See, I started the day well. I got up on time and got out of the condo and to the bus stop earlier than usual (by a few minutes). When I woke up I remembered that I had a telephone conference that I needed to attend. So, what happens? I get side-tracked on another matter and totally forget about the telecon I was supposed to attend. The other matter that sidetracked wasnapos;t hugely important although, to some extent, nor was the telecon. Still, I feel bad about missing it and wish I had remembered despite the fact I invariably have nothing to contribute to these things.
And then the stock market rallies on news that the US Government is going to buy shares of banks effectively nationalizing them. I dislike this tactic as it fails to address any problem and just socializes risk. I assume the government could sell the stocks and realize a gain but I am still confused as to how big of a roll the government will have in the banking industry now. This whole thing just feels wrong and I canapos;t help but feel that this rally is a sign that people are glad that they are no longer responsible for the malaise and that the government is now willing to back up the stupid decisions that have been made. In a sense, it feels like the government is approving of what is happening.
On a related note, my mother was watching a show where a mortgage broker and a mortgagee were being interviewed and the conversation went like this:
Mortgage Broker: When I issued the mortgage, I knew they were not going to be able to afford it.
Mortgagee: I also knew that I was unable to afford the mortgage payments but I still went ahead with it.
Perhaps I am a true idiot but I donapos;t understand how this transaction proceeded. Did I miss something? Isnapos;t this fraud? And isnapos;t fraud illegal still? Both parties knowingly entered into a contractual agreement that both knew was unfulfillable. They set out to commit a fraudulent act. Both parties should be prosecuted and any others that engaged in the same practice. No mercy should be shown.
Ugghh...it makes me sick.
Today has just made me sick all around. Nationalization and fraud...the new definition of capitalism? Plus, where is the government getting all this money? Oh, thatapos;s right us. I donapos;t know how Obama or McCain cannot afford to taxes without further ruining the economy or declaring bankruptcy. I just donapos;t understand. I guess it means my generation has no future as our social security payments will go to the baby boomers leaving none for us and everything we do will be put towards keeping the economy from utter devastation for the generation to proceed us. My generation - the walking dead - no future left for us. It also makes me sick to know that I am at the mercy of the idiots in power at any given time.
So yeah, I am upset and distraught while the most frustrating aspect is that I am have no control. No matter what I do I might as well just sign every cent i make over to the government now so they can give it to the bank CEOs and mortgage lenders that obviously know something I donapos;t. I guess my schooling taught me incorrectly all the times that they said fraud was illegal. That, and I guess crime does pay even when caught.
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