$700 BILLION JUST DOESN'T BUY VERY MUCH ANY MORE
Bailout won't touch home loan crisis--peachy.
Thanks for the Memories, Hank.
posted by UMRBlog @ 15:35
2 comments
UMRBlog
The Upper Mississippi River Basin:Life, Worship, Sports, Transportation, Golf, Politics and other bizarre behaviors in the Upper Mississippi River Basin. The Quincy area has a history of tolerance. We seem to suffer fools gladly.
Wednesday, November 12, 2008
Thanks for the Memories, Hank.
About Me
- Name: UMRBlog
- Location: Upper Mississippi River Basin, Tri-State, United States
Christian, Father, Husband, Brother, Uncle, Veteran, Threat Assessor, Both Illini and Hawkeye Grad, Democrat, "Sticker", Friend, Neighbor, Cub Fan, Bear Fan, Outside the box thinker, Multitasker, Golfer, Believer in Civility and Good Manners until some butt makes it impossible, Throws Right, Bats Left, Good Power, Good Arm, Good Glove, Bad Speed, Hold Doors and Chairs for women,
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2 Comments:
Everyone wants to point fingers at who's to blame for the financial problems. After going back and forth (and back in time!), I have finally concluded that the responsibility for all this is those individuals who do not take responsibility for their own actions, those who don't live within their means.
Believe me, I know that it is not always easy to live within one's means. I look back on some very lean years when we had young children. We slept on the floor in the first floor of our small older home, because there was no heat in the upstairs and way to cold for a baby to sleep up there.
But we didn't run to the government for help. We didn't run our credit cards to the max and buy a big home we couldn't afford. Banks and credit card companies wouldn't be in a crunch now if people just lived within their means. Don't have 3-4 TVs bought on credit. Don't live in a $200,000 home when you can't afford it. Don't spend money on vacations, eating out, and name brand clothes if you can't afford it. If you can't pay off your credit card at the end of the month, don't charge anything. I can't imagine owing huge credit card bills with 18-20% interest.
We are all paying for the lack of responsibility of some. We can blame deregulation, but even that would not have mattered if people would have just lived within their means.
You are right. There is nothing factually wrong with what you say.
But, even if individual folks and families had lived way beyond their means, as they did. Most of this wouldn't have happened to the banking and trading industries if the markets didn't trade bad debt as a futures commodity. And, of course, AIG, stupidly insured the losses on this trading.
Even though your baseline proposition is correct, it still took a perfect storm of stupidity, deregulation, greed and eyes-closed regulators for all this to get bad.
TYFCB. You have given us good rules to live by.
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