Tuesday, September 30, 2008

Economically Speaking

Aren't we in a mess? I can't decide where to place my anger:
  • at Wall Street bankers for their greed,
  • at the mortgage companies for selling mortgages to people unable to pay them and then ducking out by bundling and selling these poor debts
  • at the American public for their stupidity in taking out mortgages far beyond their ability to pay,
  • at Congress for playing politics at such a crucial time,
  • or at George Bush and his advisors for the wrong-headed, short-sided decisions that led to this moment.

Am I the only one who can't figure out where the anger should be directed? What are you feeling? What frustrates you most?

It's a mess that most of us had no part in, but we will be paying for it. I know life isn't fair, but for once I'd like it to be unfair to someone besides those of us who work and live in the expectation that those we put into positions of power and control are behaving ethically and prudently.


City Mouse said...

As someone who has a potential loan application coming up - I don't even know which side I should be supporting! I'm most angry about the fact that these folks are supposed to be representing us, and none of us really seem to know how a bailout would *actually* help! "Oh, it'll trickle down."

For example?

D said...

I believe mine lies here:
*At the mortgage companies for selling mortgages to people unable to pay them and then ducking out by bundling and selling these poor debts.
*At the American public for their stupidity in taking out mortgages far beyond their ability to pay.
People want to keep up with the Jones' and that is the impossible dream, NOT the American dream.
To me the American dream is having the money (not credit card) to afford what you need.
What to do, what to do?

Matthew Burns said...

As far as a solution is concerned, I'm leaning toward the generational revolution spoken of by Thomas Jefferson.

Until then, I'll do my talking at the polling station. I'm voting against anyone who currently holds office.

Plenty of blame to go around, in this mess. I see the root problem going far deeper than any idea being explored.

Power to the People.

Jackie in VA said...

The way I understand it, it's a buy out and not a bailout wherein the US gov't will buy all the bad debt and resell it at a later date. And it will help the American people. It remains to be seen, but it is quite possible the gov't will sell the debt and make a profit therefore it will cost the taxpayers nothing in the end. Also, $700 billion is probably an overblown estimate. The mess was "in the pipeline" before Pres. Bush, indeed I have heard warnings from people in the know for years so I don't know about blaming Bush for this one even though it is coming to fruition on his watch.

Jackie in VA said...

Here is a link to a good, brief description of the problem and solution written by one of our country's top independent financial advisors.


Tracey said...

I am with you!! Well said!

Bubbasgotgas said...

Yes it is the adminstration and the previous one. It is Congress and anyone that has served in the past 15 years. It is the false belief that the government is supposed to provide happiness for people. It is not, it is supposed to protect peoples right for the pursuit of happiness.
The biggest need is for us to get back to the idea of " for the people, by the people."

Anonymous said...

I am angry with a country that thinks its okay to live on credit! That the Iceman never cometh and we can all live happily ever after without having to pay bills. I am angry with people who think they are entitled to a free ride! I am also angry with politicians who are more interested in what is good for themselves and getting re-elected instead of what is good for the country. HMMM....I am pretty angry!

Jason Burns said...

I blame it on GW. When he stole the presidency, he stole responsibility. Down with cronyism!

Of course, I tend to blame everything on GW.

Anonymous said...

Me too, Jason.

It angered me as well to see folks behaving irresponsibly and I can only sit back and watch the developments. I remain against the bailout.

Paid off all my credit cards, too...


Shirley Stewart Burns, Ph.D. said...

Wall Street wanted deregulation. Deregulation it got. Now, let the markets work themselves out. The blame rests on the ill-advised backing of Congress that resulted in deregulation, and the greed of lenders. Now, that deregulation hasn't worked so well..."come on, save us!" Disgusting.

Bubbasgotgas said...

We need to stay against the bailout because waiting on the markets will weed out the weak and reveal the companies that operate with intelligence.

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