Now that you've explained yourself a little better, I understand why you feel how you feel. In fact, I'm actually on board with you regarding some of your last statements. There are many people, professions and entities to blame for this mess including, but not limited to the buyers themselves. There are some here that will not agree with me, but I have to be true to myself and my beliefs and when I saw young buyers thinking about 80/20 splits, I did advise them correctly as I know many agents tried to no avail.
I thought of them as my own kids and advised them as though they were. I explained the difference in the fixed rate versus the variable rate loans. And every time I heard a loan processor tell my client, "you can always refinance", my hair went up on the back of my neck. I quickly explained to my clients that there is a possibility that you may not be able to refinance and if you are unable to do so, this is what you will be facing. Some listened and some didn't.
I believe that greed has become the American Green Monster and I think we are all in for a very rude awakening. However, I am not a dooms day kind of person, nor do I have that mentality. I believe there is always hope. And I think if we can get people to stop being so frightened, use common sense, don't spend above their means that just possibly we might be able to turn things around.
As an economist, you of all people are well aware of the domino affect that leads to the total crash. And I know things are much more serious than they have ever been in my 57 years, I do believe all is not lost. I am going to continue help that buyer get in a home if that is what they wish to do. And I am going to continue to make sure that they are fully aware of the type of loan they are getting and consequences of that loan. Although that is not my job, that is what I do.
I just met with my own financial adviser yesterday and he is starting a Master Mind Group for his top professionals in his network. He told me that I was one of the first on the list due to my ethic. He purchased his first home from me and told me that no one took the time to explain the process to him and that is why he chose me.
There are many, many agents out there that work as I do and it was them that I was defending.
As an economist, you will agree that if we all decide to stop making major purchases such as cars, homes, furniture etc, then the manufacturers will have to reason to manufacture the goods. Without the orders the manufacturers will have to lay off even more people.... more unemployment and so on. Be frugal, yes! Do your homework, yes! Don't spend money foolishly, yes!
But for heaven's sake, don't crawl in a closet and curl into a ball. Fighting is what made this country great and we need to fight back to keep it great.
Okay. I'm done. I'm getting off the soap box.