Man, it is like the Never Ending Story....never ending.
The gloom and doom continues. After a dismal January and February we are clawing our way towards Spring.
The banks are having fun with their own little Catch 22. They are going bankrupt because of bad loans and yet they are being pressured to use the recovery money to make loans. Even my dad, the great predictor of catastrophy, could not foresee that the damage from the mortgage industry would permeate every sector of the economy and cause an international financial crisis.
Well, personally I am weary of dwelling on bad news that makes everyone feel helpless. I try to continue to do the things that I can do and the things that need to be done and not become paralyzed by depression about what I can not impact. I take pleasure in the joy that family brings. I am thankful for the occasional warm day, like yesterday when I can get outdoors and play remedial tennis with my friends. I cuddle my smelly, wonderful dogs.
Like the prayer says:
"God grant me the serenity
to accept the things I cannot change;
courage to change the things I can;
and wisdom to know the difference."
We may get more cold weather before the before winter ends. We might even see a late season snow. But soon green things will push their way above the surface, the dormant trees will regain their leaves, and eventually even the flowers will bloom. No matter what bad things might happen in our personal lives or the economy, the miracle we call "Spring" will repeat itself again. Maybe there is something we can learn from that. Let's try to hold it together and keep the faith.
Friday, February 27, 2009
Friday, February 20, 2009
"Stimulus"....sounds good, but will it work?
I am pretty optimistic that we will eventually get out of this quagmire, but like many people, am not sure that the stimulus package is going to have the desired effect on our economy. As one of the lucky "still employed", I am certainly thankful. I know that a lot of talented and hardworking people are without jobs at this time through no fault of their own. While I don't think the government can sit on its hands and do nothing, I am not sure throwing good money after bad is the correct solution.
I don't think we should continue postponing the inevitable and keep propping up failing businesses, like the American car industry. Is that worth putting ourselves further into debt? I don't believe they can re-invent themselves quickly enough to turn around the perception that they produce an inferior product. That may sound harsh to some, but I haven't owned an American car myself since I was 22 years old. My dad was a POW in WWII, and never owned anything but American cars. He still has a Cadillac, but I his days of being a car consumer are over, I think. What kind of cars do you all drive?
Ford may be able to survive. I think they make good trucks and have a better reputation than most. We will see.
I have problems with some other issues as well. For people who have been the target of predatory lending practices, I feel that we should try to keep them in their homes if possible. However, it seems to many of us that we are going to be helping a lot of people refinance houses they could not afford and actually rewarding fiscal irresponsibility. The banks and financial institutions that made the bad loans are also getting assistance. Is this fair to you? People who are trying to live within their means are not going to get a life jacket if they lose their jobs.
It is easy to be a couch quarterback and I certainly am no economist, but I think common sense would dictate we spend some of this money reducing the payroll taxes, to help working folks and large and small businesses. If we are going to provide mortgage assistance, we should do it in a fair and even-handed way, to provide a temporary helping hand to people who purchased homes they could afford, but have fallen victims to the downturn.
As everyone acknowledges,there is going to be lot more pain before this is all over. I feel most sorry for elderly people like my parents and in-laws that worked hard all their lives, saving money and investing responsibly. They don't have 10 or 20 years to recover their retirement position. The lack of oversight that contributed to this mess has really been a disservice to a great generation. Where is their "golden parachute"?
Well that is my opinion. Is it worth a penny? One thing is for sure, we all have to think a lot more than we used to about what is penny-worthy....
I don't think we should continue postponing the inevitable and keep propping up failing businesses, like the American car industry. Is that worth putting ourselves further into debt? I don't believe they can re-invent themselves quickly enough to turn around the perception that they produce an inferior product. That may sound harsh to some, but I haven't owned an American car myself since I was 22 years old. My dad was a POW in WWII, and never owned anything but American cars. He still has a Cadillac, but I his days of being a car consumer are over, I think. What kind of cars do you all drive?
Ford may be able to survive. I think they make good trucks and have a better reputation than most. We will see.
I have problems with some other issues as well. For people who have been the target of predatory lending practices, I feel that we should try to keep them in their homes if possible. However, it seems to many of us that we are going to be helping a lot of people refinance houses they could not afford and actually rewarding fiscal irresponsibility. The banks and financial institutions that made the bad loans are also getting assistance. Is this fair to you? People who are trying to live within their means are not going to get a life jacket if they lose their jobs.
It is easy to be a couch quarterback and I certainly am no economist, but I think common sense would dictate we spend some of this money reducing the payroll taxes, to help working folks and large and small businesses. If we are going to provide mortgage assistance, we should do it in a fair and even-handed way, to provide a temporary helping hand to people who purchased homes they could afford, but have fallen victims to the downturn.
As everyone acknowledges,there is going to be lot more pain before this is all over. I feel most sorry for elderly people like my parents and in-laws that worked hard all their lives, saving money and investing responsibly. They don't have 10 or 20 years to recover their retirement position. The lack of oversight that contributed to this mess has really been a disservice to a great generation. Where is their "golden parachute"?
Well that is my opinion. Is it worth a penny? One thing is for sure, we all have to think a lot more than we used to about what is penny-worthy....
Subscribe to:
Posts (Atom)
