Living beyond your means?

TheFox News Channel ran a story last night about foreclosures, especially in Stockton, California, which is the unofficial "foreclosure capital" of America. The station interviewed a woman on the phone who lost her house. Why did she lose it? Her and her husband bought a house that cost almost $500,000! And when asked how much money she put down as a down payment, she said $1,000! How can anyone in their right mind buy so much of a house when they can't afford it? She also remarked how this was their first home.

The payments were $3,300 a month for the first two years, re-setting with the adjustable rate kicking in after two years. New payment: almost $5,000! What should society's (other people, government, etc.) response be? "Oh well, you learned from that one. Next time don't buy so much of a house, and next time wait for a low fixed rate." Remember, no one held a gun to their head to buy the house.

Unfortunately, the federal government might come in and tax you and me more to help these "poor, unfortunate people" who might lose their home. Write your representative in Congress now, stating that you oppose a bailout. If we don't, it will cost us billions!