I have been watching the news for the last two days and the more I watch the angrier I am getting. My husband I have been trying to understand how the US got into this precarious economic position and how it will affect our family.
I have listened to many of the experts and this is my understanding in simplistic terms. President Clinton passed a bill to decrease the requirements that were needed to purchase a home so that more Americans could attain the American dream. This in turn increased the demand for housing and inflated prices. Americans obtained interest only mortgages with zero down on houses that they couldn't afford. When the time came to start paying the principals that Americans could not afford they started foreclosing and housing prices started dropping because the demand started dropping as well. When housing prices were inflated the Fat Cats at the Wall Street firms took the inflated equity and started purchasing more mortgages. When housing prices dropped and people foreclosed these mortgages that they held devalued and they found themselves in the same boat as the American Home buyer owing more than what the property was actually worth.
So here are my concerns as an American Tax payer. In the last year my rent has gone up, my utilities have gone up, my car insurance has gone up, my food bill has gone up, my gas bill has gone up; my tax bill has gone up; starting to get the picture? We do not live on credit; we pay cash for most things. We have a car loan and have two credit cards where the line of credit is something we can afford to pay off. We do not have any savings because we live paycheck to paycheck. As far as the government is concerned we are rich (we look good on paper) as far as I am concerned we are barely making it. My husband and I both have to work full time and work second jobs. This takes away from my children and the quality of our lives. We looked at buying a home a few years back and we just couldn't afford it. All our friends thought we were crazy to continue renting but now my friends are foreclosing or trying to sell their homes. The ironic thing is we are financially in a better position than they are because we live within our means. This is reality.
My father taught me the value of credit. He told me when I was younger that I should imagine a Fat Cat with his feet on his desk smoking a cigar and laughing as he was making money on my hard work while he was sitting back doing nothing. So anytime I spend money on my credit cards I think of that it’s a great incentive to keep my spending in line.
So this is what I picture when my congress discusses this financial bail out.
I am angry because:
My husband and I are responsible and live within our means what about those people who acted irresponsible?
Why did my government not follow up on the Bill that was passed during the Clinton Administration?
Why is Obama so concerned about a debate when he should be our voice in Washington during this crisis? 'You can reach me by phone' Is he kidding me?
Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?
Why are we so concerned with CEO compensation and violating these peoples constitutional rights? Isn't a bail out violating the constitution? Are we one step closer to socialism?
Where is the accountability of these Wall Street firms? Why do I have to help them? Do they write me a check when I am short on my rent or my car breaks down and I can't afford to fix it?
I was undecided on this election until now. McCain has my vote that’s for sure after all this. Bully to him and those young Republicans in Congress. Do not let the Democrats do this to the hard working American people. Come up with a better plan that will reflect the interests of people like myself and my husband and still help the country get out of this mess.
Sincerely,
An Angry American who used to be a Democrat
jtgarsik
Posted:
Member since
Re: Something needs to be done
Posted by Kimbalina
People tend to hear things from the 'news' and not look at the facts. It is true.. a lot of lines are blurred and it is easy to get lost in the BS
Yep!
lizzie217
Posted:
Member since
Re: Something needs to be done
When Clinton was in office their was an economic surplus not a defecit...now with that logic you can borrow more because our economy was flourishing..it is Bush who within the last 8 years should have stepped in and regulated the amounts borrowed and how out of control the situation got....it took these huge companies folding for Bush to step in....not to mention the impact this war has had on our dollar and our economy...
Clinton is to blame? Why ? When he made these decison we were flourshing and it made sense to borrow bc the economy was doing well , when it took a turn (mostly as a result of the dollar lagging bc of poor decisons made by the current adminstration) it would have been the CURRENT adminstration's responsibility to change things based on what was CURRENTLY going on...to say its Clinton's fault bc of something that was enacted when our we had a surplus and were booming is really ridicilous,..Bush has been a sleep at the wheel for 8 yrs and its Clintons fault? LMAOOOOOOOOOOOOOOOOOOOO
jgourdain
Posted:
Member since
Re: Something needs to be done
I agree with the majority of the things you said, but if you think voting for McCain is going to change things think again. We are in this mess because of Bush and his administration not paying attention to what was going on in our economy. With McCain it will be 4 years of the same old policies. McCain does not care about fixing our financial burden he is only using this situation to his advantage and manipulating the American people just like when he pick that woman to, who supposedly represents us women (not me) as VP. He won't even let her speak for herself. At a time like this, a debate is a great idea because I really would like to hear where each of the candidates stand. McCain is not the only politician out there and isn't President yet. Are you kidding me the debate is at 9pm. Multitask. I am a mom, you know how many things I do in one day. If Palin would open her mouth maybe he would learn something about multitasking. He is making excuses because he is scared. The financial crisis won't be fixed in a day. Personally, manipulation doesn't work on me.
