Monday, September 15, 2008

Funny Money

"Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one."


Benjamin wasn't kidding. The mortgage market has become one sucky vacuum. Giving large amounts of money to people who can't afford to pay it back. I saw one figure that Lehman Brothers was $618 billion in debt. $618 billion?!?? I feel nauseous if I haven't paid off our credit card in full immediately. And so they declared bankruptcy. Bank of America swooped in and bought Merrill Lynch. Two large institutions going under. As I am writing this, the DOW Jones closed down 504. Now I couldn't explain what those numbers mean. I couldn't explain exactly how this is going to affect me and you personally. All I know is if the banking institutions have had the same spending habits as a lot of Americans, they have been spending more money than they have. What happened to the concept of "Save now, buy later"? How are the "money people" having financial problems? Does that show what BIG trouble our country is in? And I think the idea that the government is expected to bail out more and more of these financial institutions is a whole lot of



BULL!

1 comment:

A Farmer's Wife said...

I have no idea how I found your blog...I went to law school in Oklahoma and have several friends there with blogs I follow...probably through one of them! Anyway I LOVE this post!!! You are exactly correct in your analysis!!! I also love this blog!!! Thank you for all of your hard work here!