Absolutely it's government - both parties, several different policies - and greedy execs at fault. ALSO, a passel of private citizens bear a significant burden of responsibility for taking out loans and mortgages they knew (or should have known) they could not afford once the sub-prime period expired. Bottom line: irresponsibility and greed have come home to roost. As was absolutely inevitable.
I was utterly freaking out after I read the text of the very first Paulson plan. It gave one man control of $700 billion dollars. And that man's actions and decisions were not reviewable by Congress or the courts. Say it with me, kids: unconstitutional.
In truth, I actually think any kind of government bailout of private industry is unconstitutional.
I'm trying not to freak out. In the past 16 months, my husband's 401k stocks/mutual funds have lost 38% of their value, and mine have lost 21%. And that's before today's tanking. I keep telling myself that we still have the same number of shares, they're just not worth what they were - but they'll go back up. Someday. In fact, I'm trying to see this as a buying opportunity. I actually increased my hubby's 401k contribution %.
Absolutely it's government - both parties, several different policies - and greedy execs at fault. ALSO, a passel of private citizens bear a significant burden of responsibility for taking out loans and mortgages they knew (or should have known) they could not afford once the sub-prime period expired. Bottom line: irresponsibility and greed have come home to roost. As was absolutely inevitable.
Yes, yes, and damn, yes.
I was utterly freaking out after I read the text of the very first Paulson plan. It gave one man control of $700 billion dollars. And that man's actions and decisions were not reviewable by Congress or the courts. Say it with me, kids: unconstitutional.
The scariest part of all is that the Constitution is being IGNORED. *clutches tattered shreds of Bill of Rights* I mean, the Constitution is...whatever the secular word for 'sacred' is.
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(no subject)
Date: 2008-09-29 10:15 pm (UTC)I was utterly freaking out after I read the text of the very first Paulson plan. It gave one man control of $700 billion dollars. And that man's actions and decisions were not reviewable by Congress or the courts. Say it with me, kids: unconstitutional.
In truth, I actually think any kind of government bailout of private industry is unconstitutional.
I'm trying not to freak out. In the past 16 months, my husband's 401k stocks/mutual funds have lost 38% of their value, and mine have lost 21%. And that's before today's tanking. I keep telling myself that we still have the same number of shares, they're just not worth what they were - but they'll go back up. Someday. In fact, I'm trying to see this as a buying opportunity. I actually increased my hubby's 401k contribution %.
(no subject)
Date: 2008-09-29 10:31 pm (UTC)Yes, yes, and damn, yes.
I was utterly freaking out after I read the text of the very first Paulson plan. It gave one man control of $700 billion dollars. And that man's actions and decisions were not reviewable by Congress or the courts. Say it with me, kids: unconstitutional.
The scariest part of all is that the Constitution is being IGNORED. *clutches tattered shreds of Bill of Rights* I mean, the Constitution is...whatever the secular word for 'sacred' is.