carlgo wrote:I think every kid in the US, really everywhere, should have to take a course in what I will call Personal Economics. We all should have been taught about credit and savings, the real cost of things, loans, mortgages, retirement plans.
They would forget the details of course, but they would always know that they have to pay attention and that being fiscally irresponsible has consequences.
Still, a lot of people would have gotten sucked into the housing bubble when you could buy a house and make $50K before you made one payment.
Yeah, there is something in the financial industry (completely ignored, of course) called due diligence and fiduciary responsibility. That includes not pushing mortgages on folks who can't afford them. These zero down, interest only, balloon mortgages were being pushed bigtime by the banking industry we are now bailing out. In the old days (like only 10 years ago), you needed to be able to afford a monthly payment equal to 35% of your monthly income and have 10% minimum as a down payment. Both of those went out the window, pushed by Bush's "ownership society".
Now, there are very good opportunities for those with a head for real estate deals...I am not one of those...
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