Wondering Just What The Hell Is Going On
Is anyone a fan of Patton Oswalt? I am. I think the guy's brilliant. He does this bit about how the world is so surreal it is now Earth, where Bush won and 9/11 happened and we're at war and Paris Hilton is famous. There must be an alternate Earth, where Gore won, and the towers are still standing and Paris Hilton was eaten by wolves.
I can't get that out of my head when I think about what's going down on Wall St.
My real problem is that the punishment just doesn't fit the crime. These Wall St. folks took horrible risks, failed miserably and their punishment is to retire with their millions while the government (read: you and me) are left to clean up the mess? That's it? Why should I have to foot the bill? I pay my taxes year after year. I make sound investments. I monitor my credit card bills to make sure I'm not taking on too much debt.
The president told people they needed to own property. That it was their civic responsibility to go out an buy a home. So they did. They went and took out mortgages that they couldn't afford under the assumption that their house would rise in value into the indefinite future. That the housing bubble would never burst. I'm going to go out on a limb and say that ain't working out too well for too many people.
Where has Bush's "ownership society" left us?
I've resisted buying an apartment or a house because I wanted to be sure that I could afford it. I've rented a place for 10 years. I was responsible with how I went about my life and my finances. And my tax dollars are bailing out the gluttonous thieves that are walking away scott free, while people lose their homes and the entire economy teeters on the brink.
Is it right that the government has to take over Fannie and Freddie? Of course not, but what were the options? By the time it got to them (thanks to Mr. McCain and his deregulation efforts), they didn't have any choice. Not only that, will probably assume like every mortgage in the country. My friend Doug is calling it "The People's Republic of the United States of America" and the worst part is: he's not that far off. The government will literally own your house. Not the bank. The government.
What's the solution? Find the CEO of Lehman, of Bear Stearns, of Merrill Lynch and all of the investment banks and make them pay. Make them pay for their risky, irresponsible behavior. Take their bonuses and their golden parachutes and use that money to start getting there. It won't make a dent in the $700 billion bill that we're staring down the barrel of, but it's a start.
And it'll make me feel a hell of a lot better.
I can't get that out of my head when I think about what's going down on Wall St.
My real problem is that the punishment just doesn't fit the crime. These Wall St. folks took horrible risks, failed miserably and their punishment is to retire with their millions while the government (read: you and me) are left to clean up the mess? That's it? Why should I have to foot the bill? I pay my taxes year after year. I make sound investments. I monitor my credit card bills to make sure I'm not taking on too much debt.
The president told people they needed to own property. That it was their civic responsibility to go out an buy a home. So they did. They went and took out mortgages that they couldn't afford under the assumption that their house would rise in value into the indefinite future. That the housing bubble would never burst. I'm going to go out on a limb and say that ain't working out too well for too many people.
Where has Bush's "ownership society" left us?
I've resisted buying an apartment or a house because I wanted to be sure that I could afford it. I've rented a place for 10 years. I was responsible with how I went about my life and my finances. And my tax dollars are bailing out the gluttonous thieves that are walking away scott free, while people lose their homes and the entire economy teeters on the brink.
Is it right that the government has to take over Fannie and Freddie? Of course not, but what were the options? By the time it got to them (thanks to Mr. McCain and his deregulation efforts), they didn't have any choice. Not only that, will probably assume like every mortgage in the country. My friend Doug is calling it "The People's Republic of the United States of America" and the worst part is: he's not that far off. The government will literally own your house. Not the bank. The government.
What's the solution? Find the CEO of Lehman, of Bear Stearns, of Merrill Lynch and all of the investment banks and make them pay. Make them pay for their risky, irresponsible behavior. Take their bonuses and their golden parachutes and use that money to start getting there. It won't make a dent in the $700 billion bill that we're staring down the barrel of, but it's a start.
And it'll make me feel a hell of a lot better.
Labels: finance, John McCain, my high horse
posted by G.Wo @ 5:13 PM
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