May. 14th, 2009

eirias: (Default)
People who've talked to me about the economic crisis have probably heard my take on home-buyers who bit off more house than they could chew. To wit: Think of your high school class; try to imagine how many of them understood compound interest at the time; recall how many years have passed since the tenth grade. Morally you can say whatever high-minded things you like about signing a contract and responsibility and blah blah blah, but on a practical level, expecting the median American to understand home financing to the point of being able to think critically about loan offers is just a losing proposition. If you don't want people to leave the thinking to the experts, you're gonna have to ditch the ideal of homeownership for the common man.

So: I think my attitude is about as sympathetic to the mortgage-screwed as you can get. And even still, there are people out there, apparently, who make me wonder: What on earth were you thinking?

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eirias

December 2016

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