There's an article on CNN today about home owners who will lose their houses because they have lost their jobs and how they need to be bailed out. I have mixed feelings about this.
On one hand I feel bad for people who have lost their jobs and can't pay their mortgages. That could very easily be me. I don't have enough savings to live for more than a month or two without a job. And to make it that month or two I might have to cut some very basic things, like food.
On the other hand I feel that people who took on mortgages they couldn't afford deserve to lose their houses and by bailing them out we are just reinforcing that people can and should spend more than they can afford. I would include myself in this category, I do have a fairly large mortgage and if I had wanted to I could have bought a smaller house and had a smaller mortgage payment.
Some may think its hypocritical of me to support bailing out financial firms but not individuals. I guess it sort of is. But honestly some firms are critical to the economy while no individual is.
I have mixed feelings about bailing people out, although I could use a bailout myself. I feel that it is my fault I am in debt (it is) and I should have to pay the consequences of that. However some people may lose their jobs and it's not their fault.
This is a difficult issue, though I assume not for politicians. Who is going to oppose helping people who just lost their jobs other than economics people like me and big corporations?
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