Where is my Bailout money???

Rant on.

OK, I've lived within my means. I bought a house 15 years ago and have stayed in it. With my wife's and my income, we could have qualified for a million $ house, but we were fine with our $150K house that was paid off in 8 years. Our newest car is a 2002 and it has over 100k miles on it.

I can't say I've been overly frugal. We've had incredible vacations and have spent money on things we enjoy. We have just been very cognizant of what we are spending vs. our income.

We've had enough income to be able to invest as well. Since Sept. 08, our investments have dropped nearly 50%. This is probably much more than most people have lost on their homes. Why is the bailout money focused on those who lost money on their homes (and most who probably bought more home than they could really afford in the fist place) vs. those who lost money in the market????

So, I sit here wondering why all the bailout money is going to people that took on more risk than they could afford, banks, investment firms, individuals buying a big house that was beyond their means...and the list goes on. Why should my tax dollars have to pay for their stupidity?

stocks may rise as well as fall.

everyone wants their piece of the old bailout these days, the real question is, who the heck is paying and getting nothing at this stage.

Government knows best my friend.

Can't you tell...look at how great everything is going?


Btw...I share your anger...believe me. The things they are doing are singling out groups of people and leaving out others....which can/will turn them against each other.

It's the giving of taxpayer money..not government money... as we all pay for it in the end.

Not to be crass, but investing in the stock market is just as risky as an adjustable rate mortgage. You knew you were gambling, sorry you lost but at least you still have the 50%.

reply to post by GrandUnification

I am sorry, Grand, you most likely wont get any.

I heard today.


www.washingtontimes.com...

COMMENTARY:

President Obama's massive mortgage-bailout plan is nothing more than a thinly disguised entitlement program that redistributes income from the responsible 92 percent of home-owning mortgage holders who pay their bills on time to the irresponsible defaulters who bought more than they could ever afford. This is Obama's spread-the-wealth program in action.

Team Obama is rewarding bad behavior. It is enlarging moral hazard. It is expanding its welfarist approach to economic policy. And with a huge expansion of government-owned zombie lenders Fannie Mae and Freddie Mac, Team Obama is taking a giant step toward nationalizing the mortgage market.

Originally posted by pieman
real question is, who the heck is paying and getting nothing at this stage.

*raises hand* That would be me. I lease a townhouse, haven't lost my job, recieve no federal aid/assistance of any sort, pay my taxes, don't have any plans to buy a new car anytime soon, and make just enough to basically get screwed out of any of these major tax breaks the Messiah has tossed out there. I had the stones to complain about it to a liberal acquaintence last week and was basically told I should just be happy I have a job... Oh, I see... so a robbery victim should just be happy they weren't killed and not worry about their lost possessions?

This world is a funny place.

Originally posted by elston
Not to be crass, but investing in the stock market is just as risky as an adjustable rate mortgage. You knew you were gambling, sorry you lost but at least you still have the 50%.

At this point I would say it's even more of a risk than the loan. At least with the loan the bank want's their money back with interest and it they can they will keep payments coming in unless they need it as a write off.

As for the stocks no one needs anything other than easy come easy go and it's been going really fast this month.

Originally posted by elston
Not to be crass, but investing in the stock market is just as risky as an adjustable rate mortgage. You knew you were gambling, sorry you lost but at least you still have the 50%.

I totally agree elston. I know full well the risks of investing and accept them. To be honest, I'm not even all that upset about the losses. Sure, it sucks, but it was money I could afford, or I wouldn't have risked it.

My real issue is with idiots (on both the lending and borrowing side) that took on more risk than they could ever afford and are now getting my tax dollars to bail them out.

I simply don't understand why "we" reward bad (and very stupid) behavior....oh yeah, sorry, it's politics.

Originally posted by GrandUnification

So, I sit here wondering why all the bailout money is going to people that took on more risk than they could afford, banks, investment firms, individuals buying a big house that was beyond their means...and the list goes on. Why should my tax dollars have to pay for their stupidity?

Well in that same vein, why should MY tax dollars pay for your stock market losses?

BTW, I just realized that sarcasm doesn't always come out in a post.

I never intended to imply that I'm acutally wanting bailout money. I knew the risks I took, I accept them and I'll live with them. I never expected or want someone to come take care of me.

It just pisses me off that those who abused the system are now getting money from me via my tax dollars.

I simply can't understand why it's a good thing to reward failure???

Originally posted by PokeyJoe

Originally posted by GrandUnification

So, I sit here wondering why all the bailout money is going to people that took on more risk than they could afford, banks, investment firms, individuals buying a big house that was beyond their means...and the list goes on. Why should my tax dollars have to pay for their stupidity?

Well in that same vein, why should MY tax dollars pay for your stock market losses?

You are absolutly correct PokeyJoe. Not a dime of YOUR tax dollars should come to me, nore should they go to anyone that made a decision to risk more than they could afford.

reply to post by GrandUnification

It just pisses me off that those who abused the system are now getting money from me via my tax dollars.

Thank China, who is buying the debt that is making this possible. Also, thank the Fed for printing more money.

You are absolutly correct PokeyJoe. Not a dime of YOUR tax dollars should come to me, nore should they go to anyone that made a decision to risk more than they could afford.

Sigh.....what are we supposed to do? We are so screwed. I dont even think that we know how screwed we are. Throwing a trillion dollars at an economy that is already crashing isnt going to do jack. I try not to think about things that I cannot control

[edit on 23-2-2009 by PokeyJoe]