Source: Daily Mail —
Aussies have lashed out at the Barefoot Investor Scott Pape after he told homeowners they need to take some of the blame for their own decisions as interest rates soar.
Earlier this month, a homeowner named Ben wrote to the financial investment guru asking ‘why is there no class action being taken against Philip Lowe and the RBA?’ over the Reserve Bank governor’s forecast interest rates would not rise until 2024.
‘How can the head of the RBA make unequivocal statements (not predictions) that interest rates will not rise until 2024 and then wash his hands and take no responsibility for the trauma (financial and mentally) his words have caused?’
‘Thousands of people, myself included, proceeded to purchase property based on these statements and are now in serious financial stress.’
Mr Pape replied and said that he thought Dr Lowe had ‘stuffed up right royally’ and should be ‘benched’ – but also called on mortgage-holders to take some of the blame for borrowing too much money.
‘Look, no one put a gun to your head and told you to borrow too much money when interest rates were at their lowest levels in recorded history,’ he said.
‘I’ve written about this every week for the last decade, mate! So sorry, but I won’t be joining your pity party.’
