Wednesday, November 28, 2007

Brother Can you spare me $500 billion dollars?

Brother Can you spare me $500 billion dollars? Give or take a few billion.
You see my family and I lived within our means. We did not buy a house we could not afford with no money down, with a no interest mortgage for five years, with no income verification, and with a high real estate commission. No, we are still in the same house trying to make ends meet.
We try not to overspend since we know we must pay our bills on time, and must save for the future. We know energy costs especially for heating oil have gone up 50% since last season thus we must budget for that also. We know what a budget is and that we must have enough income to offset our expenses each month. We do not live in a fantasy world that has been created in our economy by greedy mortgage/banking lenders, greedy real estate salespeople and uneducated and or greedy home buyers. The financial markets tried refining financial garbage and make a profit on it.
No we as a family live within our means.
I also resent the State of Connecticut spending $50 million of our tax money to bail many of these people out. Let the market correct itself and possibly let government regulators who are supposed to examine these mortgages do their job correctly.
The sub prime mess will cost our economy in my economic opinion $500 billion dollars or more. Taxpayers will be forced in some way (as seen in the Connecticut example) to subsidize this greed. I resent that. Greed over a poor investment decision will cost us all and many banks will walk away from this untouched. This debacle was not necessary.
Therefore, Brother Can you spare me $500 billion dollars? I really want my family's share. Now.