Current mood:

angry

Bailout
Although I would not like to see the American economy completely tank, I can't say I really agree with bailing out all these companies who dug themselves into a giant hole. I also have little sympathy for people who saying poor me I can no longer afford my house. Well then perhaps you shouldn't have bought in the first place. I don't doubt there were some shady loans given in less than forthcoming ways, but that certainly doesn't apply to all of them. And yes these mortgage companies shouldn't have been lending to some of these people because of their likelihood of eventually defaulting on the loan, but that doesn't excuse these people from the responsibility of taking the loans.

I have a really hard time feeling sorry for anyone who took a variable rate loan when the interest rates were at historic lows. Why would you do that? It makes zero sense. The only place the interest rate is likely to go is up, so why then are you so surprised when it does and you are suddenly unable to pay your mortgage.

Too many of these people were probably trying to live above their means. I'm sorry but there is nothing that says everyone should be able to own a home, and a new car, etc. etc. I live well within my means. I didn't jump on the housing bandwagon and run out and buy a house with a loan I couldn't afford. No I stayed living in my little one bedroom apartment. I drive an 11 year old car that looks like crap, but still runs fine. I've had people ask why I don't get a new one. What for. My car may not look so great anymore, but it gets great gas mileage and has given me very few maintenance problems up to this point. Why am I going to go give myself a car payment. That's the problem. People think they deserve something shiny and new, nevermind the fact that they can't actually afford that $300 a month car payment on top of their rising mortgage. And I also don't spend money on stuff like cable or internet at my apartment. I manage to do without. Granted I am lucky enough to have a fiance who makes significantly more than I do and can afford to pay for this stuff. But I haven't always been dating him. Prior to that I lived without watching cable TV and going to bars to watch ESPN when I wanted to see a Wake Forest basketball game. I don't have access to the internet at home, and before Paul I used it at work or at the library (prior to working there) and that's it. I do have a cell phone, but with the cheapest plan possible. And the only reason I don't still have the same cell phone I first got back in 2001 is because Paul gave me a new one. I pay off my credit cards each and every month. I have never carried a balance. The only debt I have is my student loans, and I pay over my monthly payment on time each month. When my salary doubled from what I was making at Barnes and Noble to what I am making now I didn't automatically go out and increase my spending habits, I upped the amount of money I save and contribute to my retirement. So I'm sorry if I can't understand why I am supposed to feel sorry for people who live beyond their means and then find that it bites them in the butt.

Now lets talk about these companies who my tax dollars are going to bail out. Obviously as I just mentioned I act fiscally responsible with my money, and I am not thrilled with spending my hard earned dollars on bailing out people who are obviously greedy and not fiscally responsible. I am annoyed with the fact that many of our Congress critters are obviously in the pockets of these people, people on both sides of the aisle I'm sure. If I'm expected to help bail these people out I can't get behind the things I've been seeing so far. First of all there better be provisions that say the executives of these companies don't get one red cent of this money. They FAILED at their jobs and don't deserve anything. I keep hearing about trying to prevent golden parachutes, but in my opinion not only do they not deserve a golden parachute, they don't deserve a parachute at all. Any money they expected to walk away with should be taken from them and used to fund this plan. Second I cannot get behind giving Paulson absolute power. WTF? I was under the impression that our government was built on a system of checks and balances. So how in the world are we thinking about giving one man absolute power. The mind boggles.

This whole thing is a big fat mess, and it just makes me angry that we as the American people and government allowed it to happen at all.