Thursday, July 17, 2008

Money, Money,.............. nowhere ???????

What have we done ? Did we do it ? Who caused this motgage situation ? Where did all the money go ? Did our lives of excess finally catch up with us ? Yes it did. Because we knew those intrest only loans would catch up with us. We knew that the credit card bills would be in the mail. We knew that the big SUV that gets 9 MPG would eventually cost us more than it was worth. Who's to blame ? All of us. Yeah, I read some other blogs that say to start impeachment procedings, and I think we should. I also think that when we point out blame, we have 3 fingers pointing back at ourselves. Why do I say that ? He won the election, right ? Look, I want change as much as the next person, but we need a change that begins at the top and works it's way down. The most wealthy people in the US can shelter themselves from change, but at the bottom of the pay scale exists a large number of people who will collapse if they miss a paycheck. Our laborforce is losing jobs in record number, and with the new home's start rate at record lows, what are we to do ? Should we bail out these lenders that have lost out due to forclosure ? I say no! I have read post from other bloggers who have worked for these companies, and read about the exessive spending. These companies lived in exess on our dime. They broke it, now let them fix it. It is time that they restructure these loans so that people can keep their home. They should make it possible that a payment keeps coming in every month instead of begging at uncle sam's door. Remember, uncle sams door is also our door. I don't see the problem. So they do not make $200,000 on a $100,000 home loan. They make less and they keep working, and people still have a house to live in, and some people will be able to buy a new house and they will be in business to finance the purchase, and more people will have work building the house, and taxes will be paid, and everyone is happy ? Right? Am I completely lost, or does anyone else share this idea ? I had to vent about this today because I have friends who have been laid of because of declining work in my area, and it seems that things are circling the bowl for all of us

1 comment:

Da Old Man said...

One of the biggest problems is that so many of us have become such ardent consumers, we no longer have the ability to do little more than just acquire stuff. That's why Wally World is so successful. People can load up on cheap stuff.
Rather than making quality here in the USA, we prefer tons of cheap stuff. Appliances are designed to last only a few years. As manufacturing jobs leave, it destroys our economy. The blame lies firmly with those who stock up on Wally World junk.
Don't want this to turn into an treatise on the economy. Just a comment, so take care, I wish you well.