Just bought a house and this is my neighbors vicious pit bull... Why people will own these overly aggressive dogs is beyond me

Pits are not an aggressive breed. Chiwawas are an aggressive breed, they will go out of there way to bite you. Pits wont go out of the way to do just about anything unless it involves you petting them, unless trained to, neglected and left to fend for themselves (feral), or abused; and any dog in these conditions will be this way. If you find yourself in a bad situation with a pit, just leave it alone. You stay on your side, they stay on theirs kind of thing (hence the none aggressive). As for territorial, all animals are, people, dogs, cats, all breeds all sizes, respect this, some individuals more then others. This is why all children should be supervise around all dogs. Children dont, scratch that, people dont know when to stop, stay away and give space. Yes, there are bad owners, but the majority of the problem is people forget that dogs, ALL DOGS, are not cute and cuddly. All dogs were breed for the purpose to hunt and kill. Just about all breeds have a military background. Hell, poodles have been used as war dogs for a very long time. Treat all dogs with respect, all of them can be dangerous. As for playing with other dogs, they need to play with dogs of there own size off leash, but socialize from very early ages with all dogs of all sizes. From a person that has owned or lived with Labs, Goldens, Pits, a Rott, a Jack Russell, a Dane, and a Mastiff, you will never know love like only a pit can give. Sweetest dogs ever, but never stop respecting them or any animal for that matter. Are they dangerous, yes, but no more dangerous then any other large breed. Try pissing off a Labs sometime, they can kill just about anything a pits can, and almost as quick.

TL;DR people lack common sense. Dogs are animals, and all animals are dangerous regardless or size. All animals kill things, so freaking respect them, all of them. Dont Be Dumb

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