Thursday, December 11, 2008

The Mortgage "Crisis"

Yesterday I got into a friendly online debate with an individual who has different political views then I do. I do enjoy a healthy debate. His take was that the money spent on war could have been used to help with Katrina or the "mortgage crisis" and this got me thinking. I find it amusing that when people are in trouble they look to the government to bail them out. Last night, Dec 10, 2008, the Congress passed a bill that well help the big three auto companies - but is it our problem they can't run the company properly. When Sears declared bankruptcy, did they run to congress and ask for help, and they have just as many employees has these three companies do. There is something major missing, it's called accountability. People today are losing their home in foreclosure, not because of the government, but because of them. The government loosened the guidelines, did the banking industry have to loosen their - nope. When the banking industry made these programs available to the general public, did anyone put a gun to their head and make them sign the papers - nope. When you look at the papers and it tells you that you could have a monthly payment of $5000 per month and you only make $60,000 per year you have no business signing that Note. You and you alone are responsibly for your financial problems. You signed ever credit card application that you have, you signed the notes on ever car you drive, and the house you own.

I have personally lost 55% of my 401K retirement, is this the governments fault also - nope it's mine because I made the choice to put them in aggressive stocks. I have about $3,500 in credit card debt, is this the government responsibility - nope it's mine.

Right now everyone is going through difficult time, but unless you are willing to step back and take responsible for what you do and stop blaming others for choices you make then you'll never amount to anything.

1 comment:

Delores Quade said...

"Last night, Dec 10, 2008, the Congress passed a bill that well help the big three auto companies - but is it our problem they can't run the company properly. When Sears declared bankruptcy, did they run to congress and ask for help, and they have just as many employees has these three companies do."

You're right, of course, about accountability missing. I learned on Fox news (take that for what it's worth) that most of the money is going into their loan departments so they can offer better loans. This makes me think that they are of course, trying to get rid of all the cars that they have so they can make better, more economical cars, after ridding their stock of new, un-economical cars to once again the consumer (like Microsoft does with their upgrades). What they should be doing instead of getting help from the government what they should be doing is giving out cars to all kinds of people in all kinds of circumstances, including getting rid of all the dangerous cars driving on the road, and get a huge kickback from the government, earn a great name for their brand, and eat their losses minus the kickback of course. But who in their left mind would do such a thing?