Thanks, but no thanks
Published: February 22, 2009
I feel compelled to respond to Alice Dartt’s Feb. 8 letter to the editor. She is certainly entitled to her opinion of Thomas Sowell’s column and to question his expertise.
My question is simply this: What has happened to personal responsibility?
I was raised to understand that one does not purchase something if one cannot pay for it, not to write checks if there is not enough money in my account to cover them and that once I do enter into a contract with someone, that I’m giving my word to hold up my end of the bargain.
I am not a Harvard Business School graduate, but when I don’t understand something, I ask questions.
I learned what an ARM was and what might very likely happen if the interest rate was adjusted.
I’ve been fortunate enough to have had a very good paying job for the past 30 years. But, I also knew that, God forbid I should lose it, I would likely have to find a lesser paying one. Therefore, when it came time for me to purchase a house, I did what I felt was best for me. Many people advised me what the “prevailing wisdom” was as to how much house I could afford on my salary and I purchased one that I felt I could pay for. Also, I know that when I lay my head down at night, I don’t owe $30,000 on my credit cards. Does any of this make me smarter than anyone else? Hardly. But I’d like to think it does make me prudent.
Personally, I’d much rather make the decisions that affect me rather than have the government make them for me.
Thanks, Barney, but no thanks!
Bruce LeClerc
Dothan
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I wasn’t thinking of them- there are way too many examples of us americans that bought houses they knew they couldn’t afford.
and since it was brought up, i got a question. For people that don’t speak our language so well (whenever something bad happens, by the way) they know our system of government well enough to get their children into schools, and receive benefits. they understand that much, how hard is it to look at an 700 dollar paycheck, and look at that 6 figure number below a house’s picture and not see reality?
I don’t know what a yen or a peso’s value is, but when i see something listed at 40,000 yen and i only have 1000 yen, i walk away.
same for pesos.
so language seems a weak argument to avoiding debts that large.
pignet said> Many didn’t speak English very well.
Umm. I’m sorry but unless you’re including native English speakers in this category, I think you need to double check your facts. Your statement appears to blame non-native English speakers for the housing mess. This is both incorrect and laughable. 
Jorod, many of the people who signed those deals were lied to. Many didn’t speak English very well. And everyone up the chain who sold that mortgage to them made a commission on the deal. So who do you send to jail?
I have had a nagging thought and wonder if someone can set me straight.
If you take something from a store without paying for it, it is shoplifting. In other words, stealing.
So if you sign a contract to buy something knowing that there’s little chance that you can pay for it, is that considered stealing, too?
I may be wrong, but if i make $1200 per month and purchase a $2 million dollar house, i think i have stolen a house for however long it takes the creditors to repossess it.
i stole it from someone that could afford it, stole the realtor’s commission for jumping through hoops for a lost cause, and lastly, i stole money from the community in the form of the income the purchase created, and taxes.
so, is being financially irresponsible a form of theft?
If so, why aren’t people being arrested?
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