“Help Me”, “No, Help Me”

The financial bailout is just one more sign people don’t take responsibility for their own problems. Stock owners only care about their nest-eggs. Home owners only care about keeping their house or getting a free ride on a smaller mortgage. Politicians only care about getting elected and won’t fix a problem. I want to know what’s in it for the majority of people who didn’t speculate on their house or stocks. What’s in it for people are not running for political office? Nothing except more taxes.Is this financial bailout good? Is it the right thing to do? Who knows? I think we have to do something to get back on track, but the consequences are huge. We will be strapped with either higher debt or higher taxes to pay off that debt. All with no guarantees.

I read that financial institutions must be protected. The stock market will have a melt down if the bail out fails. The stock market is tanking. If you know anything about stocks and trend analysis, the present stock situation is not totally tied to the current crisis. The market has been going down expecting the problem. That’s the way it works.

I read today that home owners must be protected. If you bought your house with little to nothing down in anticipation of a continuous rising market, I’m sorry. But, if you can’t afford something, you shouldn’t buy it. The complaint that the banks were giving out bad loans to people that could afford them doesn’t cut it. Buyer beware.

Homes and stocks go up and down in free markets. Down is bad for most, but don’t go crying to the government for help. Read a history book. There are plenty of examples to learn from. Do tulips come to mind.

My biggest gripe in all of this is that I’ll get nothing out of it except a higher tax bill down the road. I’ve diligently paid down my mortgage over the years in anticipation of a housing slump. I always figured if I could get half the house paid for, I could withstand a pretty big market drop. I have a conventional loan. I didn’t borrow against my house to buy a new car. So,, I’ll get punished for being fiscally conservative. Nice lesson there.