accountability...

This morning on my way to work I was listening to NPR’s Morning Edition. They were interviewing a man who fell “victim” to the subprime mortgage crises. Apparently he had been given a loan for around $540,000 and at the time, only had three part-time jobs. He was boasting about how easy it was to get the money. How he couldn’t believe it; that a streetwise loan shark wouldn't have given him the money.

Part way through his story, I found myself only half way listening as I drove through Beverly Hills.

But then he started crying about having to cash in his child’s CD for $7000. The CD he had hoped would be pay for his child’s college and “why should my child have to suffer because the banks gave me a loan…” I couldn't take anymore of this guys story, I snapped off the radio.

This man’s childish tempertantrum about something he had complete control over was too much for my morning drive. He is not a victim. He took the money. No one had a gun pointing to his head. He wanted the big house.

It’s about accountability.

I have found the greedier people were during the economic upswing the more they are suffering now; it’s a lesson in greed, ego and consequences - and we are all paying for it, now.

Comments

Susan R. Mills said…
Great post! I agree. The people who seem to complain most these days are the people who indulged when things were good.
Anonymous said…
agreed....some have a harder lesson to learn than others.

peace;)
Betty Manousos said…
Absolutely agree. Excellent post!
:)
Single Mom Guru said…
Hi I just found you through Vodka Mom. I'm a single mom too, after a divorce.
Nice to meet you!
welcome, love having you here. i just popped over to your blog and we have a lot in common...well, we've read the same books, LOL!

looking forward to learning more about you!
kj said…
hi stacey, thanks for visiting my blog and for your awesome comment.

i agree with this post with some exceptions. this guy sounds like he knew the score and did it anyway so i'm with you and don't feel sorry for him one bit. but the mortgage companies also went after people less educated and assured (deceived) them with mumbo jumbo that they could afford the loan. i know from my own experience that adjustable rate mortgages are confusing in general, and add that to some family who didn't know how to be savvy and were so psyched about home ownership---. i'm quite mad at the folks who made quick $$$ from those loans and then sold them to others who made quick money. the whole thing is a mess.

i do believe in personal responsibility, and here i am ranting off on my first visit to your blog. :)

come see me again and i;ll come see you: one writer to another...
:)

xoxo
kj
LOL! Rant away my friend. Yes, there are exceptions and some people were definitely targeted, which is a shame.

Greed is bad...I will definitely come see you again. Hopefully, everyone is learning their lessons...

xoxo
Jeanne Estridge said…
Part of me feels (as you do) that people are far too ready blame others instead of taking any personal accountability. The other part feels that you shouldn't have to have a degree in Finance to safely buy a house.

I wish I believed that the greediest are now suffering the most, but I think they're still living high as investment banking executives.
Jeanne,

Yes, well some are suffering and some are not...I had a dream of owning a home during the housing bubble and I was offered a loan I knew I could not afford. I didn't take it. I also knew that the low interest rates would not last forever so a fixed rate was important...I'm not defending what the banks did but I graduated with a degree in drama...

It is numbers, unfortunately there is a lot of psychological "stuff" wrapped up in money...

thanks for checking out my blog...I hope you will come back...loved your comment.

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