The Latin phrase “carpe diem” translates to English as “making the most of present opportunities” or “seize the day!” This appears to be the case of the middle class over the last 10 years.
Middle class families, with annual incomes ranging from $50,000 to $120,000, were homeowners who were able to secure three and four mortgages on their houses and properties. Instead of paying off credit card debt or making improvements to add value to the homes, they foolishly spent the extra money on trips, cars and other luxuries.
They made the most of the opportunity provided by the housing bubble, taking advantage of inflated property values to secure these loans. Now that it’s time to “pay the piper,” they gather in large numbers before the federal government to seek a piece of the money pie – the old adage of what is good for the goose, etc.
You have to believe while engaging in these home equity loans, at the same time, these people were maxing out three or four credit cards. The concept of living within one’s own means has been lost by the generations of today. The “wants” of these people heavily outweigh the “needs” to a zealot extent.
Take no pity on these people and their situations – for they made the bed in which they now lie. Where was the common sense and foresight to know they would never be able to pay off the debts? My educated guess is the idea was spawn from a higher authority (and I don’t mean God).
Losing one’s job and the idea of losing a home because you have no money to pay off a mortgage is a different situation than the greed driven consumer who over burdened the system with their wants.
Please urge your State Representatives and Senators in Washington to help the needy and forget the greedy, for they deserve what awaits in their financial futures.
Seize the day!
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A more reasonable solution to "greedy" consumers is to mandate guidelines for bank lending. Rather than punish those that took loans beyond their means, we should make sure that those people cannot take loans out that they cannot afford to pay back. Many people don't know much about loans or credit in general. They don't have degrees in accounting, and personal finance is not talked about in most public schools. I learned to balance a checkbook after I received several nasty overdraft fees. The people that took loans that they couldn't afford do deserve some blame, however, greedy lenders and poor government oversight of a program with good intentions bear most of the responsibility for the current housing crisis.
-Garrett
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