12-05-2008, 09:48 PM
Quote:while Joe Worker man does his best to provide for his family.
Not really. Many Joe Workers have been buying homes they can’t afford, after signing mortgage contracts they didn’t read, all the while sipping $5 latte’s from Starbuck, while in their high-priced cars wearing high-priced clothes all bought on credit.
There’s a lot of blame to go around; including Joe ‘immediate gratification of material wants” Worker.
I am simply amazed that the focus of Mainstream Media has been the greedy CEO, and that most have bought in. It’s become a trendy national pity party to feel sorry for the guy who might have his house foreclosed on. Variable Rate Mortgage contracts start showing on page 2, PAGE 2!, what your rate and new payment was gonna be in 18 months after the teaser expired.
But then again, doing a 30 minute back of the napkin calculation of personal financial planning would have interfered with knowing who’s gonna get bounced off of Dancing With The Stars, now wouldn’t it?
This feel sorry for the poor distressed homeowner crap really chaps my butt. And now, the mentality is starting to bleed over to people with high credit card balances.
Suicide on No 4th? I don’t think an Obama reign is death for this Country, but even if it is, the victim started slitting his wrists back in 2001, when the stock market crashed and Alan Greenspan kept interest rates artificially low and rolled the bubble into real estate.
The strengthened Community Reinvestment Act was dad, Fannie Mae and Freddie Mac was mom, Alan Greenspan was the boyfriend, and guess who now gets to take care of the socialist baby? [mad]
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