So, Congress is trying to decide whether we should pay a trillion dollars to bail out Wall Street and Main Street. I am not an economics scholar by any stretch of the imagination. But I am seriously conflicted. If this is absolutely necessary, then okay, let's do it. But I am really not happy about bailing out greedy companies, investors, and people who made poor choices and bought houses they can't afford. I'm all for "it takes a village," but this is ri-damn-diculous if you ask me. Why should I be on the hook for the rest of my natural life? I've got my own debt to contend with. Why should I be burdened with the rest of America's debt? And must action be taken now? I'm all for a real solution, but something that has just been kicked around for a few days seems hasty to me.
What say you?
P.S. Don't get me started on a certain Fox news analyst who says that giving loans to minorities and other risky persons was the root of the downfall. Joker.
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6 comments:
Yeah, um, all my hispanic neighbors and I that bought houses we can afford are doing just fine thankyouverymuchfoxnews. BUT you better get outta the neighborhood now lest you catch minority. (A neighbor actually yelled out to a realtor "Don't you show that house to no spics or n-words!" and "Mexicans???? I'm moving!")
OMG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
hi first time here, nice blog. Love the african gear!
Thanks Kin! Stop by any time.
why don't they bail me out of my debt? they can pay off my student loans!
Dont want to take up too much space trying to explaint the "bailout." But here is a quick a dirty explanation.
Lets say you (bank) are the person who all your friends go to when they want to borrow money. You have your friends (disadvantaged folks trying to buy houses) sign a bunch of IOUs (mortgages and other promisorry notes) promising to pay the money back. You know your friends may not be able to pay you back, but you say never mind... cause now the grocery stores, malls, and other retailers (wall street, investors, mutual funds...etc) now accept IOUs as cash money. So you all excited with this new form of capital start givng out even more money to not only your friends but random folks on the street, cause now you can use IOUs as actual money (wall street going GA-GA over all the new securites they can now trade and invest in) to buy yourself nice stuff (stocks, bonds and other investments). Well eventually, your friends and the other random folk you let borrow money lose their jobs (default on the mortgages) and file for bankruptcy leaving you without the ability to collect on your IOUs (bank forecloses on the house but cant resell houses to satisfy the mortgage security cause housing market is terrible). Now the retailers (wall street) comes calling asking for the cash to back up those IOUs and you tell them ooops i aint got no money. Cause the retailers (wall street) need to pay their employees (investors). Retailers (wall street) goes under cause they sold you stuff on an IOU that cant satisfy and they cant pay their employees (investors). You (bank), in turn, dont give out any more money(credit) to none of your friends or random people (homebuyers, small businesses owners, carbuyers) because you owe everybody too. Essentially everyone is F***ED, unless mom and dad (the government) comes and saves your butt and gives you money to pay for the stuff you bought and allows you to think about giving your friends money (credit) later on.
My Two Cents
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