Tuesday, September 30, 2008

Bailout?

I was reading a post on a blog i read and decided to post some thoughts from hers as she said it so well!
I agree 100 %!!

How many of us average Americans understand the 700 billion dollar bailout? How money will be distributed, to whom, what it means short term, long term, how it translates to me, the individual consumer, mortgage holder and taxpayer? Will the Big CEO's get a BIG bonus? who is regulating and overseeing this money?

I want to know exactly what is going and how did we get in this situation? I am just so mad about the state of the Union right now! why did they let it get this bad? Why do we have to pay for their mistakes? I guess I could just use the lingo Bush and congressional leaders have offered and keep saying the same key phrases over and over. Key phrases like “predatory lending”; “golden parachutes”; “the end result of de-regulation”; “collapse of the markets”; “dire consequences”; etc. But I don’t think I’d be any more convincing of my understanding then they are.

Here are some questions?
1.WHY is this suddenly a crisis? There have been a massive amount of foreclosures over the last thirty-six months (that’s THREE YEARS, not THREE WEEKS). Why is it only when the millionaires are affected does it become a “historic crisis”. I’m sure the families that lost there homes pre-crisis would disagree. (good point Amy)

2. Why is it ok to hand faulty corporations BILLIONS of taxpayer’s dollars because they didn’t do their jobs very well. In my experience in the business world, when you perform below expected standards, guess what happens? You get to clean out your desk, you don’t get a 700 billion dollar bonus.

3.Why in the world is Bush and his camp of cronies sticking to the idea that the De-regulation put in place by people like Phil Gramm(who still has the ear of McCain on such things as the ECONOMY) isn’t a major part of this problem? And if the shotty regs that remain on the books had been enforced, this historic crisis might be a little less historic, a little less of a crisis. (perfect Point AMY you said it right)


Ok so people borrowed beyond their means, no doubt. But these people lent the money to them and in doing so likely did not adhere to the federal regulations put in place to protect both the corporation and the consumer from these doomsday scenarios.So the lack of enforcement is part of this "Georgie poo" start warming to the idea. Fiscal conservative indeed. What a joke.

No matter what it is to be believed that this bailout is going to go forward, for better or for worse it appears there is no way out. The right and left come together and give away the farm. Our farm. Our children’s farm.

I hope that the lessons this crisis offers us aren’t lost in all the check-writing. Speaking of check-writing, take a look at what your money could have bought and then make sure you vote in November. Can not complain unless you do your part and Vote!




CHANGE WE NEEDED FOUR YEARS AGO!!

2 comments:

amberalicia said...

Honestly it is our genius American Population is what put us in this mess to begin with. Hmmm... I make 6.50/hour... roughly $13,500 per year before taxes and my loan officer promised me that I could easily make interest only payments on a $500,000 house. Yeah, that's what I'll do. Greedy Americans who wanted big flashy houses, expensive trips and cars financed on home equity lines of credit, and that were living WELL outside their means. That is how we ended up in this mess. Now they are the same lucky ones who are going to get bailed out while the rest of us who had enough common sense to buy and owe what they could, are paying the price while our 401Ks and investments are getting sucked dry for every day this bill DOES NOT PASS. Just my 2 cents... :)

Jennifer Fleming said...

Amber,
I completely agree with you about people living beyond their means. But those loan officers, credit cards co's, banks and financial institutions allowed those people to get those loans knowing what they made each year. Now we have to pay the price. plus those CEO's will get big FAT bonus!

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