My Reply to CNBC's Question "Should the Government Bail Out Subprime Borrowers?"

Home ownership is not a right. It is part of the American dream to own a house. In order to own a house, one must put in diligent efforts at work, savings, and discipline. The benefits of home ownership is achieved by proper planning and sacrifice. That is what home ownership means to me.

Sadly, the recent meteoric rise in home values was fueled by easy financing, low interest rates, and greed. The environment was ripe for "unfit" individuals to obtain home ownership. For example, contrary to what Angelo Mozilo (CEO of Countrywide) says, not everyone is fit or should be home owners. This is being proven right every day in light of the worsening subprime crisis that seems to be now infiltrating into "prime" loans as well.

Excess easy money available and probable mortgage lender corruption has led to this debacle. It would be a travesty to consider bailing out those subprime borrowers, who should have known better, for whatever reason that their quest for home ownership may be, because it would derail the very system that was set forth within our Darwinian economic system. I do not think spending billions of dollars to bail out these individuals because they are labeled as victims would be doing justice or service to those who worked hard to save and finally had enough life style discipline to become home owners.

Bailing out subprime borrowers would continue to send the wrong message to a society that is already lacking in the value of hard work, discipline, moral fortitude. Especially, it would be heinous to think that my tax dollars will go towards bailing out someone who was using subprime loans to speculate in the housing market in hopes of striking it rich.

Call me heartless or whatever. But I think the responsibility of bailing out the subprime borrowers should rest solely on the shoulders of multibillion dollar mortgage lending industries and wall street firms, who obviously can afford lucrative multi million dollar bonuses and pay packages. Why not use that excess that so few can enjoy to bail out the subprime borrowers? Because in the end, wasn't wall street greed that fueled such frenzied subprime industry in the first place?

But overall, people should not be bailed out. The lending institutions and wall street firms that facilitated this crisis should be on the hook for the losses and foreclosures. It will be painful but nothing worth doing comes without some effort.