Tax Rebate Incentive Checks

[BarTopDancer]

A lot of factors contributed to where we are now.

The lending (predatory or not) industry was offering loans to people who never should have been offered them. Credit card companies were extending huge lines of credit to people who they [should have known] would have to struggle to pay it back if they could.

In some aspects the government is hellbent on protecting us from ourselves - seatbelt and helmet laws, warnings on ciggs and alcohol, drugs are illegal. And in other aspects (such as finances) being irresponsible is basically encouraged.

People can't be trusted to do the right thing by themselves when it comes to seat belts, helmets, smoking and drinking but they can be trusted to handle finances?

The consumer is at fault for making poor choices, not reading the fine print and being generally stupid. The government is at fault for not putting a stop to $500,000 mortgages being offered to people who make $40k to begin with. It doesn't take a moron to see that even if the buyer can make the interest only payments at the current rate, there is no way they'd be able to make the payments when it adjusted into principal and interest payments, or if the rate went up.

I'm conflicted if there should be a government bailout or if the people who didn't read the fine print, who didn't understand what they are getting into should have to deal with the consequences. I do think that this type of lending will not happen again. I do think that we're in for worse times before it gets better. I do not think that this stimulus package will do anything but boost spending for 2 months.

We're going to see more mall stores, more Starbucks (why did we need one on every corner?), more hole in the wall places going out of business. I know I am making more of an effort to support the places that aren't corporate owned when I do spend money. But the times I spend money on luxury items are becoming fewer and further between.