Just some thoughts..
The buzz around work for the last week has been all about the stock market, and the state of the economy.
Honestly, I could care less about the whole lot of it. And I'm being serious too.. I really have zero sympathy for people who were dumb enough to sign multiple mortgages that were of the shady, and variable interest rate variety. They were greedy fools who should get what they deserve.
Those of us who understood the grade school math that was required to to determine that if we make 50k a year we can't actually afford a 250,000 dollar house stayed out of it. Because we knew it was a bad risk. Hell, right after my divorce I was living in a 2/2 apartment that was "converted" into a condominium with the swipe of a pen. I was offered first shot at buying it for the paltry sum of 180 grand. You know what i did? I laughed in the guys face and told him I'd give him 40 thousand for it and not a penny more.
He didn't think that too amusing, but I was dead serious. I knew it was a ridiculously inflated price, and I also knew that even if it was worth that amount that I couldn't afford it!!!
And now, because not only the stupid consumers signed on the dotted line betting on the come those of us who had the common sense God gave a goat get to bail them, AND the crooked lending institutions that backed all these mortgages!!! Um, excuse me but let all of them fall over, declare bankruptcy, and go into foreclosure. Why, because they deserve it!!!!! Caveat emptor ring a bell?
I do feel sorry for the people who have played by the rules and have lost equity. I also feel sorry for people who's 401k plans are dying on the vine. That really sucks. But I have zero sympathy for the ones who knew they were taking a horrible risk and signed on the line.
We should have let fannie mae and freddie mac fail. We should have said NO to the the 700 billion dollar bail out and just let nature take it's course. The Great depression would not have reappeared like some ghost in a graveyard that came back to pick our bones clean. Yeah, it would have sucked for a couple years. But we would have returned to normal.
Hey, I can't afford to drive a Mercedes so I DON'T! Even if they can get me into a 600 dollar a month lease! Because I know theres a huge chance that I'd go broke or be one paycheck away from defaulting on the lease and screwing up my credit. BECAUSE I LIVE WITHIN MY MEANS!!! I make close to 60 grand a year. therefore I don't live like I make 100 grand a year by overextending myself on credit cards and high interest consumer loans. So if you do you are more than likely going to come to great financial harm.
But please, the risks you are willing to take is YOURS alone. Not mine, not the rest of the reasonable people, nobodys but YOURS. Don't ask me for a red cent to pay for your mistake. It is not my problem whatsoever.
Honestly, I could care less about the whole lot of it. And I'm being serious too.. I really have zero sympathy for people who were dumb enough to sign multiple mortgages that were of the shady, and variable interest rate variety. They were greedy fools who should get what they deserve.
Those of us who understood the grade school math that was required to to determine that if we make 50k a year we can't actually afford a 250,000 dollar house stayed out of it. Because we knew it was a bad risk. Hell, right after my divorce I was living in a 2/2 apartment that was "converted" into a condominium with the swipe of a pen. I was offered first shot at buying it for the paltry sum of 180 grand. You know what i did? I laughed in the guys face and told him I'd give him 40 thousand for it and not a penny more.
He didn't think that too amusing, but I was dead serious. I knew it was a ridiculously inflated price, and I also knew that even if it was worth that amount that I couldn't afford it!!!
And now, because not only the stupid consumers signed on the dotted line betting on the come those of us who had the common sense God gave a goat get to bail them, AND the crooked lending institutions that backed all these mortgages!!! Um, excuse me but let all of them fall over, declare bankruptcy, and go into foreclosure. Why, because they deserve it!!!!! Caveat emptor ring a bell?
I do feel sorry for the people who have played by the rules and have lost equity. I also feel sorry for people who's 401k plans are dying on the vine. That really sucks. But I have zero sympathy for the ones who knew they were taking a horrible risk and signed on the line.
We should have let fannie mae and freddie mac fail. We should have said NO to the the 700 billion dollar bail out and just let nature take it's course. The Great depression would not have reappeared like some ghost in a graveyard that came back to pick our bones clean. Yeah, it would have sucked for a couple years. But we would have returned to normal.
Hey, I can't afford to drive a Mercedes so I DON'T! Even if they can get me into a 600 dollar a month lease! Because I know theres a huge chance that I'd go broke or be one paycheck away from defaulting on the lease and screwing up my credit. BECAUSE I LIVE WITHIN MY MEANS!!! I make close to 60 grand a year. therefore I don't live like I make 100 grand a year by overextending myself on credit cards and high interest consumer loans. So if you do you are more than likely going to come to great financial harm.
But please, the risks you are willing to take is YOURS alone. Not mine, not the rest of the reasonable people, nobodys but YOURS. Don't ask me for a red cent to pay for your mistake. It is not my problem whatsoever.
Comments
(oh, dude, baaad math)
We were okayed for a $600,000 loan when we went to buy this home, as first-time home buyers. No kidding. Easy to get all starry-eyed and think, "wow, but that really nice one only cost $450..." (this was in 2002).
Reality, for those of us with an ounce of common sense, knocks and we say, "Yeah..$600G is GREAT if you don't want to clothe your family, don't want to eat, don't have to drive..."
Owning a home in the US is a right and not a privilege? That is bull. It is a privilege earned by handing and managing your finances well. There is no clause in the Constitution that decrees we all will have homeowner mortgages through the Fed's crony banks.
Okay. a-hem. Yeah, I feel strongly about this issue and think that this bailout is yet another load of crap. Economic cycles occur. It is healthier to let them ebb and flow--but nobody is willing to, and to foot this bill we probably will have to end up spending more than we would have by merely sacrificing by letting those who are at fault pay for their faults. The lack of countability absolutely frightens me...why do I bother punishing my children and teaching them consequences for their actions when nobody else does ('But Mommy, even the government bailed out the guys who did the wrong thing. You can't punish us!')?
Sorry. I am livid...and have just had to turn off the news to not listen.
(yawn) Now back to sleep. Be well, Windy!
You hit the nail on the head. Owning a home is a reward that financially responsible people get to enjoy. I am so sick to death of everyone acting like it is a god given right to live in an upscale neighborhood.
My theory is that if you're going to be dumb, you gotta be tough. Hey, if you want to take the risk of getting foreclosed upon just so you can live in the big McMansion thats fine by me...
But, You and you alone are responsible for any bad juju that arises from having overextended yourself so badly, NOT ME!!
To force those of us who knew better to help fund the bailout of these douchebags is simply outrageous. Screw them, let them live in a cardboard box. Maybe that will get the message through their thick skulls.
What really shocks me is that none of the bigwigs of these failing lending institutions are facing jail time.
Be well Mapi