And the blame goes to...

Yesterday in my Politics & Power class we were having a typical discussion about how the rich men of America have screwed us all over and how the government can and must save us. The professor asked, "If you asked people on the street why we are in this economic mess what do you think they would say?" There were the typical answers about it's all Bush's fault and the war, etc. 

Then one kid said it's because of greed.  "The people who sell mortgages have been deceptive and really taken advantage of people..."  He went on for some time about how unfair it is that people are loosing their houses, etc. and how if the people at the top weren't so greedy then we wouldn't be here. 

Another girl said that people have also bought houses they couldn't afford, that are too big. The professor said the janitor in his friend's building makes you know about $8-10 an hour and he has bought two houses. Does that make sense? The conversation turned back to how awful those bankers and mortgage people are. "The person buying the house maybe didn't see the little black line that said they're payment was going to double or triple. That's not their fault."

I raised my hand and said, "Personal responsibility has to come into play here though too." I explained that when I was buying my house I was approved for a certain amount which was more than I had expected - cool! Then when I really looked at the numbers, (my bills, etc.) I realized I couldn't really afford that much so I bought a smaller house with a smaller payment. The prof said that's right (I was a little surprised!) and he said it seems fairly clear that a janitor making $8-10/hour probably can't afford 2 houses and he should know that.

This guy in the back said, "I agree with the young lady [well thanks! I'm probably older than all but one of the students but hey, I like it.] but I just have to defend the janitor. When someone tells you that you can have something that everyone else has you jump at it. You're just excited and you go for it and figure out the details later and worry about whether or not you can afford it later. For once you can have what the rest of the world has."

Who says the rest of the world has that??? I know very few people with two houses! Very few. Maybe I just don't live in the same fantasy world...

At any rate, I think he summed up beautifully why we're in the mess we're in. I'm not saying I'm perfect. Far from it and I've played into the material game far too often myself. BUT I'm not blaming anyone but myself for that and I have never expected someone to come bail me out. 

And, btw, if you are signing your life away on a huge loan for a house, you have the responsibility and right to fully understand what you are signing. If you don't, ask questions! Find out! Be responsible. 

Yes, it's true, mortgage lenders probably need to be more careful about what they approve people for but ultimately, you are the one making the final decision and you are the one responsible. 

I'll save you from my full political diatribe on this one. :) I just thought I'd let out some of my confused, amazed, disbelief at some of the things I hear far too often.