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[Comments] (7) Gimme a break: So all I'm asking is, when is it my turn to be irresponsible? I pay my bills, I don't borrow money for ANYTHING but a mortgage (not cars or school even), I don't lend money to people that would blow it on blow pops or whatever the hell they spent it on, when money comes in the door from my job, I pay myself first by putting some away (ie my salary is not excessive at the expense of the little guy, etc) and I hedge with the rest by putting some into food storage and rainy day funds. I also had kids on my own dime, when I could afford to.

If a BANK doesn't understand how to use money, what other business stands a chance? I mean, the meltdown of the financial district is absolutely appalling. And now I have to pay for it! We all have to blame someone. It's easy to point fingers at the GOP (and they aren't innocent), though in UT of course the masses have all found some way to make this the fault of the darn liberals. I personally blame Greenspan. He had to have known there was a housing bubble, and he did nothing to make it harder for irresponsible people to get a loan. He could have raised interest rates. He could have restricted loans to the central banks, keeping cash tight and the dollar strong. He could have kept inflation in check. And he didn't. And guess who has to pay for it?

At least I'm not a DINK anymore, and I get a child tax credit. I'm willing to have another child to further reduce my tax liability. If the Feds can't spend it wisely, then I'll keep it myself, thankyouverymuch. Until the people of this country can get back to the Protestant work ethic and can learn to stay the hell away from the Joneses, let alone keep up with them, then I forsee the fall of a great nation. What a shame.


Comments:

Posted by Susie at Wed Sep 24 2008 07:11

Thanks for sharing your opinions.

Posted by Kristen at Thu Sep 25 2008 19:26

When did you have kid(s)? teehee What's a DINK stand for? Yep, maybe another depression could teach our generation a thing or two.

Posted by John at Fri Sep 26 2008 13:24

DINKS are dual-income no kids. They are the ones that actually pay taxes. Boy those two years we were in that boat sure were nice, but we paid a TON in taxes.

Posted by Joe Walch at Mon Sep 29 2008 16:07

John, Thought I'd check your blog today after seeing the news and I'm not disappointed. Those immoveable economic principles are starting to pass judgment on the great American ponzi scheme of an economy based on easy credit for fancy cars (I’m sometimes surprised by how many of my classmates drive BMWs BEFORE they even become doctors), big empty homes, ‘free’ education (producing more people with unmarketable skills); and an economy based on liquidating our own productive capital (again, worthless education, declining skilled laborers, a punitive tax system against accumulated capital). We have been lucky to finance ourselves with foreign debt and skilled immigrants from India and China who compensate for the lazy generation of consumers who turn American cities into giant gopher holes ringed with trash.

That is compounded by the fact that we have a tax system that rewards debt and punishes capital formation; added to the fact that credit is given loosely to un-credit-worthy people with the Fed Reserve making sure we keep building up the debt by keeping interest rates on savings extremely low. I don’t know if future Americans will be able to pay the mounting debt that we have built up, and doubing it so that we can reward reckless Wall Street CEO’s or stupid Yuppies who don’t know the first thing about risk because they’ve been shielded from it all their adult life by their stupid baby booming parents, isn’t going to help out the situation.

Anyways, I’m also mildly enraged. I remember the NPR stories about New Orleans not being prepared to handle a Cat 4 back in 2003, and I also remember the Fox Saturday morning business shows talking about the loose credit bubble back in 2005. I read Amity Shlaes Book “The Forgotten Man” last year in which she alludes to the current generation’s complete lack of concern about credit risks in outlining the story of The Great Depression. I’m hopeful, though, that the good Americans with that protestant (and catholic) work tradition in Scranton, Fargo, and Sacramento will help pull this Nation back from where it’s addiction to getting something for nothing.

Posted by Joe Walch at Mon Sep 29 2008 16:10

Ce' les bon ton roule, Baby!

Posted by John at Mon Sep 29 2008 16:25

Yeah all day long I have wondered if I'm being too harsh. Indefinitely, people will lose jobs because of this. But I don't think it's fair to bail out executive parachute payments. I bank with Wells Fargo and ING, and they aren't bankrupt. Not every bank made these bad loans, after all.

But my biggest reason to oppose this bill is because I don't understand who is financing the bailout. Is China going to buy our debt? If so, I'm afraid eventually we will simply be a subsidiary of the middle kingdom. They practically own us. If not debt, then how do we pay for this? Print more money? Can we handle hyperinflation?

And most importantly, it's only a matter of when, not if. We bailout the banks and they will just do it again. If they are rewarded for bad choices, what message is that sending to the financial world? And if we add another $700B loan to the US balance sheet, it really punishes our kids, who have to pay for our mistakes. That's not right. We should pay for our own mistakes.

Posted by Joe Walch at Mon Sep 29 2008 16:36

Perhaps a better plan would be to have the government assume control of undercapitalized banks, fire the CEO and Managers, give the stockholders nothing (since they should know better than to invest in a failing bank) and auction off it's assets to banks like Wells Fargo and BofA who knew enough about risk to not dabble in bad loans. Either way, the massive restructuring of the financial market will happen one way or another.


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