I don't actually have an opinion about the failed economic bailout....Doug just walked by and read that first line over my shoulder. He corrected me and now I'll rephrase it. I do have an opinion about the bailout, albeit a guarded and probably uneducated one. I'm no expert but there are a couple points with the whole situation that seem fundamentally out of place.
First, how is the government planning to pay for the $700 billion bailout? The country is in an enormous amount of debt already and bailing out the economy on credit with the anticipation of profit for the "taxpayers" seems a bit like how we got into this mess in the first place. It surprises me that Congress can pull $700 billion out of thin air but they can't find enough money to fund things like NIH grants and other essential programs.
Second, shouldn't we let the consequences fall as they will? Wall Street and Main Street are reflections of each other; we've all overextended ourselves. How will we ever be truly independent financially if we never take responsibility for our spending? This is perhaps where my ignorance shows the most. There will be a trickle down effect felt by all people regardless of whether or not you have a mortgage you can afford. A large scale depression will personally affect me. But looking at it in the long term, maybe it will be good for me and you, for the nation as a whole, if we do like our Great Depression era grandparents and great-grandparents and save all our rubber bands in shoe boxes and bury gold bars in the back yard.
I've really no idea what I'm talking about. For once I'm feeling lucky that we don't have a house payment, that we drive a junky but payment free car, that we have no credit card debt, and that we have great employment potential. I say lucky but really Doug and I live very comfortably thanks to the generosity of our parents and most importantly, to the blessings of Heavenly Father.
On a less serious note, James is really catching-on to the idea of storing for emergencies. He has seen us preparing our foodstorage and has been busily picking our tomatoes, melons, raspberries, pumpkins and cucumbers in the event of a tornado, earthquake or flood. Today we received a Company Kids catalog and with all seriousness, he sat down with Daphne to pick out all the toys they would need for their "toy storage" in the event of a natural disaster.
6 comments:
Heather, I couldn't agree more!
Thata boy James...Toy storage is a challenge and he is a thinker! Love the updates darlings!
yes. it seemed like a bad idea when they first announced it last week and I think I'm glad it didn't pass. It's that fear of the unknown that is most frightening. we relocated last year and have a normal mortgage but it's still tight with other expenses creeping up on one income. I'm feeling like our frugality is being stretched and still things are tight! keeping my fingers crossed.
my husband was finally moved to start a political blog and posted about the bailout tonight.
I'm just hoping the economic crisis doesn't hamper my ability to get loans for school. Got to look out for my bottom line, right? Oh and also, I hope the rest of the country does okay too. Thank James for reminding me about toy storage. I've got to work on mine . . .
I kinda think that the companies who are in over their heads should be allowed to fall on their rear ends. If there is always someone to bail you out, when are you really going to learn to be responsible? It's not like the country would never rebound from the crisis. But, that might just be my ignorance talking as well.
I have been asking the same questions about the bailout. It really boils down to the fact that I don't understand economics at all (or how politics relate to economics). I was thinking of emailing Uncle Brad and asking him some questions. I am glad that we have prophets that have been telling us to get out of debt for a long time and to live within our means. That is my basic understanding of economics. And, toy storage is such a great concept. Tell James thanks for thinking of it.
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