Friday, September 26, 2008

It's not play money

play money from taiwan

I am not scared witless about the economy. Not really. I'm kind of just holding my breath and thinking maybe it would be wise to spend a little money on some of the things we might not be able to get later. ... you know ... when we'll need a wheelbarrow full of money to buy bread and cheese.

I figure, whatever happens most of us will be in the same boat. A dingy.

But I'll tell you what ... I'm not a huge fan of the "bailout." I would feel better if Bush wasn't trying to send $700 billion down the toilet without even watching it circle around.

More specifically, I'm not a fan of bailing out the securities industry. I'd rather Silas' grandchildren's tax dollars buy something more solid. Like the mortgages these greedy bastards f*ed up in the first place. Let the firms fail, I say. The money won't disappear. It will just be reapportioned.

I say let the ship sink. Let's save as many of the souls in the lifeboats as we can.


apathy lounge said...

How will the wealthy ever learn if they don't have to live and worry like the rest of us? You're absolutely right.

Jenn said...

Perfect post!

I feel the same way--I just asked HRH the other day, "I wonder how many mortgages could be saved with one of the CEO payouts?"

Carl said...

It does irk the hell out of me that the people who bought mansions while making less money than I do may end up winning the gamble while I stayed sensible with a home I could afford. If their mortgages are "saved," they'll have done better than they could have in Vegas, and I'll have helped pay for it.

toyfoto said...

I think that's an excellent point; and something I wasn't really thinking about, Carl.
I suppose the adage of ass-u-me fits here to a degree: I was assuming that most of the homes were overvalued in the first place (We bought our house before the prices soared) and felt there was no way could we could have even bought a "starter home" in the housing market of the last seven years. I was also referring to the people who mortgaged houses they owned outright by predatory tactics.

I think we need to figure out exactly who did what, and cherry pick what mortgages should be saved and which should be jettisoned so that the problem is fixed.

I really don't know enough about economics to make a good decision. I also think the people who represent us don't know enough either. I don't trust them to make wise decisions, especially ones made at knee-jerk speed.