Sen Warren is back on Twitter ranting about banks and Wall Street. This time she tells the old story of a family who bought a house (with a variable interest rate) with a very stretched two income budget and when rates went up they couldn’t afford payments and the bank foreclosed. She then talks about people saving for retirement who were wiped out be the Great Recession. Really, wiped out?
Is there nowhere in the liberal mindset for individual responsibility and common sense? Do liberals simply assume that average people are so dumb they require government to guide them?
If the only way you can buy a house is to take the risk of variable interest rates or no down payment or total reliability on two incomes, you can’t afford that house and should understand the risks.
If you have retirement savings and they decline in value and you then sell what’s left at a great loss, you have no idea what you are doing. Your lack of understanding has unnecessarily cost you dearly, but whose fault is that?
Whose responsibility is it to protect people from their own bad decisions?
There was no reason for retirement savings to be wiped out. In fact, a great opportunity was created. For those very close to or in retirement in 2008, their investments should have been allocated to limit the short-term affects that occurred in 2009.
Whose job is it to be an aware, informed, educated, prudent, responsible individual?