I know, I know.... I haven't blogged in a long time! What is my excuse you ask? Well, to be honest, I have been so frustrated by what I see in the news and by what our government is doing that I just haven't really wanted to blog. Do you know the feeling of knowing that you are right about something and just don't understand how anyone could believe something different than you? That is how I have been feeling for the last couple of months.
These are just a few questions I am trying to find answers to:
1. How can so many people blindly follow the leaders of our government?
2. How can so many people truly think that more spending is going to fix our problems?
3. How can so many people think that bigger government is the answer?
4. Why is everyone blaming the likes of AIG and so many other companies for the crisis we are in when this recession is hurting the global economy?
5. Why isn't anyone blaming credit card companies for charging compounding interest rates and on top of that have the capability to increase those rates at anytime? Talk about "predatory" lending by mortgage companies, where are the claims of predatory lending by credit card companies?
As you can tell I have a lot on my mind! Can anyone help me out with these questions? I am open to suggestions and answers! As most of you probably know, I work in the lending industry, so I follow all of the events about my industry very closely. I have constantly been hearing about how banks are not lending or that they have just started lending a little bit more. It is Obama's plan to buy "toxic" mortgage assets from banks to "allow banks to lend more!" Please hear it from me... banks are truly lending!! You just have to be current on your current mortgage, have low debt, have provable income, and have decent credit! Banks are swamped with doing loans for people that meet this criteria. So, when I hear that banks aren't lending or that Obama and the Treasury Department want to have banks lend a lot more, I can only come to one conclusion, that they want banks to once again do loans for people who are "risky" customers. So... the cycle begins again!! Once banks start taking risks again, and the customers stop paying their mortgage, no one is going to remember that the government encouraged banks to lend more, they are just going to remember that the banks did these "risky" loans in the first place! Make any sense to you? It is the exact same thing that happened that got us into this mess in the first place!
New Birth Because of Jesus Christ
11 months ago
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Amen, Justin! I am with you. There is plenty of financing out there for the people that have a good track record. And once the sub-prime borrower cleans up their credit, well then they can have some of the action too! Obama keeps saying that we need to get credit flowing again. No we don't! We need to get CASH flowing.... big difference. If they would seek the advice of financial advisors or anyone with half a brain, they would know that financing the American Dream is not always the answer! People need to learn to save up and pay for things. I know that us working in the lending industry prevents us from encouraging everyone to save for big purchases, but at least for the smaller ones.... like flooring, home improvements, furniture, clothing, general day-to-day items, etc. The spending has gotten out of control.
I have to agree with you. My problem is that everyone is upset at AIG’s corporate bonuses, and their reasoning is backwards. We shouldn’t be upset that AIG took tax-payer’s money and dared to pay bloated bonuses to people who led the company into ruin, we should be furious that tax-payer money went to these companies in the first place. The whole idea of the bailout seems now like a cheap way to circumvent capitalism for a power grab. Not that it was cheap to those of us that pay our taxes, of course. Now we’re asked to go along with the biggest budget deficit in history, while the White House wants to regulate what private companies pay their executives. If these companies had been allowed to fail, then new, more efficient and\or innovative companies would have risen in their place, and the economy would be stronger for it. That is how capitalism has kept us strong economically for decades. Now it just seems we are diving headlong into socialism, with government controlled corporations and payrolls sending the true innovators elsewhere, to find a paycheck that fits their talents.
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