Wednesday, February 4, 2009
The Buck Stops Not Here
To all of the people who say that President Bush is responsible for the current economic quagmire, spot on. To all of those who say that the Republicans in Congress are responsible, spot on. To all of those who say that the Democrats in Congress are responsible, spot on. To all of those who say that Christopher Cox (former SEC chair) is responsible, spot on. To all of those who say that former Fed chair, Alan Greenspan, is responsible, spot on. To all of those who say that the greedy Wall Street executives are responsible, spot on. Etc., etc., etc.. Yes, yes, yes. You're all frigging right, for Christ!.......................................................But, please, folks. Aren't we forgetting that there's at least one additional culprit here? Yeah, that's right, friends. I'm talking about us. I mean, seriously, weren't there a lot of US who acted like total idiots, too - taking out loans that even a three year old would have been able to see as excessive? It's like, how 'bout some personal responsibility here? What? What's that? Oh, yeah, I forgot, it doesn't exist anymore. Hey, where's my bailout, by the way?
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2 comments:
My Trophy Hubby and I had a chance to buy a condo. When the loan company presented the monthly payments to us, I just looked at him and said, "We can't afford this."
Getting a loan you can't afford for a house or condo you can't keep up is fiscally irresponsible. Unfortunately, not many people are aware of how real estate financing works.
I absolutely agree that some people were simply not educated enough about the market to protect themselves. That still means personal responsibility, because they should have done their research.
I really think we need to start teaching personal finance to kids in high-school. So many people just don't have a clue these days. Many can't even balance a check-book. It's sad/pathetic.
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