Today, I went into the Barnes and Noble Bookstore and spent the day catching up on news, technology and various human events. Generally, I go to the Coffee Shop there, have a soup, sandwich and Mocha Frappachino a couple of times per month and spend 6-8 hours reading periodicals, and scanning the list of new books to add to my buy list. After scanning thru about 40 magazines on all sorts of inter-related subjects, I picked out the 7 that I wished to buy, usually I am able to whittle it down to 5.
These are magazines with 3 or more complex articles that I cannot finish with proper thought attached to be relevant, generally these are science, political, economic or industry related articles. At the check out counter the girl tells me of the new Barnes and Noble policy; No Returns after two weeks! I thought this new policy was interesting, as I have never returned a book or anything for that matter to a bookstore in years.
Yes it's Another Beautiful Day in California!
Turns out people were abusing this privilege, buying books, reading them carefully and then returning them; basically using the Barnes and Noble as a library. Personally, when I get done with a book I did not like or complete a reading, I either put the book on my bookshelf or give it away to someone else. Apparently, many consumers are taking advantage of these situations.
How does this relate to the Real Estate Sector?
Well, because folks bought homes at the top of the market that they could not afford, took out loans they could not pay back, now they want the government to step in and save them. They want the bookstore or mortgage company to take back the deal or loan; the book in this case. This example at the Barnes and Noble Bookstore with their new policy to prevent consumer abuse is something that the company had to do. Consumers need to be honest, and take responsibility for their own action.
Consumers should not vote into office someone who promises them a Free Home and tells them they do not have to pay for their obligations. Consumers should not expect me to pay for their failure to make responsible financial decisions.
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What?!? No FREE HOMES? You mean I am OBLIGATED to pay back that loan? Really? What about free health care, surely you can pony up free health care, right?
Maybe the book vendors will need to go to some sort of a wrap on their books; a two week return policy doesn't seem like much of a deterrent! That's very sad.
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