Oh boy, I feel better now. Ok, not really.
Just what I needed before I go to bed. The notion that the clowns er, wonderful people we the citizens of the United States voted into office to look out for our best interests are at it again. As always, when we pit Wall St. against Main St., the big guys win and WE LOSE!
Let’s see… what does the little guy get? Oh, the FDIC will temporarily insure deposits to $250,000 which is up from $100,000. Most people with $100,000 sitting around in a deposit institution like a bank know they need to protect those assets in case of a failure and place their money in either several banks or use other means to protect it in the same institution. Not helpful to the middle class……
Oh, but they added in $100 Billion in tax breaks for the middle class and business. A nice show, ‘cept we’re gonna pay for it. How about we just even it out and we not send our next $100 billion to some small overseas country where the corrupt officials take the money and kill the citizens. I’d say that’s a pretty sound savings plan.
Ok, how about the $8 billion in tax relief for the midwest and other areas hit by natural disasters. That sounds good. Maybe some reduced interest rate loans to help people rebuild their homes??? Maybe. How about bringing in the National Guard and, at gunpoint just so they get the picture bright and clear, tell the insurance companies to ditch the cheap sport coats and pick up hammers. You insured it, now get your ass to work rebuilding it NOW. Not months from now and without the stupid excuses. Most of these people pay their insurance premiums every month to be protected, now it’s time to pay. It’s a simple roll of the dice and you lost this time. Now get your hammer!
And, last but certainly not least, the total cost is now $850 BILLION. Hey, what’s an extra $150 billion among friends? Told ya we would pay for it.
I’m all for stabilizing the economy and helping people keep their homes. I hate to see jobs lost and people struggle. Trust me, as a mortgage planner, business is slow and I’m about ready to embrace any idea to help out Main Street. Well… almost any idea. I do not like the looks of this one. Especially when the talking heads stand up and say without us going (now) $850,000,000,000.00 MORE in debt, the end is near. I don’t see how taking (approx) $4,000 from every adult in the US is going to help.
I say find Chicken Little who is running around saying the sky is falling and cook him. It’s never as bad as we think it is until our government gets involved. Punish the people responsible and hold them accountable. Grab the CEO who got paid $19 million to drive his company into the ground and put a stop on that check!
How about Fannie and Freddie in the early 90′s ( I believe). Hook up with the government and make a deal. If they lose money, the government bails them out. If they show a profit, they get to keep it. Can I get that deal when I go to Vegas?
Ending with a quote from an email I received today from Diane Kennedy, a CPA. For all those in the mortgage, real estate, financial, etc. industries, she says…
There is one more upside to these downtimes. It’s one of the rare times that you get to see the true character of people. We’re all being tested and like my husband says (who started off his career as a ceramist) – “Through fire to perfection.” The chaff and garbage burns off in the flame. It’s like business. Competition will go away. The field is opening up for businesses owners with ethical practices who are responsive and responsible to their clients.
More than anything else: Never quit! Do whatever it takes (ethically and legally) to hang on. It’s going to get better.
Yes, it is going to get better. Hopefully sooner rather than later.
Here is one thing the government has gotten right…. USDA Rural Development Loans in Indiana
Scott
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