Tuesday, January 17, 2006

From The Other Side...

This one was just too good to leave in the "comments" section. It's from one of our loyal readers, and is such a passionate point of view that it seems only fitting to put it out front here for everyone else to comment about. It's too bad the author didn't leave a name so that I could properly credit it:
After following these doomsday bubble blogs for some time, I think this has just pushed me over the edge; I feel I have to respond to some of the very popular sentiments expressed here.

Never have I seen such a group of smug, arrogant, needy, people with such an unhealthy dose of self-entitlement. All this talk about woe is me, I have a family, I have a college degree, I pay taxes, I play by the rules, but I cannot afford a home, blah, blah, blah. Somehow you all feel like just because you made the MISTAKE of spawning before you had the means and the financial infrastructure for such an undertaking is not my or anyone else's problem. You make your own decisions in this life, and for every action there is a consequence that you are 100% accountable for. If you are married with children and you live at home with your parents, that's an artifact of your own stupidity or bad luck. Don't expect a bail out.

Another disturbing facet about these blogs is the sheer sense of schadenfreude expressed by the people who sat out on the recent real estate boom. All this talk about hoping values will decline 90%, that unemployment will skyrocket, that the janitor living in a $500K McMansion will go into default, etc. SHAME ON YOU! Why can't you appreciate that people take risks in this life and sometimes they are rewarded handsomely? Unfortunately the old adage is true that you can't win the game if you don't play it. So if you lost out and you're sucking your thumbs on the sideline, well, that's life (in a free market economy). You are certainly not the better person by wishing ill things upon others.

And then there is this persistent blame game going on- that this housing bubble is caused by unethical lending practices. That the bubble is caused by interest only loans. That the bubble is caused by ARMS. That the bubble is caused by the baby boomers. And these factors all contribute to the fact that Mr. and Mrs. White Middleclass and their precious brats cannot buy a decent house in a decent area, which is something they are entitled to because they went to college and became McManagers at McCorporations. Well, did it ever occur to you that double income married couples (with or without kids) contributed to the escalation in home prices as well? How do you think it feels for a single person trying to buy his/her own piece of the earth with a single income when Mr. and Mrs. DINK (Double Income, No Kids) comes along in their German SUVs to up the bidding wars with their vast disposable incomes? And this is especially the case with gays, who do not get any of the tax benefits of marriage, let alone the legal entitlements and protection of property. In essence, look in the mirror, Mr. & Mrs. Family, you're part of the problem!! As a single gay man who has endured being outbid by married couples numerous times, you get ZERO sympathy from me. You're the ones putting the strain on local public resources like schools, baseball fields, etc., while I am happily subsidizing the schools and baseball fields with my property taxes, yet I do not have the legal right to adopt children in most of the country.

If you don't like your financial situation, move or find a job that pays better. Oh, but I love my current career, and this is what I went to school for, my family is here, blah blah blah. Well, there is no rule that you have to love what you do. There are plenty of people out there who are in miserable jobs that make enough money to afford a nice home and put the kids through school. Sometimes it is a matter of what is important to you. But if you are staying in a low-paying profession because you enjoy it, that is YOUR CHOICE.

Stop your sobbing, people. It's getting OLD!

— The Boy in the Big Housing Bubble