Home > Politics > The Current Financial Crisis: Blame Misplaced

The Current Financial Crisis: Blame Misplaced

Okay, here’s the deal. Back in the late 90’s, it was determined (by whom? take a guess) that the reason for low levels of home ownership in the poor and minority populations was racial and class discrimination on the part of the greedy, racist fat-cats in all the major lending institutions. Therefore a Federal mandate changed the way lenders made loans. Eligibility criteria went out the window. Turning poor people into homeowners became more important than staying solvent. Basically, lenders were forced to make loans to people who would never be able to pay them back or face stiff penalties for discrimination.

You see, certain people have never understood that the unalienable right written of by the Founding Fathers was not a right to happiness, but rather a right to the pursuit of happiness. It’s only one word, but it defines two radically different worldviews. These same people believe that everyone is entitled to credit whether they can pay that credit back or not. To them, it goes like this: credit is wealth, wealth buys happiness, everyone is entitled to happiness, so everyone is entitled to credit.

Wrong, wrong, wrongity, wrong, wrong, WRONG!!!

Just because you have the RIGHT to attempt to acquire something does not mean you are ENTITLED to that thing. You have the right to own a home, regardless of anything like race, class, religion or any other Designated Victim Status™. But if you cannot afford to pay for that home, you can’t have it!! It’s not discrimination (except in the most basic, original, literal, non-PC sense of the word; look it up) to turn down a loan to someone whom you know will never pay it back.

Not everyone can afford all the latest, greatest new things that come along. Sorry, that’s life. Deal with it. If you can’t afford it, don’t buy it. Putting it on credit when you couldn’t pay cash for it can only lead to one of two things:

1) You end up spending more on it than it’s worth through the accumulation of interest, making someone who had nothing to do with its creation unfathomably wealthy; or
2) You end up not being able to pay for it at all, which means someone else will eventually have to pay for your inability to live within your means.

Does this mean that some people are going to have to live their lives in a ratty apartment that is too small, driving a ten-year-old clunker that barely runs while other people get to live in big mansions, own yachts, and travel by private jet? Yup! Is it fair? Absolutely! Some people have money, some people don’t. If you don’t like it, make some sacrifices. Odds are you could afford a nicer apartment and/or vehicle if you had just kept your old non-HD TV, disconnected your cable, shut off your cell phones, never bought that iPod, and worn the same shoes everywhere you go. Do all that, and you might get out of the hole you’ve dug yourself into with that brand new shiny shovel you just had to have the day it became available instead of waiting a couple of months for the price to drop.

It’s time we all grew up and stopped whining about those who happen to have more stuff than we do. Stuff isn’t happiness; friends and family are. You wanna know what caused our current economic problems? Class envy, pure and simple.

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