Wall Street Journal- Letter to the Editor Proposal

Premise.....Premise....premise....

Today in the Wall Street Journal's op-ed section there is an article about a potential housing bailout.

First. In agreement with the writer, a bailout is an awful idea. It just rewards, or stops the punishment of businesses that made bad ideas, and (in my idea) furthers the presence of the nanny state.

In the old days (not an exact time.....lets say pre-asphalt), if you picked land that had too many bears on it (pun semi-intended) you died, or you killed them but that would ruin the example. Now, while I feel sorry for the individuals that are losing houses, I didn't support their decisions in the first place.........and additionally their bad decisions have hurt me. Because of their bad decisions, houses prices continued to rise.......pricing me out of the market.

I don't want to now pay for their bad decisions----however, I already will pay for the bad decisions when I buy a house (ok, condo), because of the financial adjustments that businesses are now making.

Ok, so back to the article..........sorry for the delay.............the writer faults politicians for attempting to turn people into home owners. Wow. I haven't read words like that since the Communist Manifesto. The writer states that these people would be better off without having owned a home.................ok.............that is a cheap shot, but he is right. The point that he misses is that the people he is referring to should never have owned the homes that they were in and lost. They should have been in smaller homes..............ones that.........stay with me now.........fit their budget. Affording a mortgage on any given house is important, but factoring in the other costs is as important if not more important for the new homeowner since they are accustomed to only paying rent and maybe utilities.

Owning a home is wealth creation. This is a great thing for society as a whole, and one of the biggest gaps in the lives of rich people and poor people. Of course the rich are getting richer faster they own their homes. They get to keep their rent every month.

So this is my pet peave- False Premise. The writer does not believe in the power of homeownership. The writer of the article is smart enough to know that a bailout is a bad idea, but misses the whole point that home ownership is good.