I have written about this before, when young people these days get in trouble they call they’re parents to bail them out. When they grow up they buy homes, expensive cars, flat screen TV’s and get into trouble and file bankruptcy. There seems to be a sense of entitlement, if you live in America you are entitled to the American dream, but it comes at a cost - it involves hard work and some basic respect for what we are given (including loans we agree to pay back) and the ability to achieve limitless possibilities.

There are no parades for people who do the right thing everyday, and all of the king’s horses and all of the king’s men don’t cheer when negative equity is all paid back.

I worked for a developer who began to construct a 5 story highrise condominium complex and through the normal course of building we began to market the property and had more than half of the units sold under non-binding reservations. The real estate market then crashed in 1991 after only two condos were closed, the remainder baled on their reservations (which was there right). The balance of the condominiums took an additional year to sell at 65 cents on the dollar, leaving the developer $1,000,000 short on his construction loan. Did he file bankruptcy, no he paid back the money on a loosing project because he was responsible for the loan (the fact it didn’t work out for him was not the lenders fault).

I know there were some shady things that some lenders have done recently, but most trusted borrowers to pay them back, and deserve to work out a plan that can be mutually acceptable – this is not your parents or your Governments fault.

Write to me, vent to me, but don’t make excuses to me or you’ll have your children living in your basement till their 35.