finance, american style

If I had known that Citibank and other major lending institutions were going to offer to restructure mortgages for people who were on the threshold of default, I would have bought a bigger house than I could afford that’s a lot closer to the city so I wouldn’t have this insufferable commute. As it is, I stayed within my budget and had to settle for a smaller home that’s a lot further out than I would have liked. Stupid me. I am also dumb enough to pay off my credit card every month, so I’ll probably miss out on the [probable] debt relief that will be offered to consumers who are drowning in credit card debt. There’s nothing worse than a lost opportunity. Don’t you agree?

Is that paragraph dripping with enough sarcasm for you? I was channel surfing the other night and stopped to watch the Suzy Orman financial advice show for a few minutes. The caller was a woman who had $16K to her name, but wanted to spend $30K on a wedding. Now, ain’t that America? What a bunch of big spoiled babies we are.


7 thoughts on “finance, american style

  1. I was just saying something similar the other day. I’m also one of those apparent fools who purchased a house I could afford and actually put 20% down. I’d like my interest rate lowered also. Maybe I should stop paying my mortgage.

  2. Yeah, the world is truly upside down when responsible conduct is ignored and irresponsible behaviour is rewarded.Mind you, I’ve long been a skeptic of this whole “growth” concept. I will accede to the fact that many people, both scrupulous and unscrupulous, have gotten “wealthy” as a result of the “growth” since the end of WWII.I can’t believe, though, that many can believe this “growth” is sustainable. Because it just isn’t. You can’t violate natural law endlessly. I guess I would point at the current mess as evidence supporting my argument.A lot of people in the western world have wholly bought into the idea of “instant gratification”. All the old ideas about earning something have gone by the wayside in favour of the “entitlement” notion.I fear that this is only going to get uglier.

  3. It doesn’t seem fair does it? Reminds me of that parable about the younger son who squanders his father’s money and then returns home humbled only to find that the Dad is willing to forgive him and throw a party. Meanwhile the older son, who has always followed the rules feels a bit put upon and gets a lecture from dear old dad on being more charitable.I never liked that story and think the lesson being taught was all wrong. No wonder I am not a christian anymore when I am disputing Jesus.

  4. pop: I don’t want make it to sound like we’re so superior, but it really does make me wonder what people who are drowning in mortgage debt were thinking. Didn’t they do the math?rob: I agree that we haven’t seen the bottom. People are all wrapped up in Obama being the savior but you can’t alter the cold, hard math of debt (see above). annie: That’s my second favorite bible story, the first being the one where God comes down and tells Abraham to prove his love for Him by slaying his child but at the last minute says, “I’m just fucking with you. I wanted to see if you would actually do it.” Yea, that’s some loving God. What a sadist.

  5. the word is “innumerate” – and it’s the numerical equivalent of “illiterate”. i’ve had a draft post on this in the works for months…basically, we – as a culture – suck at math. as a result, the same people who are in debt up to their nipples squander discretionary cash on lottery tickets with money they get from the payday lenders at 300% APR. couldn’t agree more that we’re hosed – and it will get worse. this is why i just went into debt up to MY nipples. Granted, my debt is secured debt (home equity loan on my paid-for house – rental property – to hit the down payment on my new condo). i’m sick of being responsible…

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