The economy is bad. From my point of view it's been bad. If people have been relying on "easy credit" to cover the essentials (a place to live, transportation, and basic needs), you can't get any worse.
Bush mentioned excesses. Around this house an excess purchase would be purchasing new brakes for the truck, which was a parts only purchase. Labor came from the sweat of our own brow.
We're not buying new Wii consoles, TVs, or even music CDs. We haven't rented a movie or ordered a pizza since I can't even remember when. In this house there is no excess.
Even so, our household economy is in state of instability. Everything is going up while our income stagnates.
About the construction boom...It's all over here. There are new developments tearing up the hillsides. Then the houses sit vacant for months, years in some cases. There's one house we drive by that's been sitting empty for 3 years (at least) since construction was completed. Sad.
I feel for all those who purchased homes with ARMs. I can kind of see why they went for it at the onset. But in the long run, you are going to pay. Always go fixed rate, always.
Is this our fault? If you ask me, it's the fault of the mortgage companies: faulty screening, faulty disclosure/education to the purchaser, and just plain bad business practices. So now they need to be bailed out...Is it just me or have they never heard of the big picture.
I know Bush went on about securities, blah. Those investors should have looked at the numbers themselves. Someone, somewhere, dropped the ball looking at the numbers. It's called the snowball effect and every thing got sucked in during the roll downhill.
It seems to me home/land ownership has been promoted since the beginning of time--"40 acres and a mule," even earlier. I think when Columbus docked the boat there was a mention of the land and owning it.
In all seriousness, taxes have to choke up the dough. Again. Then there's the promise the money "much, if not all" will be returned. Paid back. Okay. When taxes go up it's been the very rare occasion they ever go down again. Even if they do go down, it's marginal.
I guess we're just to trust the government has it all under control.
Sorry, but I have to move to something else. The Presidential debate was scheduled for Friday. McCain wants to suspend it, and the campaign, to take care of these financial issues pending at the House. Good show!
I agree McCain and Obama should be a party to these discussions. Perhaps Obama is not seeing the big picture here.
There was an issue with McCain canceling his Letterman appearance. Well, what is more important, TV air time or our Nation's financial status? I did not see the Letterman show--it comes on too late for me. However, I read some of the stories about it. In my opinion the media really needs to get a life.
Yesterday evening Katie Couric did an interview with Palin...Why, oh why, could Palin not come up with one example of McCain's Maverick-ness. I'll tell you why. Those off the cuff shooting matches of questions and answers are tough. We cannot expect Palin to know every single incident of example.
I'm giving Palin credit here, sometimes I can't remember what happened yesterday. I honestly think Palin is thinking about the here and now rather than regurgitating the past.
All in all, we really need take our blinders off. For the campaign, it's really no secret who's favored by whom. One can really be swayed unless they look beyond what sits before them.