(Almost) Ten Percent Down, No (re)Payments... Ever!
Part of me is glad that the bailout bill didn’t pass the House today. I think it’s ridiculous that the government (the taxpayers: me) should have to pay for the corrupt and poorly-managed financial fiascoes of large corporations. I don’t live in the Conglomerated States of America or USA, Inc. At least not yet. People need to be held accountable for their actions. That goes for companies, too.
I don’t claim to have a good understanding of the whole situation. I’m sure it’s complicated. But could it possibly stem from the irresponsible financial behavior of the American consumer? We don’t pay our mortgages, we have thousands of dollars in debt, and when we don’t repay our debts, the banks have a hard time. Not that they aren’t in the business of making money anyway. The executives make disproportionate amounts of money regardless of the performance of their institutions. The rich get richer at the expense of the poor getting poorer. All the while the companies try to sell them on more things they don’t need.
But so much for my IRA, huh? I can’t bring myself to look at my portfolio lately.