600 Bucks From The Prez?

I can’t say I’m looking forward to the president sending along a check for 600 bucks. Not that I can’t find something to do with the cash, mind you – but – I’ve been thinking (and talking) about this with some of my friends, and here’s the deal:

  • I don’t think it will be effective.
  • The wrong people will get it.
  • The people who helped cause the mess aren’t paying their fair share.

Okay – so – this whole mess isn’t just about the sub prime mortgage crisis, but a lot of it is. And I think there are three kinds of players (four, actually) that are a part of that mess:

  1. Home buyers that took a risky loan and immediately did something stupid – new TV, new boat, expensive vacation. I’m not torn up about these folks.
  2. Home buyers that were took on a loan by a predator. Sure – they should have read the fine print and all -but – the mortgage business is exceptionally complicated. These folks were doing their level best – and they got screwed by those seeking only to bump their bonus package for the quarter.
  3. The predators themselves – and I think the blame ought to go pretty high up. Locally, WaMu might sell to another bank. And the CEO and the other high level staff – they stand to make a ton of money – and the worker bees are already being fired. I hate thinking that my tax dollars are headed out the door to help those who had little or no say in this – and the executives are going to line their pockets. This reminds me of the Savings and Loan scandal in the
  4. Home buyers that took a risky loan and then had a minor or major catastrophe – lost job, no health insurance, medical problem – and consequently lost their house, too. Ouch.

And at the end of the day – here’s the other piece that sticks in my craw. I mean – it’s bad enough that the perpetrators aren’t likely to be held accountable but – here in my corner:

  • I didn’t take a risky loan
  • I don’t over spend
  • I balance my home budget
  • I do my level best to treat people fairly, follow the rules, contribute to my community.

And my reward for all of that? Oh – there’s lots, to be sure. I like my work, I vacation like a rock star, I have a cozy condo and a terrific girl to go home to every day. And a waggle-y tailed dog, too.

And while I don’t expect to be rewarded for playing fair – it feels a little like I’m being punished – my taxes are likely going to fund a bail out, rather then bolstering education, a safety net, and so on.

I’m obviously a little frustrated. We’ll see what comes next.

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