MEMEJOR
Posted:
Member since
Re: Something needs to be done
Posted by lizzie217
When Clinton was in office their was an economic surplus not a defecit...now with that logic you can borrow more because our economy was flourishing..it is Bush who within the last 8 years should have stepped in and regulated the amounts borrowed and how out of control the situation got....it took these huge companies folding for Bush to step in....not to mention the impact this war has had on our dollar and our economy...
Clinton is to blame? Why ? When he made these decison we were flourshing and it made sense to borrow bc the economy was doing well , when it took a turn (mostly as a result of the dollar lagging bc of poor decisons made by the current adminstration) it would have been the CURRENT adminstration's responsibility to change things based on what was CURRENTLY going on...to say its Clinton's fault bc of something that was enacted when our we had a surplus and were booming is really ridicilous,..Bush has been a sleep at the wheel for 8 yrs and its Clintons fault? LMAOOOOOOOOOOOOOOOOOOOO
I agree... think both parties are to blame... clinton should have a provision in the bill for the gov to follow up... it was a great idea but Bush admin dropped the ball...so now both parties need to take responiability and fix the problem
ant n tilde
Posted:
Member since
Re: Something needs to be done
Posted by jtgarsik
Posted by Kimbalina
People tend to hear things from the 'news' and not look at the facts. It is true.. a lot of lines are blurred and it is easy to get lost in the BS
Yep!
I think the problem is that people think that the president twists his little mustache and makes all of the choices himself. We have a system of checks and balances and really, when it functions correctly, the president does not have any more power than any other governing body. So, thanks to a Republican President, a Democratic Congress, an amoral financial system AND a population with an overwhelming sense of entitlement - we have a perfect storm that ends in disaster!
I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.
And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.
When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%. With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually. With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year
THANK YOU DENISE!!!!!!!! Usually I dont get involved in these bc I just dont...but CLINTON is the one who screwed this up-NOT BUSH! And that should and be known by all.
Yeah when it comes to THIS issue, everybody was saying how its the republicans fault, although in the OP it clearly stated that clinton passed the bill.
milana
Posted:
Member since
Re: Something needs to be done
Posted by Espo22
Posted by PegaLega
Posted by Espo22
I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.
And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.
When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%. With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually. With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year
THANK YOU DENISE!!!!!!!! Usually I dont get involved in these bc I just dont...but CLINTON is the one who screwed this up-NOT BUSH! And that should and be known by all.
Yeah when it comes to THIS issue, everybody was saying how its the republicans fault, although in the OP it clearly stated that clinton passed the bill.
ITA thanks for pointing this out
FutureMrs.T
Posted:
Member since
Re: Something needs to be done
Posted by Espo22
Posted by PegaLega
Posted by Espo22
I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.
And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.
When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%. With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually. With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year
THANK YOU DENISE!!!!!!!! Usually I dont get involved in these bc I just dont...but CLINTON is the one who screwed this up-NOT BUSH! And that should and be known by all.
Yeah when it comes to THIS issue, everybody was saying how its the republicans fault, although in the OP it clearly stated that clinton passed the bill.
But like the previous poster said, if Bush was paying attention to our economy in the 8 YEARS he has been in office then he would have realized and made provisions to prevent this sooner. Instead, he declares a war based on assumptions and lies that have yet to be proven to be true, wastes BILLIONS in U.S. dollars, kills numerous innocent American soldiers, gas prices rise, the dollar tanks. . . . .and its clintons fault?!?
Espo22
Posted:
Member since
Re: Something needs to be done
Also, I have to say i am not happy with either candidate. I dont know of either them can really step up, we have too many problems to fix. I think one can be better than the other but doesn't mean theres a candidate right now that can clean up the mess. At this time we really needed a star candidate.
ant n tilde
Posted:
Member since
Re: Something needs to be done
Posted by Espo22
Also, I have to say i am not happy with either candidate. I dont know of either them can really step up, we have too many problems to fix. I think one can be better than the other but doesn't mean theres a candidate right now that can clean up the mess. At this time we really needed a star candidate.
ITA!
FutureMrs.T
Posted:
Member since
Re: Something needs to be done
I think we should bring Bill back.....
Espo22
Posted:
Member since
Re: Something needs to be done
Posted by FutureMrs.T
Posted by Espo22
Posted by PegaLega
Posted by Espo22
I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.
And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.
When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%. With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually. With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year
THANK YOU DENISE!!!!!!!! Usually I dont get involved in these bc I just dont...but CLINTON is the one who screwed this up-NOT BUSH! And that should and be known by all.
Yeah when it comes to THIS issue, everybody was saying how its the republicans fault, although in the OP it clearly stated that clinton passed the bill.
