Can I get paid in salt?

I was never able to get in on a mortgage or a 401k. Because I put all my money in cash and comics I still fell pretty good about my chances of making it through this recession. Despite the fact that every news service I read or listen too is full of fear of looming crisis’.

And since I’m completely uninvolved with fiance I am free to lay blame all over the place:

  • The Reagan Administration – What really trickled down was the idea that creating massive amounts of debt that can’t ever be paid off is acceptable. The local governments and private citizens took it up. America doesn’t make products anymore, we make debt.
  • The Clinton Administration – For forcing banks to get people into houses who really had no business holding mortgages. The Good Intentions Lending Company.
  • Predatory Lenders – Who resold bad mortgages as soon as they made them, free from consequence.
  • New Homeowners – Who should have done the numbers to see if they really could afford those payments.
  • An unregulated CDS Market that turned insurance into another system to game and exploit.
  • But most of all The Bush Administration – Not just because I like blaming Bush for everything that ever went wrong, ever, but they’ve done a piss-poor job of enforcing the law. Of prosecuting the white collar criminals who make up the Republican base. And really, what else did we expect? When you put a couple of ex-CEOs in charge they’re going to plunder the system for short term gain and run it into the ground.

Never having had much money myself I don’t know how I feel about other people’s money disappear. But as housing prices and stock prices drop I gotta believe that the main reason these values are falling is because they’re just not worth that much.

Filed under: LiveJournal Days,Uncategorized
Comments: (2)

2 Comments »

  1. When Amanda and I bought a townhome a few years ago, we qualified for a much larger loan then we could realistically make payments on, and said, “No thanks, we’ll take the smaller house.” As I got laid off right after we closed on the house, that was a good decision.

    Comment by mpschuster — October 12, 2008 @ 12:03 pm

  2. Regan’s voodoo economics:
    The beginning of the trickle down theory. Give tax breaks to the rich and the money will trickle down to the rest of us…..
    Uh….no. What will happen is the rich will take the money, keep it to themselves, and then move the work overseas.

    Clinton administration:
    They had a noble idea, get affordable housing to the lower middle class. The packaging of Fannie and Freddie was actually good at doing what it was supposed to do. Get people into houses. Where did it fall apart? No oversight. No regulation. No enforcement of those regulations. Sure the Dems pushed through the housing engine, but the Reps made sure that all the controlling regs were stripped or were never monitored, knowing that their rich friends could take advantage of it.

    Predatory Lenders-Yes, definitely. But once again, regulation, oversight, and enforcement could have slapped these fuckers down from the start.

    New Homeowners-Also culpable. If you can’t afford it, don’t buy it.

    The Bush administrations-basically they didn’t do shit. They didn’t know shit. And when it came to create a rescue package, what did Bush do? Took the same speech he used to pull us into Iraq and substituted nouns like a fucking mad libs page and used it to convince everyone that the the economy would implode unless we bailled out rich people on wallstreet. Way to totally market it completely wrong! Thus causing constituents to call into their Reps in the House causing the faillure of the first attempted passage of the bill.

    So what needs to be done?

    Does the government need to intervene? Yes.

    BUT…with strict controls.

    Buy equity in the banks that need aid, like the way the Brits and French do.

    Have the rescue package re-marketed to the people so that people will not keep their reps in the house from crapping up the bill because they’re afraid of their next re-election.

    Have the rescue package release the funds in chunks instead of one whole wad. Have strict regulation and transparency of the release of the chunks, as well as making sure that they have met certain milestone, which will then trigger the next release of another chunk.

    Start assessing the ‘bad paper’ that everyone has so that lenders can establish concrete credit ratings. Thus allowing the credit market to breathe.

    Out of all the crap that’s happened so far, at least the AIG buy out was done right. We are pretty much guranteed to make money on that deal. ‘Sides an underwriter that large has to be backed.

    Gotta have two things or nothing works, credit and insurance.

    So…..just vote Obama, okay?

    Comment by e_c_d_u_b — October 14, 2008 @ 11:55 am

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