Look! I really can’t say I am surprised by where we are today. I mean really do you remember back in ’99 when Bush was running for his first term against Gore. Many of those opposed to W pointed out this man HAS NEVER run a successful anything. They listed his many failed business ventures and companies he had taken INTO the ground, yet half of America (not the majority I mind you but I will give them pretty close to half with out the stolen votes or discarded non-votes) said awwww what does THAT have to do with running our country. Well folks………..NOW YOU KNOW!
Now you know exactly what having a President who has the mental capacity of a slow chimpanzee can do to, not only our country, but the world. I mean W has managed to drive this economy into the ground. A trillion dollars in one day? OMG…I remember when I was a kid and a Trillion was just a number you used to let someone KNOW just how much you did or didn’t like them, you know before you used one kazillion a billion katrillion and they used INFINITE. Anyway, basically now we are forced to CLEAN UP this mess because the corporations that are falling are the back bone of the economy.
You know I DON’T know what the answer is but the sad fact is WE, the American people, are going to have to pick up the Brawny and wipe up this mess and well folks this is more than one or two sheeter kinda mess. This is a Hello Brawny how much paper towel do you have in your warehouse kind of mess. The thing is neither party is completely right, I don’t think we need to have extreme government intervention but I also think, and am now supported by the fact that we are in a WORLD economic crisis (not so sure ITS a crisis but you know), we DO NEED government regulation, especially in the industries that support not only our economy but under gird the world’s economy.
Do I want the bailout, well of course NOT. I mean who wants to pay for someone else’s mess, however the same reason that I go into my pocket and fork over vast sums of cash to my little brother or struggling aunt is the same reason I am silent about the bailout, I think at this point if we don’t do something, not necesarily 700 billion dollars of something, this crisis WILL end up on my doorstep.
I’m all for market correction, but unfortunately if we let the banks fall and the market correct the way that we live life will change drastically. No I’m not talking about the inability for me to walk into Sears and buy that new steam dryer from Kenmore and cool matching dryer. I’m talking about the inability for stores like Sears to get credit to pay for the people and inventory. The reality is not bailing out these azzholes in the finance industry will result in a GREATER gap between the have and the have nots. Lets face it while lots of Main Street is struggling and most of MLK is falling into deeper despair there are plenty of people who are doing ok, I mean they may be saving more and their disposable income may be less they are not out on the streets. If this was like the dot.com bust in the beginning of the century I’d say let the market correct itself , but unfortunately letting the market correct itself in the case scares me. Although I don’t have anything but two years of college economics to back my stance, I really don’t think market correction with no government intervention is an option.
I guess I may be ok with this bailout, because I’ve been bailing folks out in some form or fashion sense I’ve been employed. I mean I’m not happy about having to that especially when its to someone who I feel has just as much potential as I do, however sometimes it is necessary to help your brother or sister who is in need. Sure it pisses me off these brothers happen to be the same ones in Brooks Brother suits trying to keep the vacation home on Laguna Beach and who greedily used there reputation to make many under educated Americans think they really could afford the American dream.
Look I know there are plenty of you who think that those homeowners are to blame, for taking these ARMs and other sub-prime artifacts. And yes they are when it gets right down too it, but I have to say many folks were raised to believe that if a bank says you can have the money IT MUST MEAN THAT YOU WILL BE ABLE TO PAY IT BACK, I mean after all who is just gonna give money to people who don’t have the means to pay it back. Right? Well I think we all know just who those people/banks are, many of them are being seized and sold of at auctions. I think that is only right if you exploit a blue collar worker who takes an ARM because you approve him for it without really knowing what due diligence he should be doing, it seems like a small bit of Karma. Its one thing to have a small percentage of your portfolio make this up, the problem is many of these companies where heavily invested in this. Add the slowing economy and shrinking job market…REALLY what did you expect.
I remember when I bought my first house with my ex husband. I did all kinds of research on debt and what to expect and how to figure out how much you can afford. I looked at my project earning potential as well as what my career might look like if I lost my job. I viewed my spending and saving habits and came to the amount of house we could afford. We decided to base our purchase on one income, mine, because as a business owner his income was not steady. However back then in 2000 we still had to prove all kinds of things in regard to his income, I also had to show proof of the gift my in-laws gave which was used as part of our down payment. Its funny we saw a broker before we actually went home shopping, the broker worked our numbers and told us we qualified to own a home that was almost 6 times more than the home we purchased. We laughed at that figure when we got home, however think about the people who were told they could afford 6 times more than they actually could and that number actually was barely an affordable home. They wouldn’t laugh they would think here’s my chance at the dream. Anyway, when I bought my house after my divorce it was such a different experience. I told my builder I didn’t want to pay anything down and the rate I wanted and he shopped it with his mortgage broker and basically I was done. No hoops, no extra, actually it was so easy I was a little alarmed at the process.
I even second thought if I had chewed off too much in the first few months in my house because of typical mortgage shock we all go through and the adjustment to being a one income household.
So now that I have run off at the mouth about this economic crisis and the bailout, what do you think? I know for me it’s hard to give a black and white answer and I am very apprehensive of those who don’t think in the very gray areas on this matter.