Saturday, September 27, 2008

The Financial "Crisis"

The longer the debate goes on, the more I don't like it.

I'm not the only one - part of the problem is that we were told "act quickly, or the opportunity will disappear!" by Paulson. It has the feel of a VERY high-pressure salesman, looking to get his hands on your cash, before you have the chance to think about it.

SC Conservative (just added to the blogroll) has a breakdown that gives voice to some of my feelings.

I'm not seeing activity that gives me the feeling that The Sky is Falling, The Sky is Falling - at least, not for real.

The major issue we have right now, in the greater Charlotte region is the lack of gas. We have been hard hit by the offline Galveston refineries - many stations limit customers to 10 gallons. With my husband and I having a daily commute to Charlotte of about 30 miles each way, it's been challenging. School activities have been limited for the duration of the shortage, if they involve the need for transportation.

Really, the argument for NOT funding a bailout is that:

Those of us who are ants really don't want to give the grasshoppers another excuse to NOT learn their lesson. Sometimes, it's the lessons that hurt the most that you need to learn.

I feel strongly that those who lived the high life need to get a wake-up call:

  • You don't own your house if you had 100% financing
  • You don't own your car if it's leased
  • If you bought your possessions on credit, they AIN'T really YOURS
  • and, most importantly, if you can't save each month because all your money is committed to paying creditors, you need to reduce your inflated standard of living.
I just say that Amber woman (from the Scott Peterson case) on the TV the day before yesterday. She was telling a reporter that she had lost her home to foreclosure. She paid a half million dollars for it in the first place. What kind of an idiot buys a house that her REAL income won't support? By real income, I mean don't count on the money from your temporary "fame" to last - she was a brief celebrity. What she really was, was a blue-collar single mom. And, once the fame train left, she was still standing at the station.

Without cash. But, with new bills.

Some of these bankrupt people were making less than $60,000 a year from all sources. Yet, they bought homes 2 or 3 times as expensive as what I have - and my income is about twice theirs. It was a massive case of self-delusion, enabled by the very guys who now want protection from their credit-pushing actions.

I wouldn't mind setting up a fund that gives any foreclosed person a few months rent money. That would be charitable. But we don't OWE them anything.

Except our pity.

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