their homes. Here are the money quotes:

"Ed Merkle, 58, as he pointed to the "for sale" signs lining his street.
But Merkle, a defense contractor, said he has lived within his means in an era of easy credit. He didn't take on a huge loan even when his bank encouraged him to dream bigger.
"I've been financially responsible with my own money. Why should I now be responsible for the fact that you were not?" he said. "

""If I spent more money than I have, I don't deserve to have somebody bail me out," said John Owens,"

"This may be a Main Street bailout backlash in the making. The details of the financial crisis are still hard for most people to follow -- what with talk of exotic "derivatives" known as "credit-default swaps" and so on -- but the central fact of the matter hasn't been lost on anyone in this Northern Virginia community: The taxpayers are on the hook for the bad judgment of others. "

Backlash indeed! I say bring it on and take it to Washington and Wall Street.

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