If you haven’t, you HAVE to read this article in the WSJ. Just humor me and do it. The comments are even better.
This represents so many things that are wrong…where do I begin? you know where I’m going with this, right?
I applaud the author for his neutralilty and making the economic case of how renting is now so affordable in Palmdale. However, I’ll state what he didn’t because I must be part of the 18% of the 4 out of 5 survey in the article who think that defaulting when you can pay is morally wrong AND won’t do it.
These people are fire-fighters and teachers.
A pool? A putting green?
“Oh lookat my NEW $1800 dining set and all the photos on it of the trips we took.”
“Oh lookat my black 6-Series with its $700 a month payment.”
I know this is California where income is higher, but these people are not doctors and lawyers. Could they really afford the lifestyle they want, over-inflated payments or not? What do you think their credit cards look like? Have they really learned anything about the unnecessary excess or rampant consumerism that obviously runs their lives?
They are not saving the money that they are not putting towards owning a home anymore, they are spending it on things they don’t need. I didn’t see anything about those girls’ college savings or the firefighter’s Roth IRA, but I sure heard about…prom and rock concerts? Due to the rules within CA, they are legally able to stick their creditor with the tab despite having the means to pay on a contract they promised they would keep. These fine citizens get to skip on their merry way and now have a BIGGER house and fill it with more stuff that they don’t need. What about the people in town who are paying for a house that isn’t worth what it used to be? For doing the ‘right’ thing, they are rewarded by these people driving property values down further.
We as a society are rewarding bad behavior AND getting stuck with the tab by letting these people take advantage of protection laws and encouraging them to do it again. I assume CA did not have this in mind when they passed the law to protect its citizens. Shana Richey most likely will default on her rental properties because it is what best benefits her selfish interests.
What about her obligations to her children whom she is saddling with a life-time of bad habits from her terrible example? What about the country they will one day inherit? It is already swimming in debt – the trickle up (?) effect of her actions and others like her is what got us here and created the ‘solution’ of so much big government with its debt and waste.
You’re more than your $!@#ing khakis.