This is partly an answer to malexand's "Letter to the President", to jayej.
Thank you imlost2 and others for backing me up.
Also quoted from http://www.whitehouse.gov/news/releases/2008/01/20080128-13.html
Just as we trust Americans with their own money, we need to earn their trust by spending their tax dollars wisely. Next week, I'll send you a budget that terminates or substantially reduces 151 wasteful or bloated programs, totaling more than $18 billion. The budget that I will submit will keep America on track for a surplus in 2012. American families have to balance their budgets; so should their government. (Applause.)
The people's trust in their government is undermined by congressional earmarks -- special interest projects that are often snuck in at the last minute, without discussion or debate. Last year, I asked you to voluntarily cut the number and cost of earmarks in half. I also asked you to stop slipping earmarks into committee reports that never even come to a vote. Unfortunately, neither goal was met. So this time, if you send me an appropriations bill that does not cut the number and cost of earmarks in half, I'll send it back to you with my veto. (Applause.)
And tomorrow, I will issue an executive order that directs federal agencies to ignore any future earmark that is not voted on by Congress. If these items are truly worth funding, Congress should debate them in the open and hold a public vote. (Applause.)
(Thank you Mr. President!)
If Congress would stop spending, earmarking, and wasting our money, we wouldn't be in near as deep as we are. I know you can't place all the blame in just one place, but this is sure a HUGE part of it!!
And jayej, there are a variety of reasons behind the mortgage crisis, besides some mortgages being approved for people who didn't have good credit, be it credit card history, auto loan history, or whatever. (First time home buyer's or not)
2006 marked a high point in housing prices, when people were paying inflated prices during the housing boom, and for some, it's just not worth staying in a house that's depreciated 25% or more in the last 2 years. My daughter recently put an offer of $150,000 on a house that sold 2 years ago for over $250,000, right now it's on a short sale, the bank is trying to almost give it away. The current "owner" has approved their part, just waiting on the bank.
And some of us have been very diligent with our mortgages (I haven't been late or missed a payment in the 10 years I've owned this home, or any other mortgage or any other bill in over 30 years) but now we, the taxpayers, will foot the bill for the entire mess! Collectively, regardless of our party affiliation!
BTW, I had my first loan from a retail store when I was 14. Never late on a payment then, or through the years, my credit score is, well, way up there. If I can't afford it, even with unforseen money issues, I don't buy it. And as someone said recently on the blogs, "If you don't have the money in your back pocket, you can't afford it!" I have 3 vehicles now, 2 cars and a truck, all paid for, in cash, by counting out the stacks of $100 bills. Apparently, I could afford them. The ONLY interest I pay out is on my mortgage! And my mortgage is only 23% of my net income, PITI, or 17% P&I only...... I plan well.
JMO,
Thank you, and good night!
da goat
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read more blogs!
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malexand
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Oct 21 @ 6:46AM
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My spending habits are very much in line with yours. Unfortunately we are a minority. I'm not positive what the answers are, but I think education is the first step we should take.
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imlost2
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Oct 21 @ 9:00AM
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I do the same, I own all my vehicles and keep a small home improvement loan only. It's good to have some credit. However, did you notice the plan on Education? I agree, that's where it all is. Kids now-a-days will get no where without it. But, I'm wondering if they qualify for a grant, will they have to join the peace corps under Obama's plan? That is what he was saying. Thank goodness my daughter earned scholarships, but I have a 14 yr. old to go yet and hope she can do the same. Many of you don't have children and perhaps this won't affect you. But my 14 Yr. old will be just going to college at the end of this next four year term and if she qualifies for a grant, I'm not sure she wants to join the peace corp to get it, her goals are different, what do we do about children with a different vision for their life? This is more Government control like China where they tell your children which job you are going to have to do when? tc Lost
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kywonder
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Oct 21 @ 11:09AM
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kudos to ya goatman!
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