I have no great passion to see this country (the U.S.) become socialist and certainly no desire to see it explore communism or any other -ism. I’ve always been fond of the notion of capitalism for its emphasis on hard work yielding rewards.
But I confess to ballooning frustrations as I try—with millions of my US colleagues—to pay a huge mortgage on a house that is no longer appraised for its mortgage amount and $1,000+ monthly chunks. My cheery mortgage holder informed me the other day of a refi option for 5.75%. Alas, not to be. The current appraisal value is gospel and anyway “you’ve got a Fanny/Freddy mortgage so we can do nothing to help.”
Once again, the fates, a touch of poverty, and the compulsion, I suppose, to make $$ for stockholders leaves the little, unimportant, unrich, unnetworked Cretin in the ditch.
The Feds prop up Wall Street, will prolly prob up Detroit—a hugely better move than Wall St. since real people will fall if the auto industry goes. In the meanwhile, Detroit CEO’s cry foul if they do not get their golden parachutes, and so on and so forth.
3 responses so far ↓
1 Mike K // Jan 7, 2009 at 8:48 pm
I am paying for ahome worth over $100,000 less than my mortage note, my savings went south too, The companies responsible received a bailout which only helps that company and none of its customers (taxpayers). Rather than a bailout I see opportunity with creating new companies to overtake the failed ones. I dont see how this government bailout on the financial sector will help me any.
2 admin // Jan 8, 2009 at 6:53 pm
Interesting option, Michael. I had not thought of it. Among other wishes I have, I hope the gov. returns to some oversight of relevant institutions–banks, mortgage lenders, etc.
3 Mike K // Jan 9, 2009 at 3:12 am
McDonalds is an institution! Banks can come and go, as they did in the great depression.
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