Just another rant

I listened to the President last night discuss this country's financial problems. Now I understand that the government probably needs to step in and save the financial industry but it really chaps my tail that bad descions by greedy (no other word for it) consumers has led this country to the point that we are at. President Bush is correct when he said that the underlying issue, the issue that started the whole mess was consumers' assumptions that housing values would continue to rise at the inflated rates of the 1990s and early 2000s and then borrow more money than they can afford. How stupid are people? If you are buying real estate as an investment fine, but don't borrow more money than you can afford. I have heard a lot of people want to blame this crisis on "predatory" lenders...to that I say bull. It doesn't matter how "predatory" the lender is, they still have to disclose the terms of the loan and you as the consumer still have to sign it. I have never seen a loan agreement that says "I promise to pay this loan back so long as my investment is making money". I know that it is sad that people are losing their homes...that is a travesty, but if these people took out adjustable rate mortgages or fixed rate mortgages that they could not afford then that is their own problem I should not have to bail out stupidity. I am not saying that there aren't lean times in people's lives and that sometimes a little help is needed, but to take out a loan on the assumption that you can refinance once the value of the investment rises is purely irresponsible behavior. These people infuriate me because they destabilize the entire economy putting people that pay their bills on time every month (me) at risk. Now I am on the hook, and so is every other taxpayer, to invest in shaky investments just so banks can resume lending...what a crock. I believe that there are times that call for borrowing money like buying a house that you can afford, operating loans on large farms and ranches, and such, but borrowing money should be avoided as much as possible. I for one have lived without credit for over a year now and it is wonderful. That is not to say that I have paid off all of my debt, but I have not incurred any new debt. It can be done, it should be done, and now it must be done...