No bailouts

Re “Council and counseling,” editorial, Aug. 24

Taxpayers bailing out homeowners? The only reason home prices are so high right now is because so many investors and speculators entered the housing market during the frenzy. Home prices in many areas now are astronomical and out of reach of middle-class buyers. Prices need to come back down to Earth.

Defaults are high not because of bad financing as much as because people paid too much. Why should prudent buyers like myself bail out people who made bad decisions? That makes no sense whatsoever.

Mark Welsch

Long Beach