So whats your suggestion for the fix? I hear alot of conservatives complain about it, but none of them have offered any definitive measures that will help the economy in its current state. Do we just leave it alone and let it fix itself as conservatives say? And let more and more financial institutions go down the drain, until we have a real bank run. Id like to hear some alternative solutions.
I was only responding to a question about why the bill went down to defeat. Frankly I think Gingrich is going overboard on this. He's apparently got a serious hard on for Paulsen.
I agree with you, I heard him on NPR 3 days straight talking about Paulson like he had a tail. I said this guy really doesnt like Paulson for some reason. I do believe he played an active role in getting no votes. I also believe Pelosis' speech was highly unecessary as well.
I've already made my position clear. Let it run it's course. It can, and will, fix itself. We will suffer. Many, many people will be out of a job. Financing options will cease to exist for a while...I am fine with all of that. We, as a country deserve the hardships we will face and hopefully we will learn a hard lesson because of them. I'm willing to lose my job, take a cut in pay, and go do something else for a while. It will probably mean my wife doesn't get a new car any time soon. My family will have to put off our next Disney trip. I will have to wear the clothes I now currently own for longer than I normally would. We will cook more at home and stop eating out as much. We'll rent movies and watch them at home instead of going to the theater....you get my point. The important thing is that my family will be just fine. We have made good decision's over the years and we're prepared to weather this storm. I am willing to make sacrifices to insure our country does the right thing. Doing what Bush (and you know I really like the guy), and the rest of the politicians are wanting to do is not what is best for our country.
Thats fine and well. I understand your position completely, but here is the scary part, no one knows how deep this mess is. How long will it run, what the mortgage securities are really worth. Its not like we can measure the negative financial impact this will have on the country at a time like this. This has surely weaken our position globally and I honestly believe that.
I worry about it, too. I bought a smallish house I could afford and paid it off. I can retire without debt, when I want to. Joe Schmo down the hall, who makes less money than me by far, bought a big house with a pool that he couldn't really afford but he got a miracle mortgage on it despite his zero assets. His lifestyle is ruined now by a $2500/month house note that keeps going up and is breaking him. He faces bankruptcy perhaps because he made all the wrong decisions. If he gets bailed out on his mortgage and gets to keep his mansion with the cement pond while the responsible people who bought wisely and paid for it get to keep their cabins . . . I will be displeased.
But imagine how happy Joe Schmo will be. I put a lot of money into home renovations and improvements and still owe about $95K. I'm on track to pay that off in 5 years. I don't have any other debt. No credit cards, furniture loans, car loans, etc. I understand what you mean about Joe Schmo. My wife and I drive around and see these magnificent homes these young people are living in an wonder "where did we go wrong?" As it turns out, we didn't. I'm very happy with my little piece of the world.
