"On Tuesday, McCain struck a populist chord against Wall Street greed. He called for a commission to probe the root causes of the country's financial mess — such as the high-level panel that investigated the Sept. 11, 2001, attacks. And he reiterated that no more taxpayer money should be used to rescue private institutions such as the large insurer AIG."
---The Associated Press, written my Terence Hunt...Sept 16
When did Americans began thinking banks and insurance companies should be their "Sugar Daddies"? Oh, I really want to live in this 200K home (though, I can't afford it on my own), but I only want to pay $1,000/mth for it...so "Sweet Bankie, can you loan me the money? I may or may not be able to pay you back." (30 yr fixed loan or possible foreclosure) Then when Bankie can't makes his payments, he goes to his "Sugar Daddy" a.k.a the Government, and requests help. It is CRAZY!!! Let us consider this revoluntary idea: PAY FOR THINGS WITH CASH! I venture, we strive to get away from this "Sugar Daddy" concept of always thinking other people's money should help me live in the home I want, wear the clothes I "deserve", etc.
Did the government's decision to "loan" (Sugar Daddy concept) AIG 80+ billion dollars yesterday...so that they didn't have to go under....REALLY help the situation? Do you see them downsizing...now or ever? The beautiful building they are housed in...Was that a neccessary expense? It makes me sick that we continue to go to the government to bail us out when we find ourselves in a financial crisis. And who is this Government? Do they have the money or assets to back such a large loan to AIG? Yes, only if the hard working American continues to pay his/her taxes...which for our family is about 15% of our take home pay...MORE than the 10% the church is given as a tithe. Don't get me started there...
When did "welfare" began to go to the top CEO's in the country? Forget all this about "Bush only gave tax cuts to the top 1% of Americans." I'm wondering why greedy companies aren't paying for their own debt, and I'm getting taxed for it. I've already been nickeled and dimed by my bank. I believe there is greed and corruption happening in Wall Street and it needs to stop. In fact, perhaps the real problem is at home...our own greed, our own selfish desires...and the officials we elected are truly representing our interests.
It saddens me that I've haven't heard anything about making families stronger this election...especially not applying godly principles to the way we do business and treat one another. It isn't policitical correct to do so. The situation we are in is very complicated, and I'm sorry...it didn't get this way in just the 8 years Bush was in office. I don't claim to know a lot about politics or how Wall Street is ran, but using Bush as a scape goat...I'm not buying it.
My neighbor for example can't sell her home. She is part of this housing market crisis. She is trying to maintain a 2800 sq/ft. home for herself and her son...on a teacher's salary...and has been doing it for a year since her divorce. How long can that continue? She may go into foreclosure. But here is the thing, there is so much more to this picture than just having a hard time selling her home. The reality is that the bank owns her home until she has paid every payment. Her husband is gone...no child support. What is she to do?
Then my parents for example had a lot destroyed by Hurricane Ike. While they were without electricity they did not hear the recent activity on Wall Street...the crisis with AIG, an insurance company. She mentions, "I'm not too worried about the boat, it was insured." REALLY...If we can't trust the companies to truly have the assets available to help when we need them...then why make any payments to them.
One politician said, "It is the war that has done this. Invest that money here in America." I can understand that. It makes sense. Here is the thing, though. Investing more money here doesn't necessarily make top CEOs want to provide more jobs for hard working Americans. These companies that have the capablity of providing jobs locally have long sent their "work" to third world countries. The labor is cheaper there...and they will continue to do so because of greed. Hence, why when I looked at the label on my daughter's pants from Children's Place it said "Made in Kenya." So what incentive could we give to these top companies such as Walmart to go back to "Made in the USA?" Haven't heard anything about that either.
This is all coming from a stay at home mom...who usually chooses to watch Dora the Explorer vs. the news. As of late though, I've made an exception. I will tell you what I'm working on...a strong marriage, children who love the Lord, and paying for things in cash...learning to be content with what I have. Crazy concept, isn't it. Who represents me?
5 comments:
During the past 8 years Bush allowed deregulation - meaning he gave the businesses permission to loan money to people who couldn't afford it - bad business practice... not Bush's fault per se... but didn't help matters.
I don't agree with the bailing out either... but I also didn't agree to going in to such debt over the past 8 years... Clinton left us a sizable amount of money ... that this administration has squandered.... not that I was a huge fan of Clinton either.
at least that is the way I understand it....
John and I feel the same way Dot. John has been saying this for quite some time... he's tired of this bail out concept.
Amen sister!
I'd like to point out that the "everyone has a right to own a home" philosophy came from the Clinton era. And thanks to his 1993retroactive tax hikes he left a 2-year recession when he left office. Deregulation also came about in the latter years of the Clinton admin.
Can you guess which ticket I vote? ;) I'm so darn transparent.
Dorothy,
I absolutely agree. Last week I was ranting on my blog about the "saving" of Fannie Mae and Freddie Mac.
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