Sub Prime Mortgage Crisis

Just a short note about this mess that is dragging our economy into the dumps:
First Warning of the Sub Prime Mortgage Meltdown

I hope you read that and see that back in March2004 some economists were worried about the economic impact of rising interest rates on Adjustable Rate Mortgages (ARM). That would be 2 years BEFORE the whole thing started to crash.

Had congress and the president acted back then, we would not have been in this whole mess. But, I am sure bush and congressional leaders were heavily bribed to do nothing. It wasn't until the press got wind of the story that the wheels of congress started to move, albeit slowly.

What is the result? Raid the treasury to give a welfare check to every American, not just the ones that are losing their homes to greedy investors.

I understand the reasoning behind this decision. But, I think a welfare check does nothing to address the real problems facing the nation today: Mortgage Meltdown, Rising Oil Prices, Inflation, and the travesty in Iraq.

Sure, perhaps this $600 will help a family stall the inevitable loss of their home, but the end result is the same: they lose their home.

Perhaps this $600 will go into the gas tanks of these gluttonous, status symbol SUVs that Americans seem to be addicted to.

Perhaps this $600 will go to offset some of the increase we pay for groceries.

As for me, that $600 is going directly into my emergency fund. Even though I work in a fairly recession proof industry, one can never be too careful during a recession.

One last note. I am curious why, during the neocon "revolution" during the past 8 years, have the conservative fiscal policies gone right out the window? Why have we attacked abortion, gays, immigrants, and evolution while ignoring the fact that most Americans do not understand how to manage their personal finances?

The Republicans have switched away from being fiscal conservatives to being moral crusaders hell bent on using the Federal Government (their old nemesis) to force evangelical lunacy down the throats of the American people.