I was reading a post on a blog of a friend of mine who posed the question, "With all this "BAIL OUT" talk I ask what is your opinion on who really is responsible for this mess our country is in? Do we really put billions into the pockets of the wealthy & trust them or is there a right answer? How did we get to this point in our country?"
My opinion is too long for a comment box.
Who is responsible? I think it's a GREEDY society. People with a sense of entitlement (got to keep up with the Jones!) and corporate America executives lining their pockets. Where did it begin? People purchasing homes they could not afford, with the mortgage lenders and banks as accomplices. My skin crawls when I listen to people whine about their homes in foreclosure because they "didn't know" the details of their loan and eventually were unable to meet the mortgage payment on that million dollar home they purchased on a $50k/year income. No kidding. "I didn't know" is a poor excuse, a cop out. Be responsible, people! Read the fine print. Have an ounce of common sense. Sure, it's not only the irresponsible, "unknowing" buyers, but the lenders clearly were complacent, saw an opportunity to score big and BAM! took the money and ran. The big investment banks clearly didn't make very good risk assessments (ahem, Bear Stearns, Lehman, Merrill) and now I'm {representing the financially responsible people} left holding the bag. I find it hard to feel sorry for the parties involved. Hopefully there are some lessons learned and I would hope those responsible are held accountable.
My opinion is too long for a comment box.
Who is responsible? I think it's a GREEDY society. People with a sense of entitlement (got to keep up with the Jones!) and corporate America executives lining their pockets. Where did it begin? People purchasing homes they could not afford, with the mortgage lenders and banks as accomplices. My skin crawls when I listen to people whine about their homes in foreclosure because they "didn't know" the details of their loan and eventually were unable to meet the mortgage payment on that million dollar home they purchased on a $50k/year income. No kidding. "I didn't know" is a poor excuse, a cop out. Be responsible, people! Read the fine print. Have an ounce of common sense. Sure, it's not only the irresponsible, "unknowing" buyers, but the lenders clearly were complacent, saw an opportunity to score big and BAM! took the money and ran. The big investment banks clearly didn't make very good risk assessments (ahem, Bear Stearns, Lehman, Merrill) and now I'm {representing the financially responsible people} left holding the bag. I find it hard to feel sorry for the parties involved. Hopefully there are some lessons learned and I would hope those responsible are held accountable.
Update: Read here for a more eloquent way of stating what's going on in our economy.
5 comments:
AMEN! I am totally with you!!!!
I wholeheartedly agree with you. Now...is that a picture of what I think it is??
Yeah - the backside of the bull sculpture that is outside of the NYSE. I think it's safe to say the bull took a dump on Wall Street yesterday.
I agree with what you said 100%. You know I think our country needs to suffer the natural cause from their actions. If we just have a slap on the hand then what does that say, "Do it again in a couple of years"? I know it is going to effect everyone but sometimes everone has to be effect by a group of peoples choices. What really upsets me is the CEO of WaMu got a 18 million severance deal when he had only been there for 5 months & people who had more than $100,000 lost all that. So wrong. I could go on forever but I'll spare ou the soap box.
Leah
Oh yeah, the CEO's and their golden parachutes...don't even get me started. I'm ok with the bailout - I get why it needs to happen (particulary being married to a man who works in the credit industry - it needs to happen!). The new deal - ug - makes me mad. They've added all of these sweetners that don't have anything to do with credit and it's just going to cost more to you know who...Grrrr.
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