Belmont Avenue in Chicago Seth Elliot Meyer
After Friday's podcast on President Obama's foreclosure plan: Bill Payne writes:
One of the things I would like Planet Money to address at some point are those who saw this whole mess coming and stayed away from buying a house period. Again and again there is discussion about angry responsible homeowners, but what about angry responsible renters. I have lived in Chicago for 10 years and watched the city flattened and rebuilt lot by lot at an amazing pace.
I knew many who bought condo after condo sight unseen because of the collective fear we would never be able to afford a home and somehow falling for all the new paradigm nonsense that the financial media trumpeted. I have rented year after year which has made me a pariah until about a year ago when those who kept lecturing me about not building up equity, in fact I had pointed discussions with many of them 4-5 years ago. I also had to comfort my better half a number of times as to why we were not jumping on the bandwagon and she got to feel the sting of not conforming with her girlfriends. The thing that really angers me about this ponzi scheme is the fact that those in control had to see it coming, I am not that smart. Now I get to bail homeowners out, "responsible" and not. I consider no one who bought not seeing this irresponsible.
categories: Letters
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