So I’ve been thinking. A while back, I bought a big new stereo system that I really could not afford, so I bought it on credit. They gave me a great low-payment introductory offer.
But then, the payments went up and now I can’t afford them. Now the company wants to repossess my stereo and ruin my credit rating. Can you imagine! I need that stereo. It’s like my right as an American to have a stereo system I cannot afford!
I think the government should do something about this. I am not the only one this is happening to. There is a stereo crisis in America!
Pretty ridiculous, huh?
But, replace the word stereo with the word house, and you have our current state of affairs.
It is just as ridiculous. And I am not the only one who thinks so.
I have avoided saying anything about this because, well, these people are losing their homes and it is really sad and a tough situation and I do care. I mean, I have compassion for them and it would be totally lame to rub salt in the wounds.
But… Now this is a political issue. All bets are off.
Hillary Clinton released an ad attacking John McCain’s stance on the housing crisis.
In the advertisement, the Clinton campaign again portrays a family asleep in the middle of the night when the phone rings, meant to evoke a national crisis. The narrator then intones, “John McCain just said the government shouldn’t take any real action in the housing crisis; he’d let the phone keep ringing.”
(How funny would it be if someone in the stock footage used in that ad was a McCain supporter, just as the girl in her other ad was a Barack Obama supporter?)
Within hours, the McCain campaign released an advertisement on the Internet. It starts with images of the Clinton advertisement, with the narrator then commenting, “Hillary Clinton and Barack Obama just said they’d solve the problem by raising your taxes — more money out of your pockets.
I think McCain wins that fight, hands down. Not just because I agree with him, but because of the millions of Americans that did not take out adjustable rate mortgages or buy houses they could not afford, who will not want to foot the bill for the bail out.
It is not the government’s responsibility to help people out of their bad financial decisions. (That goes for businesses, too, so don’t even bother going there.)
Look, we, as a nation, have been living in a period of excess and over-extended credit, on borrowed time, if you will, and it is time to pay the piper.
Don’t you remember what happened when the people of Hamelin didn’t pay the piper?
He took their children.
And if we are not careful in how we handle things, our children will be left to pay for our mistakes, too.
We need to let the market correct itself, even if it is painful, not incur more national debt trying to insulate ourselves from reality.