Talking to an architect friend after Ango this weekend. He wants to build affordable housing for people. A noble cause. And I would like to give everyone the money that they need.
But- think again. What's that saying about give a man a meal and the next day he is hungry but show him how to fish and he will never go hungry. Mmmm......
So how do we all go about teaching each other how to fish?
I am reminded of the story that Pema Chodron said. A friend of hers took pity on a young woman who was being abused by her husband. She went out of her way to get this woman into an apartment and a job in another city where she would be safe, and she could start a new life. A year later she went to visit the young woman and found her in another abusive relationship.
Mmmmm.... how do we teach each other to fish????
Poor Vanguard! It hard to align your values with your business strategy and Vanguard is grappling with that. It's famous low cost passive index funds have lost a lot of money for investors and investors have fled for greener pastures. In order to bring the assets back, they have resorted to 17 new funds, including 10 index funds that focus on individual sectors like energy, healthcare, and information technology. Funny-but VG founder, John Bogle said in a speech two years ago that betting on market sectors was 'the ultimate losers strategy.'
I guess a loser's strategy is just what VG needs to bring the dumb masses back. Too bad, I expect more from Mr. Bogle who has been an outspoken champion of consumers in the mutual fund industry.
MMMmmm... values versus ethics. Does your life align with your values? Or - do you have the values in your head but they don't manifest in your life? Is the man riding the donkey? Or is the donkey riding the man?
Am I the only one out there who is truly frustrated at the deception that goes on in the mortgage lending industry?!!!
Take for instance -the bait and switch. You think you locked in a rate-but when you take off of work to sign the papers, there is a mysterious extra 1/8 point more than what you were offered. Funny how that comes up.
Or how about the no point no fee loans that cost you thousands of dollars in other padded costs?
What recourse do you really have when that good faith estimate of closing costs was way off the mark?
As the WSJ stated this morning, "millions of American have complained that even though they shopped diligently, they ended up paying more at closing than they expected, thanks to fees that ballooned or showed up only at the last minute."
Mel Martinez is the Secretary of the Housing and Urban Development (HUD) office and he is trying to do something about it. You go, boy!!!!
Lots of luck against a powerful real estate industry lobby...but any change is a good change in this area.