Posted on 09/20/2008 1:28:16 PM PDT by Maelstorm
I’ve learned most of life’s lessons the hard way, always have. I once joined a really cool health spa when I was in college earning $55.00 a week. I soon realized that I couldn’t afford to belong to a really cool health spa and was reminded of it every month for almost two years as I wrote checks I couldn’t afford to write until my obligation to the not-so-understanding owners of the really cool health spa were paid in full. That was stupid, but I learned from it.
I once gave a friend of mine $4000.00 dollars to invest in a “can’t miss” real estate plan. It was can’t miss and so complicated I didn’t even understand how the deal worked. I’ve never seen the $4000.00 or all the profit my friend assured me I’d see. That was stupid, but I learned from it. I’ve not seen that friend much since then.
Now, our elected officials are considering a 3-billion dollar bailout for people who are in danger of having their home mortgages go into foreclosure because it turned out that they couldn’t afford the loans, the monthly payments and certainly couldn’t afford the penalties that came with failing to make their payments. The 3-billion dollar bailout will also fund the banks and lenders who made loans to the people who couldn’t afford them in the first place. The banks and lending companies in many cases knew they were making loans that were at the very least risky. They made bad loans and the people who took out the loans either didn’t know or didn’t believe they’d be unable to pay their mortgages.
I really believe there are folks who have never connected the dots between government bailout and their own wallets. There are folks who believe that the government is this independent entity that has its own money and can pay for things we can’t pay for. The money for this bailout and all government bailouts come from you and me, if you pay taxes. It’s our money; the government doesn’t have any money that they don’t get from us.
I’m not anti-tax, not at all. I’ve paid a lot of taxes for a lot of years and I’m glad to. I’m glad my tax money is spent to build roads and bridges. I’m glad my tax money is spent to feed hungry children who come from poor families or families where parents fail to feed them themselves. I want to pay taxes for our military and our park system and police agencies that actually serve and protect and solve crimes. What I don’t want to do is pay the mortgage for people who buy homes they can’t afford. I’ve lived in several apartments in my time, not because I love thin walls and no yard, but because at the time I couldn’t afford to buy a home. Sure, everyone wants to own their own home, but how about saving some money, make more money until you get to where you can qualify for a legitimate home loan that barring illness or unemployment you can afford. I hesitate to mention personal responsibility because I know how it is generally looked down upon.
Do you know how much money 3-billion dollars is. I don’t, but it looks like this…. $3,000,000,000.00. It’s billion with a B and its money that could be spent more wisely. Spending billions to bail out bad decision making by large lenders and individuals is simply a bad idea. It never dawned on me that the government (taxpayers) would fix my dumb mistakes in the past, and I promise not to come calling when I make my next stupid decision…………. And make it I will.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
While it may feel better to say, Oh just let the whole thing play out...the result would be US financial collpase, then economic collapse.
so the “bailout” in the short term is getting the victim to the hospital before they die.
having said that, why does everyone think that if the Dems wanted everyone ( oh those poor poor people , its not fair to not give them a loan )to get whatever credit they wanted, that they suddenly NOW would own up to their deliberate mistake they got rich off?
Take Fannie and Freddie to jail? HA HA. didn’t you hear Pelosi just said, there won’t be ANY hearings! You can’t even get her to hold congress so we can have a vote on drilling!
Exactly...instead of the conservatives eating their own, how about you give Bush and McCain some credit and put the blame where it belongs...The Dems.
You better quit the liquor or drugs you are on!
There shouldn’t ever be a bailout or bankruptcy!
Anyone that incurs a debt for whatever reason shouldn’t ever be let off the hook of repaying it.
Lenders that make bad loans shouldn’t be able to look for help from the government or citizens!
thanks. ha.
Wow! You seem to be pretty excited about a depression.
Seems to me (in reading about the era) a lot of government intervention and resultant “we are here to help” mentality was created during that time. Imagine that on a global basis.
So why do you feel it would be a good thing? Just because you may be secure today in your life choices does not mean you would be during a depression.
First. It is not a “bailout” ..it is a loan and who knows, we the citizens 9 well, the govt) just may make a bundle off it.
second...dream on! when you can get the Dems to completely turn into fiscal conservatives, then maybe, there won’t be bailouts.
bttt
Though Clinton began the economic slide, GWBN has continued to deftly lead the nation to bankruptcy in order to fulfill the TriLateral Commission’s dream. His father must be delighted. I’m sure the rest of the CFR is.
Why don’t the Republicans scream this from the rooftops?
I’m tired of them not defending themselves and fighting back.
You are very correct, imo. At least there is a possibilty of monetary return.
It’s not like this is the first time there has been intervention to keep a private industry afloat. The most expensive, but not the first.
A depression will wipe out 3 generations that are totally irresponsible and they will either learn quick or as far as I’m concerned can lie down in the street and die.
I grew up durring the last one and learned thaqt those that were financially responsible came out just fine without any government assistance.
My parents not only saved enough durring it to start a business without borrowing and build a new 2400#’ home in an upper scale neighborhood.
The lessons that I was taught have served me well.
Never borrow except for your home and never then without a substantial down, always have at least 6 months earnings reserve, and never employ or lend money to a relative.
You’re as nonsensical as the left is...Your BDS just veers right instead of left.
This depression would be VERY different. Lots of murder, bloodshed and ugliness in the streets. We have a “Poor” class now that aren’t going to wait in soup lines.
they won’t “lie down in the stree and die”....this is not 1920...
But I do aqgree a toughening scenario would be good for the country. But the Dems have far too much power now and they aren’t the Dems of Roosevelt.
I feel the same way...sometimes I think I’m on Daily Kos..ha.
Bush is still my hero and all these brilliant critics just have this myopic , 1950’s Ozzie and harriet view of the world. Not to mention the Dems now have become a leftist vice strangling our country with the MSM tightening it every 24/7.
Newsflash: Reagen is dead.
The crooks who caused this mess can make a fresh start, sans assets, with a felony record after doing jail time.
And for his father, well he likes to fish, that's about all I know about him. (At least that's what he told me last time I asked.)
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