Monday morning quarterback?

[plumapen]

Maybe I should say 'back a quarter', or a half, or three-fourths. I never thought I'd find myself gripped by CNBC and stock market news while brushing my teeth, but that's a perk of living on the west coast I guess. Heh. So now that Lehman Brothers has officially filed for bankruptcy, Merril Lynch has been bought out by Bank of America, and AIG

Comments

[mollytype]

When this housing boom was starting, and everyone and their brother were demanding that Ben and I buy something, anything, while we had the chance and before prices climbed higher, I knew what our budget was. And I could predict what it would be in a year. I knew that an interest only loan meant that I would only be making payments on the interest until the "real" loan kicked in, and then we would be hosed.

It does anger me, when my neighbor has a house valued at 850,000 yet qualifies for the free lunch program at school, when I really think that service should go to people in greater need. And it bothers me that people who did buy their homes responsibly are watching their home values plummet and the neighborhood becoming a wasteland of foreclosures because people took out loans that they could never possibly payback.

I totally blame the Bush administration for not showing more wisdom in the matter, and stopping the predatory lending before it bankrupted entire cities.

I know how hard you've worked to get your education, to pay off student loans, and not be reliant on credit cards. I don't want to seem like I don't appreciate how hard people work to improve their lives. In fact I find it inspiring almost daily.