Here's a thought: according to one of the talking head's guest analysts last night, 56 million Americans owe at least $15k on credit cards -- and probably won't pay it off. That's a huge chunk of change that erodes the foundations of the financial institutions who loan the money with the expectation of repayment. However, if Americans can walk away from mortgages, car loans, student loans and other personal debt, why not walk away from credit cards? Hell, if you max out one card, there are probably a dozen more in your wallet that can also be maxed out. Who's going to make you pay the bill? No one.
Instead of rewarding this financially irresponsible behavior, why not consider rewarding me? I'm a month ahead on my mortgage, have no credit card debt, paid off my student loans within a year of taking them, and paid for both of my vehicle purchases within 3 years on a 5-year loan (separate years; separate loans) by making double payments.
So, rather than rewarding the millions of people who walked away from their responsibilities by underwriting their actions with a federal bail-out, how about contacting the mortgage companies and mandating that they apply $50k to each and every active, current mortgage they hold? The lenders would get "bail out" money, people who pay their bills would get a bonus for being ethical, and we'd infuse the economy with money in the process.
Why should I be punished for the bad behavior of irresponsible people, while they are not held accountable?
My retirement money is in AIG. I've done nothing to cause their business to fail; on the contrary, for almost 30 years I took money out of my paycheck and deposited it with them to keep safe for me until I retired and needed it. AIG recently went, hat in hand, to the government and begged for bail-out money because they put their financial resources [vis a vis my retirement fund] into the pockets of people who walked away without repaying them.
Rather than taking away my retirement account based on their actions, how about giving me back ALL of the money I deposited with an economic stimulus benefit that rewards my good behavior, rather than punishes me for what others have done?
The underlying philosophy in this country used to be that we each get what we deserve, based on hard work, strong families, an education or trade training, company loyalty (which used to be a two-way street), and paying our bills on time and in full. I clearly remember when my father borrowed money to buy a car and the panic it caused because what if we could not make that payment? We would lose not just the car, not just the money we had already paid, but we would lose our self-respect!
Today? Doing the right thing has become a punchline on SNL: "Yeah, I stuck it to the man." Cue audience cheers and applause.
Why are people no longer smart enough to figure out that WE are the man? WE are sticking it to ourselves when we buy things for which we cannot pay, when we lie, cheat and steal our way through life. The dozen vacant homes in foreclosure on my block prevent me from selling my home and moving to another home that more fits my needs as I wind down my life. The freeze on funds for new car purchases prohibits me from buying a new vehicle, perhaps my last car purchase, as I wind down my life. The sudden collapses of banks has me fraught with worry whether the cash I have in my personal accounts "just in case" will be there when I need it -- or seized to pay for the customer who not only has spent all of his money, but mine, too.
The failure of my fellow man and woman to honor their financial commitments may lead to the collapse of our economic system, but we're still yelling "yeah, let's stick it to the man"?
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