3/22/2009 7:07:27 PM
As far as I know, bailouts are a one way street, right to the rich, the very corporations that caused this economic mess that where in. I don't know of any bailout that is going directly or indirectly to anyone who is or about to loose their home.
Life lessons are trial and error.
Loosing one's home or personal property du to economical ineptitude is in my opinion no big deal, I know I've been there. You take your lumps and more on, and if you have any intellect at all, you learn from your expeirances in life, both good and bad.
I think one of the biggest problems people have a hard time overcoming when life deals you a bad hand is, their value in relation to what they own. Meaning that somehow their house and personal possessions is a reflection of their worth or accomplishment. Don't get me wrong, I too like a big house and all that life has to offer in products and services. But there is a fine line on accumulating such items. When an economic situation changes and threatens one's life style, being able to look at the big picture in relation to what's happening and the ability to learn how, why and what one can learn from this experience, is I believe the most important lesson of all. I personally may loose my house, not because I lost my job, or don't our pay bills, or are unable to pay our bills. It's all do to the way the banks have change their lending practices since September 2009, and we don't fit their new model.
I wrote a little something about how the credit crises has effected Canada and our ability to keep our house, which has nothing to do with our ability to pay or loss of a job, or even our credit rating.
The following is an excerpt from my blogs. http://varyingviewpoint.blogspot.com/ or http://varyingviewpoint.com/.
THE BANK'S RUSE
The Bank of Canada lowers interest rates to make it more affordable for consumers to borrow.
The politicians say to the banks "lend money". The banks say "we are lending money". And yet the credit freeze is still frozen.
Well, the truth is banks are lending, but not in a way most people think, and the way they are lending now will not stop the downward trend of the economy. If anything it might exasperate it more to the down side.
The fact is, the banks have changed the rules on how they lend money and provide credit from just 6 months ago, which has nothing to do with one's own credit rating.
I'll give you an example of what and how the banks in Canada were doing business then as opposed to now, and you will see that lending money is not what it used to be.
If interested you can click onto http://varyingviewpoint.blogspot.com/ or http://varyingviewpoint.com/ for the story.