But like the previous poster said, if Bush was paying attention to our economy in the 8 YEARS he has been in office then he would have realized and made provisions to prevent this sooner. Instead, he declares a war based on assumptions and lies that have yet to be proven to be true, wastes BILLIONS in U.S. dollars, kills numerous innocent American soldiers, gas prices rise, the dollar tanks. . . . .and its clintons fault?!?
well if you also read my post following the one you quoted, you will see that i said 'although with this past presidency i dont think bush stuck to it and definitely went against less government spending'
jtgarsik
Posted:
Member since
Re: Something needs to be done
i like what matilde said! i also think that no matter what decisions are made, u simply just can't please everyone. A lot of people are upset over the war & rightfully so...but i gaurantee if there was another attack on our country there would be plenty of people sitting back & yelling 'WT H IS BUSH AND WHY AREN'T WE FIGHTING BACK?!'
kwim??
milana
Posted:
Member since
Re: Something needs to be done
Posted by ant n tilde
Posted by Espo22
Also, I have to say i am not happy with either candidate. I dont know of either them can really step up, we have too many problems to fix. I think one can be better than the other but doesn't mean theres a candidate right now that can clean up the mess. At this time we really needed a star candidate.
ITA!
Well said. This is exactly how i feel as well...i dont agree with either ones policies 100%...and i really dont think that either one of them is capable of getting America back on track. We need a miracle now.
jtgarsik
Posted:
Member since
Re: Something needs to be done
Posted by FutureMrs.T
I think we should bring Bill back.....
(sorry for being a perv - couldn't resist )
Espo22
Posted:
Member since
Re: Something needs to be done
Posted by ant n tilde
Posted by Espo22
Also, I have to say i am not happy with either candidate. I dont know of either them can really step up, we have too many problems to fix. I think one can be better than the other but doesn't mean theres a candidate right now that can clean up the mess. At this time we really needed a star candidate.
ITA!
i hope after the debates I'll have a better idea of who might do a better job. I am positive they will each debate about what is the best way to get out of this mess, lets see who has a better plan. Well let me rephrase that and say a better REALISTIC plan and not just tell us what we want to hear.
And off topic, but what happened to the US producing stuff, we at least used to make cars but now what do we have. Everybody prefers to buy foreign cars, we import alot but what do we export. That would help the economy.
What
Posted:
Member since
Re: Something needs to be done
Posted by jtgarsik
i like what matilde said! i also think that no matter what decisions are made, u simply just can't please everyone. A lot of people are upset over the war & rightfully so...but i gaurantee if there was another attack on our country there would be plenty of people sitting back & yelling 'WT H IS BUSH AND WHY AREN'T WE FIGHTING BACK?!'
kwim??
The war is not because of 9/11.
ant n tilde
Posted:
Member since
Re: Something needs to be done
Posted by Espo22
Posted by ant n tilde
Posted by Espo22
Also, I have to say i am not happy with either candidate. I dont know of either them can really step up, we have too many problems to fix. I think one can be better than the other but doesn't mean theres a candidate right now that can clean up the mess. At this time we really needed a star candidate.
ITA!
i hope after the debates I'll have a better idea of who might do a better job. I am positive they will each debate about what is the best way to get out of this mess, lets see who has a better plan. Well let me rephrase that and say a better REALISTIC plan and not just tell us what we want to hear.
And off topic, but what happened to the US producing stuff, we at least used to make cars but now what do we have. Everybody prefers to buy foreign cars, we import alot but what do we export. That would help the economy.
ITA with this too. DH makes fun of me because not only do I refuse to buy a foreign car but I wouldn't allow him to get one either ( and he needed my credit so HA! ) A car will be my biggest purchase ( other than a house ) and I think it is important for me to only buy American. Surprisingly, my parents taught me that and we were not 'allowed' to buy foreign cars while we were living at home. My father always jokes that even if he could afford a Italian car, he would still buy American because why should he support the economy for a country that he doesnt live in.
I will always buy ANY American product over a foreign product IF it is possible, and it would be nice if it were a bit easier!
What
Posted:
Member since
Re: Something needs to be done
Posted by ant n tilde
Posted by Espo22
Posted by ant n tilde
Posted by Espo22
Also, I have to say i am not happy with either candidate. I dont know of either them can really step up, we have too many problems to fix. I think one can be better than the other but doesn't mean theres a candidate right now that can clean up the mess. At this time we really needed a star candidate.
ITA!
i hope after the debates I'll have a better idea of who might do a better job. I am positive they will each debate about what is the best way to get out of this mess, lets see who has a better plan. Well let me rephrase that and say a better REALISTIC plan and not just tell us what we want to hear.
And off topic, but what happened to the US producing stuff, we at least used to make cars but now what do we have. Everybody prefers to buy foreign cars, we import alot but what do we export. That would help the economy.
ITA with this too. DH makes fun of me because not only do I refuse to buy a foreign car but I wouldn't allow him to get one either ( and he needed my credit so HA! ) A car will be my biggest purchase ( other than a house ) and I think it is important for me to only buy American. Surprisingly, my parents taught me that and we were not 'allowed' to buy foreign cars while we were living at home. My father always jokes that even if he could afford a Italian car, he would still buy American because why should he support the economy for a country that he doesnt live in.
I will always buy ANY American product over a foreign product IF it is possible, and it would be nice if it were a bit easier!
