What are the actual housing needs for Americans in the next twenty years in the wake of the retirement of the baby boomers?
Your mortgage contract spells out what happens in a default scenario. Why is that?
One last. Do you believe in debtors prison? Why or why not?
I'm not familiar with the tulip market in Holland, so I cannot intelligently answer that.
What are the actual housing needs for Americans in the next twenty years in the wake of the retirement of the baby boomers?
Housing needs under what lens? My impression is that you believe everyone deserves a roof under which they can live. The cruel fact of life is that housing costs money. There are plenty of programs available to low-income folks to assist with rent/lease situations. No one is OWED a home. A home is an investment for those who can afford to invest. It comes with risks, as you see.
Your mortgage contract spells out what happens in a default scenario. Why is that?
A default scenario is enumerated in a mortgage as a way to protect the bank in the event that the signer of the mortgage is unable to pay. Many banks will work with you during hard times, but hard times are going to happen, as they are now.
Also, a lot of these folks who are losing their jobs are refusing to take low income jobs to make ends meet. When my mother lost her job when my brother and I were kids, she worked three jobs to make ends meet and keep her bills current. Nowadays, people believe they're owed a 401(k) and health benefits and would refuse to work at McDonalds or Publix to make ends meet.
When I lost my job due to cutbacks a few years ago, I went out the next day and applied for jobs at every local restaurant and grocery store in hopes of a way to just keep my head above water. Most people don't want to do that. Is that an acceptable mindset to you?
Do you believe in debtors prison? Why or why not?
Yes I believe in debtors prisons. Unfortunately, they're not around anymore due to cost and the obvious number of people who would be incarcerated on the public dime. Debt is not necessary to live life. It's not necessary to have credit cards or to finance flashy cars. It's not necessary to own a home to live. I personally live on cash (except my mortgage, of course).
If someone gets into debt and knowingly either defrauds the loaner or decides to stop paying for whatever reason, that person should be made to account for their reasoning, and if it's unacceptable (drug problem, illegal form of income like gambling or drug dealing, or otherwise), then yes, throw them in prison.
Personal responsibility is dead in this country. Everybody wants a bailout for irresponsible behavior even when a majority of people are perfectly responsible and capable of paying their debts.