Watched the President's news conference this morning

Normally, I never watch our President's news conferences but this morning I did while making biscuits. Maybe I just need to blow off some steam (sorry if I offend or step on toes) but I don't feel that my husband's hard earned income should be used to help bail out people who are on the forclousour lists. I understand that most have children and could be homeless. But all those people and the banks knew what their income levels were and are. And don't think my family, who lives frugally and with in our means should foot the bill for those who couldn't live with in their means.  Maybe all those people could take a budget class with the help they will be recieving from the government. Or here is a thought, maybe those of us that have lived with in our means should get the money and put it in the bank. Just don't keep more than $100,000 in one bank account at a time!!

Rachelle

Amen to that

I totally agree with you. I think alot of folks are upset about this.

In the forst place I don't think many people even HAVE $100,000.00 to keep in a bank. Also, I have never heard of the government to take someone's savings out of a bank to use for bail`outs.

They will either raise taxes or borrow more money from China and other countries IF the other countries are even willing to loan us more. We are so deep in debt now that we will never get out and this country is owned by China and others lock, stock and barrel. If they woulkd call in the debt for us to pay tomorrow this country would be in chaos and everybody would be so poor you'd be eating potato peelings instead of potatoes.

Hang on to your britches, we are well on the way to collapse of the system and our way of life.

I too am uncomfortable with the unfairness of this buyout.  I paid my bills, I lived within my means and now my money will be used to bail out the people who lived beyond their means.  I was very uncomfortable when I heard people getting nothing down mortgages.  We put 30% down when we bought our first house.

Yes, it is going to get much worse.  This is just the beginning.  I don't think people realize the sacrifices we are going to be making in the near future.

Janet

 

I agree.   My husband and I have rented for the past 9 years to save enough money to buy a house we can afford.  Poeple who have small incomes should not be buying houses they cannot afford and then expecting others to bail them out.  Those of us that don't own our own homes aren't getting any help..  And shame on these lending companies for giving these people the money for homes that are way out of thier means.  I think this situation is so sad and the way this country is going I don't think anyone but the richest 10 percent are going to be able to afford it.

I'm pretty in the dark about the whole thing, but some of my amazement is at the NAME's of these companies - Fannie Mae and Freddie Mac.  Sounds like some kind of cartoon figures to me, why not just go with a company named Peter Pan or Tinkerbell?   But I agree that they should not have have loaned out beyond their means, and it's sad that things have gotten this far.  I still feel bad for all the people that it's effecting, probably most of them don't know/weren't tought a thing about thinking smart, so this is a huge, severe jolt to them.  Did anyone watch the Oprah show last week about the family that was several 100 thousand $$ is debt?  That was crazy, and what a reminder that I need to make sure my family is being good stewards of what the Lord has provided.

When we went to the mortgage company to get our mortgage for our second house - we were putting most of what we got for selling our first house.  The woman who took our application sat down and told us that we qualified for $130,000. in mortgage money.  My husband was shocked and told her in no uncertain terms that we could not afford a $130,000 mortgage and that she should be ashamed of herself. She was shocked that he responded that way, but he was right.  We could not afford that large of a mortgage - the mortgage we ended up taking was for $15,000 and we paid it off in five years.

Janet

 

Yes!  I completely agree mayhersh.  After all what good is a $200,000 home when you can't take it with you when you die...especially when you can't afford it!

I didn't see the news conference. I do agree we are in for some rough times. I have said for over a year now that we are headed for another Depression not a Recession. I think our govenment must have their heads in the sand.

I heard on the news this morning that since the President signed a bill to do more oil drilling the oil dropped $10.00 a barrel. I also know that it was $25.00 a barrel when he started in office. Strange isn't it.

I better get off this band wagon.

I'm embarrassed to admit this, but I sat here watching the President's news conference and cursed out loud at the TV!

Why do anything about offshore drilling NOW? In my opinion he is doing anything and everything he can to slam the democrats right now since the election is coming up.

 Sorry, that press conference irritated me obviously!

The fact that people are able to accumulate such huge amounts of debt with no thought of how they will repay is something that has always amazed me. This lifestyle is encouraged by credit card companies and lending institutuions who when the going gets tough can be bailed out by the federal government it seems. Same thing happens when people get themselves into trouble with high credit card debt. They just stop paying, default on the cards and declare bankruptcy and after a period of time from what I have observed they start all over again. Consumers who are responsible with their money end up paying for it all in the end thru increased prices and taxes.

I don't think that most people set out with the intention of getting into debt. Unfortunately people are not taught at an early age how to be responsible for money. I know when I was in high school, although it's been several years, there were no classes on basic skills such as balancing a checkbook. This is stuff that kids should learn in high school. They put so much emphasis on Algebra classes but you don't NEED Algebra in the real world, you need to understand how interest accrues and how long that stereo you had to have will take to pay off if you only make the minimum payments. Those are the things they should be learning, not about logarithms or quadratic equations.

 People had the mentality (up till the last few years anyway) that job security existed & was alive & well. Unfortunately that's not the case. I have lost jobs twice in 3 years, once cause my job was outsourced to India & once because the business closed. I was lucky enough to have the skills needed to find a new job literally within days of losing one. My husband & I are working diligently to pay off any debt we incurred - a house payment & a truck payment & should be debt free within 3 years. Even if one of us was to lose our jobs we have arranged our life so these payments can still be made & we won't be bankrupt.

 It's really hard right now for everyone. We are looking for medical insurance right now because my husband & I are struggling to pay premiums through work for coverage that really isn't worth it, but is better than nothing. Luckily my daughter is school age & qualifies for a low cost summer program & will be returning to school in the fall - so there are no day care expenses.

Just

Daycare by any means is expensive. Here in Rock Springs, Wy, it costs $800 a month for 1 child. Our tax dollars will be going to pay for this bail out of the American home buyers. The rich have gotten richer and the poor have gotten poorer. I believe we all deserve the same kind of health care insurance as our Congress women and men have. And it be free. As for being in debt, my husband and I have been there. I had $10,000 worth of credit card debt and we paid it all off in 2 years. We had the opportunity to buy a house but knew we wouldn't be able to afford a $2,000 payment. I just believe whole heartly that those who have gotten into debt need to bail themselves out. The Oprah show was a good one. We used that advice to help us save and pay off debt. The government didn't help me so I believe they shouldn't help the others. Most of the people that I have seen on the t.v. or read about that have the foreclosures have just over spent themselves. I call this the keeping up with the Jones. Gotta have what so and so has.
New big cars. new big house, new big everything.

Rachelle

I do not think we should have to bail them out either. (I hope my previous post didn't sound like that!) They should definitely be responsible for paying it off & they should have to attend mandatory money management classes. I don't know how anyone could make that happen, but it would be nice. I also had some credit debt, luckily it wasn't so much that it couldn't be paid off. But it was definitely enough to teach me a lesson!!