Don't Let History Repeat Itself- Who Is Responsible

Let History Not Repeat Itself- original post

This past week our country made history.  We saw one the largest decreases in stock value we have in years and our government signed a 700 Billion Dollar Bailout plan to keep our economy from sinking any further. 

I spoke to many lenders, Realtors, and spectators during this time and ultimately came to the conclusion that other than the government not too many people knew the implications of this bill.  You begin to get the feeling that you are on a plane and hear a loud noise.  Everyone knows that something bad is happening but all you are allowed to know is that you can't leave your seat and the stewardess is going to bring you a complimentary Pepsi while acting like all will be fine. 

To assist with all of this co-motion the elections are taking place with both sides magnifying the issues and acting as if these issue would have never happened under their guidance.   The truth is, these issues are bigger than that last 8 years of George Bush.  Don't get me wrong, this current administration has way overspent.  Nevertheless, it was the Clinton administration that re-emphasized the sub-prime lending market to get low income families in to homes they could not afford. 

I remind us of this because the finger pointing is out of control.  Both parties have created this issue and we as the American people have created this issue.  WE HAVE OVERSPENT.  Government doesn't force us to run up credit card bills or buy homes.  Our greed has gotten the best of us and now we need to fix it no matter who takes office.  Remember, government if supposed to be FOR THE PEOPLE. 

There have been steps in that direction this year.  It is much tougher to get a loan now than it has been in the past.  This makes my job more difficult but overall creates a stronger economy.  This is a time for American maturity.  This is a time to take responsibility for our debt.  Maybe you don't need a bigger home.  If you can afford your mortgage payments- PAY THEM.  Stop walking away and making everyone else clean up your mess.  For those who walk away from mortgage payments they can afford, there should be steep penalties and restrictions on them purchasing again. 

We can get out of this.  The foundation of our economy is strong (no matter what they say), and the sky is not falling. 

Stop living in fear of the market.  And turn off the news!  If more people do this, the market will change.  I guarantee it.