Money, it's a crime.
Share it fairly but don't take a slice of my pie.
Money by Pink Floyd
There is plenty of blame to go around with this whole financial crisis. Yes, there are those corporate pin-heads who will float gracefully to the ground with their gold parachutes, clinging to their ill-gotten gains. They should get a real golden parachute and take a dive from about 10,000 feet. And yes, there some folks that are stuck with mortgages they cannot reasonably pay. Their credit is shot to hell.
But why should I have to pay for it?
Look, I am not trying to sound insensitive. But once again, those of us who live within their means, go to work everyday and pay taxes have had it up to here with having to pay for other people's stupidity and/or greed.
Everyone talks about the corporate fat cats. But what about those people who purchase homes that they had absolutely no business purchasing? How can one reasonably believe that one can pay a $4000,000.00 mortgage on a $30,000.00 a year salary? Not all of those people were duped by shameless mortgage brokers.
They were just plain greedy. Don't believe me? Watch House Hunters on HGTV or one of those house flipping shows on TLC.
I saw the greedy mindset when I was an attorney practicing bankruptcy law. I would have people come into my office with a shit-load of debt. They didn't have the debt because they lost a job or had no health insurance. No, they just wanted the McMansion with the Hummer in the driveway. I saw it with the guy I threw out of my office who had over $100,000.00 dollars in credit card debt becuase he liked to have stuff. Or the girl with $5,000.00 of store credit card debt because she just had to look good. There was a reason why Congress changed the rules for filing for bankruptcy protection in 2006.
No one wants to talk about that. It's easier to blame the big wigs.
Everyone also wants to blame the greedy stockholders. Well, newsflash people, if you have a 401(k). 403(b) or am IRA that invests in mutual funds like the S&P 500, you are a greedy stockholder. I won't even look at my IRA statement becuase I know that my retirement fund has a bad case of the diarrhea.
Yet, we want to blame someone.
Yes, there is plenty of blame. There are some greedy SOB's out there that got rich. And unless there is some illegal accounting practice like cooking the books, it is completely legal. Sucks, but it's true. I suppose there could have been more governmental oversight, but we didn't increase regulation after the whole Dot.com fiasco of the 1990's. And we didn't learn anything from Enron, World Com or Adelphia.
So how is this time any different?
So I am pissed. I am pissed because like many of you, Husband and I work very hard. We have scrimped and saved for many years. We lived within our means, we got rid of debt and now live a debt free existence. We bust our asses to pay taxes in one of the highest taxed states in the country. And now, we have to cough up more.
It isn't right.
Will we ever learn?
I doubt it.
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About Me
- Seeking Solace
- I am a college professor who is fumbling through the chaos of academia, rheumatoid arthritis, working on my PhD and just being a 40 something woman. I used to be a lawyer, which made me a snarky little person. I have a wonderful Husband and a German Shepherd named Junior. They help keep me sane.
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5 comments:
Oh, I do so understand you. Getting in a big debt is irresponsible, whether or not some crook tries to make you believe that you can work it out. And then we have to pay for it... and how fair is it that the powers that be make sure to get the money to cover for that, but when it's about rebuilding infrastructures, giving people the health care they need, or find alternative solutions to oil, there never is any money?
I'm in two minds about whether or not to rant about that, because on one hand America is not my country, I cannot vote, so I feel that I don't really have a right to talk, but on the other hand, well, I leave here and I pay taxes.
I can see where you're coming from, but a lot of us have worked very hard and tried to save and still don't have any money. There has in truth been very little done to bail out over-leveraged homeowners. But I have to say that, if you recall just a few years ago, the entire society - media, politics, entertainment - said these low interest mortgages were a good idea. Everybody wants the American dream. Can you really blame them if they convinced themselves they could do it? While they share some of the responsibility, I think that know-it-alls who sold them the mortgages should bear the most responsibility.
On a side note, I think the bankruptcy changes were a terrible idea. Were there some people who took advantage of the system? Sure. But given our shredding of the safety net and our expectation that people would take on large amounts of debt to fuel the economy, it's unreasonable to then remove their only way to get out of debt.
I am very frustrated about this situation, too. I don't believe that the president's bailout is in any way designed to help anyone but corporations / banks. If it was designed to help people who are in over their heads with debt, the plan would have been designed at a different point in time. I agree with Abitrista -- those who sold mortgages to folks without checking their financial background (how much debt they currently have, how much salary they bring in) and then promptly sold those mortgages and freeing themselves of responsibility to them are the ones primarily at fault here. And what made me the most angry about the president's speech last night was that he did not acknowledge this part of the problem at all. They are the folks who need to be regulated.
Wanda Sykes expresses her thoughts about the bailout here. I feel similarly to her, but she said it better than I could.
Arbitrista:
I get what you say about those who scrimp and save and still do not have a piece of the pie. But for Husband's job, we would be in the same position. We are very lucky. But, it was not always the case.
I do recall when everyone was tooting the horn of those low interest rates. I re-financed my home as a result. But, I also predicted back in 2003 that the housing market was going to take a hit because of it. To me, there is no such thing as easy credit. The know-it-alls do share the bulk of the responsibility. But, I can't help but be frustrated by the greed of those who thought they were beating the system. I am sad for those that thought they were getting a piece of the pie but got screwed. But, I don't feel sorry for those who were trying to keep up with the Jones without any Benjiman's to back it up.
I totally disagree with the changes in the bankruptcy law. It penalized the people it was intended to protect. It made it harder for honest people to get a second chance. I had many clients were that was the case. Many of them did not want to file; it was a last resort.
W is full of shit if he thinks that this just happened. Many people were saying that the bubble was going to burst. It;s just that no one was paying attention.
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