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If you make an investment in property for profit then you should accept the risk you've taken and expect to take an L when everything goes tits up instead of so
by thatcat 6y ago
If you make an investment in property for profit then you should accept the risk you've taken and expect to take an L when everything goes tits up instead of socializing the costs through some post-hoc insurance scheme to bail out property owners.
- simonh 6y agoIn a situation like this that hits the entire economy at all levels, almost the whole of society needs bailing out to at least some degree. The impact is across the economy, and the costs will be born across the economy and the government as insurer of last resort has a legitimate role to play in that. What simplistic 'screw the rich' takes like this miss is that no actually many of these people are not by any reasonable measure rich, and even for 'the rich' what we're largely talking about really is businesses which most of us work for directly or indirectly, and what hurts them very often hurts us. So to me the socialist 'screw the rich' rhetoric is rubbish because it's economically illiterate, and the dog eat dog radical capitalist take that the poor are all lazy losers is equally ignorant and harmfull. The reality is we're all in this together, society imposes responsibilities on it's citizens and in return owes them obligations, or vice versa depending how you look at it. Blaming everything on some other group is just putting up obstacles to finding actual workable solutions.
- thatcat 6y agoI never said screw the rich, I said accept the risk you chose to take like an adult. Please explain why future generations that have no responsibility here are expected to shoulder the burden of someone elses failed investment property?
- scsilver 6y agoIf it only were so simple.