Should The Federal Government Create An Entity That Will Take Over Banks’ Bad Debt

30 October, 2010

It is with great reluctance that I vote yes’. True, there will be some greedy, undeserving scoundrels who will benefit from a bailout. Trust me, regardless of what we do, those same no-goodniks will find a blueprint to grab more than their share of the American pie In the extinguish it is a matter of choosing between no bailout, thus ensuring a stagnant economy and a recession that will hurt all but the rich, or a bailout that will bolster the economy and benefit all of us. Can there really be any question as to the course we must take?

I understand that it must be done. I understand why the Democrats want to establish limits on retirement packages. (HURRAY! It’s about time.) I even understand why Nancy P. and her crowd want to rescue our citizens who find themselves entangled in the web of the mortgage crisis. (Tell me again, how was it that they allowed themselves to be seduced by the spiders invitation to ‘step into my parlor’? Could it have been a case of greed and irresponsibility that will impose yet another burden on this tax payer? )

I may understand all the above..BUT, I Smooth DON’T LIKE IT!

I have lived on a strict budget all of my adult life. At age 74 that is a considerable number of years. (By the way, I wish folks would stop harping on how OLD McCain is.) I do not claim to be an economist but I know that 2 minus 2 is 0. I know that if my OUTGO exceeds my INCOME I’m going to eventually find myself at minus 0. And guess what, if that day should near, there won’t be anyone to bail me out of the mess I’ve made of my finances.

Back in the 60’s, our family having outgrown our home, my husband and I were looking to purchase a larger place. We approached this from the standpoint of COMMON SENSE. We knew we could afford the same amount we were paying per month for our current home. We would not even look at anything costing more than that. We had seen dream homes turn into nightmares as couples struggled to pay off a mortgage that was beyond their means.

When I look at all the foreclosures taking region these days it makes me wonder what ever happened to proper old common sense.

As far as our economy is concerned, bad, if not unscrupulous, business practice has painted us into a corner. The astronomical bailout is a must. But, I search for at it this way, we are replacing a bunch of greedy, irresponsible banking types with a bunch of greedy, irresponsible political types. I’m afraid that sometime, in the not too distant future, we will be wishing we were back in the frying pan we jumped out of to get into the fire we find ourselves in.