A mortgage crisis, people losing their homes, mortgage banks going under. Something must be done! Yeah, the people who received home loans they couldn’t afford need to lose their house. The mortgage banker who bought those loans knew they were buying shaky assets when they bought them, they need to take the loss as well.
We live in a free country, free to succeed, free to fail. That is what makes the country and the economy grow. We have to take responsibility for our own actions and stop crying for the government to bail us out when we make a mistake. Where is the personal responsibility? Where is the moral fortitude? When did it become my responsibility to make your house note?
When the government steps in to bail out these bad loans, we are simply reinforcing this idea that no one needs to take responsibility for their actions. Don’t worry about it, the government will bail you out, after all, they have money printing machines, they can just print some more. Funny how the government can see the free market work when it comes to the money supply, but doesn’t seem to believe it works in the marketplace in general. We carefully control the money supply to prevent a surplus because that will lead to inflation, but we can’t leave the market alone to balance itself.
Sure, that means that some will fail. The problem is that in this country we have fostered an environment where little Johnny can’t fail because we are no longer keeping score. When it is impossible to fail, it becomes impossible to win as well and that is when we all fail.
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