What to Do …
February 28, 2008
… about the housing crisis? Treasury Secretary Henry Paulson has a viewpoint with which I agree.
“I’m not interested in bailing out investors, lenders and speculators,” he said. “I’m focused on solutions targeted at struggling homeowners who want to keep their homes.”
The idea that the government would get involved and help keep excessive home prices up where they don’t belong bothers me. The market will correct itself. Some people will get hurt, but that’s the way the economy works. I didn’t go crying to the government when the value of my home in Bend dropped in price by over $100k. Other people shouldn’t go hitting the Feds up for help now that they’ve gone and mortgaged their home to the hilt so they could buy a bunch of toys and cars.
