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Replies to '09/15 Money Matters: Surviving the Crisis'
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September 16, 2008, 7:36 am PDT
 Quote From: machka My heart goes out to people who live from week to week and, and are a paycheck away from being on the street - the guests on tonights show were not in that catagory. Both famlies had good incomes but made poor choices when it came to spending money. Everyone needs to learn to live within their means, and save-up a Rainy Day Fund. Every high school in the country should teach a Personal Finance 101 Course. Before buying anything people need to ask themselves the following questions: Is this a nicety or a necessity , and can I pay for it or do I have to charge it? I read a book a number of years ago titled The Millionare Next Door, it is a book worth reading - It helped me understand how to resist the temptation to try to live high in the hog, and beyond my means. I find it difficult to sympathesize with banks that were dumb enough to loan money to people without doing a means check, and have since gone belly-up because of their stupidity. I feel sorry for people that borrowed money to buy homes they could not really afford, and have since lost them. Unfortunately a lot of un-regulated banks and financial institutions became greedy and ignored good lending practices which has resulted in the financal crisis we are witnessing today. It is truly a sad state of affairs when so many people lose their homes. First, off let me say the banks allowing this is horrible and they should have been regulated years and years ago. Banks for years have used all kinds of manipulative and deceptive techniques. I do agree with you on this point. Second, let me say this-Except in the case where there was an unforseen medical crisis(which by the way would not be an issue if you had universal health care), I don't feel sorry for the people loosing their homes at all. Especially the ones who have tons of money and could have chosen to save instead. And guess who these rich suburbinites driving around in their SUVs except to help pay for their overpriced homes and gas guzzlers. The people who are renting because they could not even afford the cheapest of properties because with easy credit housing prices skyrocked, responsbile home owners who actually bought homes they could afford, and guess what those living week to week, paycheck to paycheck. The government needs to stop the bailouts. Did you know, the percentage of the population that rents is about 33 percent, the percentage of homes in forclosure is about 2 percent, with about another 10-15 percent deliquent? Why rob the masses to pay for the few! And the reckless building of these new homes was very ecologically destructive. As far as I am concerned if you can't afford your home and cost of living because you (not as in you personally, but those who made the chooses to spend recklessly) your options are move to a home you can afford, join the 3rd of the population that rents, and if you ran up so much debt you can't afford any place in the United States, move to a country that is cheaper. Basically, I really don't care just don't try to ask the government to take my money to pay for your recklessness. Go deal with the consequences of your actions. And maybe if their children see this, they will learn something and won't be so irresponsible as the generation before them. I work two jobs, have no credit cards, and rent. I can't afford to travel or go out to eat at nice restuarants and can barely even afford to take time off from work. I save what I can but can't save as much as I would like to be able as the government takes out taxes to waste on companies and people who made selfish and reckless decisions. If I could save enough money I would buy and prius and be able to give more money to charities. I would never even consider buying a boat due to the negative impact on the environment. There are plenty of us out there just like me, yet the government would rather waste money on the reckless and selfish. |
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