A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday. That’s a 76% increase from a year ago, according to the group’s National Delinquency Survey. At the same time, the number of homeowners falling behind on their mortgages rose to a record 6.99%, up from 5.59% a year ago. This means that one in 10 borrowers in America are either delinquent or in foreclosure.
Well, given all the government bailouts recently, I would stop paying on my mortgage too and let the government pay it. Pay for my car payment; pay for my groceries; pay for my children’s education (oops, they already do that). So, we’re dead straight on the path to Socialism and Communism.
What kind of precedent does the government think they are setting? The way things are going, the entire economy will collapse because the government started bailouts. That’s right, COLLAPSE.
This is evident with the Big 3 auto makers whining that they can’t survive unless they get a bailout. Why then should any company even attempt to make a profit. Just go to your rich Uncle Sam and ask for money. They’re giving it away like candy to big corporations that do not need it and deserve to go bankrupt now rather than prolonging the inevitable for a few years. Is the government going to bailout all the small businesses and ma & pa shops too?
Just because there are hard economic times does not mean that you need to ask for a bailout. Take responsibility for your actions. If you scew up and your company fails, it’s your fault! Deal with it, and move on. If you want your company to succeed, re-analyze your business plan and make necessary adjustments. Kind of makes you wonder what these CEOs were taught in business school (perhaps, how to make the government pay for their fraudulent activity?).
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