Treasury Secretary Tim Geithner is convening a meeting of analysts and economists today to discuss the future of mortgage financing. But we think there’s a bigger issue. On this morning's show, we heard from New York Times finance reporter, Louise Story, who said, “There’s a legitimate question about how much of a role the government should play, how much we want to subsidize, what’s responsible and what’s a social good." What do you think?

We asked this question via text message and got these responses:

From Pontiac, MI:

The Fed should encourage people to live within their means.

Marissa Solomon-Garcia from Staten Island, NY:

The government should encourage people to buy homes IF THEY CAN FRIKKIN AFFORD IT!!!!!! Saved for years to put 20 percent down on a house my husband and I could afford even if one of us lost our jobs. Doing things the right way making fixes and upgrades as we can afford it and not dipping into our emergency fund AND still putting money away for retirement. Have unemployed friends for two years who have turned down jobs because its easier to stay home and collect unemployment and food stamps. Then they complain that they don’t have enough to buy a house with all the new regulations. Really???!!!

From Denver, CO:

Yes...why punish potential buyers for purchasing homes when it was a chosen few who used deregulation to its benefit to capitalize on the poor. These are people who wanted nothing more but a part of the American dream. Now it is still set aside for the elite.

From Jersey City, NY:

Home ownership is a good thought, but suburban sprawl has tainted the benefits with negatives such as the necessity for a car and the lack of activities for kids.

Shawn from OK: 

Renting is the way to go most liability is transferred onto the landlord and it's cheap too.

And a conversation ensued on Facebook:

Jeremy King:

Well, now, here are my thoughts: individuals who cannot afford to own a house/property should not be encouraged to do so. One of the biggest strengths and problems with Americans is that we are such damned optimists. "Oh", we say, "I can borrow $400,000 now because I have a job and the prospects are looking up.” We often refuse to recognize the potential dangers associated with taking these risks. And so, off the cliff we go. Americans need to stop borrowing and stop spending money that we don’t have, plain and simple. Anyone who encourages them to do otherwise is either stupid or not thinking about what is best for them. Stop spending, stop spending!!!!! Just stop spending the damn money before you have it. Stop it!!! I’m talking to you middle class America!! The same idiots who rail against the federal government for spending and printing money encourage predatory lending and idiotic borrowing in the private sector.borrow $400,000 now because I have a job and the prospects are looking up." We often refuse to recognize the potential dangers associated with taking these risks. And so, off the cliff we go. Americans need to stop borrowing and stop spending money that we don't have, plain and simple. Anyone who encourages them to do otherwise is either stupid or not thinking about what is best for them. Stop spending, stop spending!!!!! Just stop spending the damn money before you have it. Stop it!!! I'm talking to you middle class America!! The same idiots who rail against the federal government for spending and printing money ecourage predatory lending and idiotic borrowing in the private sector.

Marko Farion: Hear, hear!

Carolyn Morse Naun: While I think you're right about spending in general, how many of us have 400k in cash lying around for a house? Borrowing should be done sensibly but home ownership shouldn't be just for the uber-rich.

And a caller reached us at 877-8-MYTAKE:

Home ownership should involve both owning the home and behaving like a homeowner, joining the PTA, investing in your home doing improvements maintaining the yard [and] involvement in community activities. Simply giving people who aren't prepared to own homes is not going to automatically make them behave that way. So is home ownership good. Yes, when it involves the whole package.  

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