Now, those who know me know that I don't like to discuss politics, or any of that matter. BUT I feel like I just HAVE to say something. I may be in the minority here, but I am glad that they $700 billion dollar "bailout" did not pass. Why? Because why should I have to pay for the bad decisions of others?! What does this bailout do for me? Nothing good at all. Some lawmakers state that it's vital to save the market. Well, this mess didn't occur overnight. This is YEARS of bad decision making. What were Fannie Mae and Freddie Mac doing all these years lending to people that didn't qualify? This mess doesn't affect those who can afford their homes, and make their payments. It was created by lenders like these that didn't look into a person's background and basically gave money AWAY. Then there are those that take out equities on their homes to remodel hoping that it'll pay off when it sells. Now these houses are not selling, and people are defaulting on their loans. In turn, the banks are in debt and holding on to their money; afraid to borrow. Wachovia bank, like Washington Mutual, was a big originator of option adjustable-rate mortgages. These offered very low introductory payments and let borrowers defer some interest payments until later years. Delinquencies and defaults on these types of mortgages have skyrocketed in recent months, therefore, causing big losses for the banks. I mean, are you for real?! Did they not think this was going to come back and bite them? This bailout package will hurt the everyday person. The small business owner will pay more in taxes. With the increase in minimum wage as well, they won't be able to survive. I don't see how taxing me more to bailout those who have made poor decisions is the best answer. I have enough to worry about with high gas prices as well as gas shortage, the cost of insurance going up, higher food prices, the increase the water company has hit us with, as well as the electric board. Lets not even discuss the cost of any car repairs/maintenance, winter clothing, school supplies, or petcare. We work hard. Both Adam and I. Yes, mistakes have been made. But we've learned and are moving forward. We have made a budget and are sticking to it. We are paying our debt down, and soon will be free of the monster of debt. But WE'RE paying it. What I fear is the people that got us in this mess will eventually profit from it. They need to be held responsible in some way. Will those homeowners who took risks getting loans too large be bailed out? Is that fair to those who bought something they could afford, not relying on the market to cover their losses or struggles? Where is this money coming from? Why can't it be used for something that will benefit everyone? Something like healthcare? Vent over.
16 years ago
6 Interesting Remarks:
Amen
I have mixed feelings about this b/c there is so much that goes into it but I agree that we shouldn't have to bail anyone out. It is crazy that it has gotten to this point. I am glad that you are talking about it though. It is nice to vent! Do you have any pictures of Debbie? I haven't seen her since she was what 3??? Crazy huh!?
That last comment was from me
Ashlee (Newell) Krebs :)
"something like healthcare". Yes, I agree, something like healthcare in our ailing economy needs help. It's very unfortunate that the good everyday tax paying middle class worker has to pay the price of this. We are all feeling the crunch, from gas, electric, groceries for goodness sake have skyrocketed and where's our increase in wages? Not going to happen as long as we have to keep bailing out those who bought more than they could afford.
I also have mixed feelings as well. Freddie Mac and Fannie Mae gave out loans to people who couldn't afford it because the government encouraged them to give loans to minorities, low income people and single moms so it is partly the governments fault. The banks bought those loans thinking they got a great deal but they couldn't afford it.
I think the bailout money will just be extra money printed off which would increase inflation a lot which would mean the general population would suffer more than the bank.
Yeah, for once we agree!! ha ha ha! The bill will also do more than bail out banks. It will create MORE bureaucratic offices etc, which means we will have to pay more bureaucrats to sit on their butts and do nothing. They forget that not every bank will fail. I hate all of this doom and gloom talk. The DOW started dropping BEFORE the bill was rejected, not after as the media reported. I know because I watched the entire thing live. This whole thing is a mess.
Post a Comment