First off, I apologize for my lack of blogs of late. I've made a new schedule: Mondays, Wednesdays, and Fridays I'll blog. I'll also blog when big stuff goes down. And now for the super-angry-rant-filled blog you've all been waiting for.
I am certainly not a fan of bailouts. America was founded on the basis of the consumer rule and capitalism. People should buy what they want and that should dictate prices and goods available. If people want to make dumb decisions, they should take the fall and blame no one but themselves. The people who are hurt by this got interest-only loans and adjustable rate mortgages. If you get these, you're going down. Interest-only loans cannot be paid off if you're only paying interest: You'll pay till you die. Adjustable rate morgages change the amount you have to pay at a time based on the market. If the market goes down, you pay more. Turns out the rampant use of these two strategies led to the current downfall we now face.
As I already said, bailouts are a no-no. But it would appear that things are far worse then they should have ever gotten. By Saturday, no one will be able to get loans for just about anything. The bailout plan that failed today was supposed to make it all go away. Good Job! (sarcasm) But I'm not certain which path would be the best. Should we let these people off the hook and hope they learned their lessons? Or should we stick to our guns and potentially watch the world burn? I honestly don't know this time. Although, we can have hope: "The Lord Will Provide"
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