September 25, 2008
I'M NOT SMART ENOUGH TO BLOG THE BAILOUT
A certain pinko commie emailed and asked what I think of the bailout. At the risk of making an Obama joke, it's really above my pay grade. I have been watching TV, listening to the radio, and reading articles about it to try to wrap my brain around the situation, but I'm just not so good at thinking in terms of hundreds of billions of dollars.
Here's one thing I do understand: money doesn't grow on trees. Our government doesn't have the money for the things it's already promised, like Medicare and Social Security. Now some want to add health care, and then there's this bailout.
I think we're boned. But I'm a housewife who knits during the Glenn Beck program, so what do I know?
CavX wrote a good summary of the situation, which fits my understanding of the problem. And I've read enough Thomas Sowell to know that there were dire consequences to lending money to people who simply couldn't afford it. Those chickennnnnns came home to roost, at the risk of making a Jeremiah Wright joke.
I heard a guy last night on the radio say that he makes $50,000 a year and bought a $400,000 house on an ARM. And this was touted as a good choice. I guess I just live on a different planet than some of these people, because my husband makes more than that and our house is less than half of this guy's. And we already own a good chunk of it.
But what do I know: I missed the Penthouse Party because I was too cheap to pay the cover charge...
Posted by: Sarah at
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Who on earth EVER thought ARMs were a good idea?
That's a serious, honest to God question there. Who?
Posted by: airforcewife at September 25, 2008 09:30 AM (mIbWn)
I'm so there with you, Sarah!!! (And AFW!) I wish I knew enough to have a real opinion, but as it is, the more I learn, the more I just think, "we're screwed..." - and I'm not at all sure anything will really help right now. (Actually got a little distraught about this last night... trying to take deep cleansing breaths while mentally planning to ration our gas & food right now... and yes, I'm dead serious, LOL!)
Posted by: kannie at September 25, 2008 10:26 AM (f+LJo)
Yeah, I can't understand why anyone would do anything BUT a fixed-rate mortgage unless they have the cash to buy a house outright. B and I both work; B makes more than that guy without even counting my pay, and we made sure to buy at a fixed rate within our means even if I stopped working; barely more than half that guy's house. I cannot imagine.
As far as the bailout thing goes, I think Cass at Villainous Company has had some great posts about it. I pretty much agree with her analysis.
I also can't help but think that it's become much worse than it needed to be; with all the hype, we've ended up with a kind of run on the bank scenario, where a lot of investors got scared, pulled their money out, and in doing so, made things worse. Anyway, that's part of my thoughts.
Posted by: Emily at September 25, 2008 08:17 PM (cZoqf)
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