I don’t care which side you support. I don’t care if you are pro Obama, or pro McCain. I don’t care if you think this problem is about corporate greed, or personal mismanagement. The DJIA dropped, but held relatively steady for the immediate couple hours after the vote. It started to tank when the congressional leadership held their self-centered new conferences about whose fault it is. But, is all this necessarily a bad thing?
If these banks have overextended and granted credit to unworthy customers, I believe they need to revamp their lending processes. Scenario: If I lend a neighbor a thousand dollars, and I know he’s unemployed and is a compulsive gambler, it’s my fault, and I can’t expect the government to come in a rescue me. Likewise, If the banks are making choices to lend to high risk clients, they can’t expect to be rescued. Each of us, in this scenario, needs to update/improve lending practices.
I pay my bills, and when I struggle, I don’t expect the government bail me out. I have to either 1. Earn more money , 2. Cut spending – or both. While social programs are good, to a point, we can’t expect the government to cushion us each time we overextend ourselves. Hell, I’d love to run to the government and have them pay off my mortgage just because I bit off more than I could chew. And if I didn’t read all the fine print of my mortgage, and agreed to an interest rate that balloons, it’s my fault; not the lenders fault.
The White House issued a comment that it is “very disappointed.” That statement might just be the “understatement” of the century. I’m not disappointed that the bill didn’t pass, rather, I’m disappointed that congress is behaving like spoiled brats, and that consumers live outside their means. I’m not surprised, however that the bill didn‘t pass. I’m not surprised because the plan that congress put together was hastily written, and could, in no way, address all the reasons for the current financial crisis.
Obviously, this isn’t over quite yet – the crisis, that is. I sincerely hope however, that the bickering and bitching ends, and everyone grows up and starts acting like adults.
Perhaps a “No Confidence” vote is in order for Congress!!!!
sarcasticscribe