Shame on you Jim Cramer!
How dare you speak such things and cause a major panic on Wall Street?! I bet you had no idea you wielded such power - down 800 at one point. Wow! Now run along and play nice with the rest of the flock.
Since this credit crisis went mainstream, I've been trying to really figure it all out.
I read up on the Glass-Steagall Act, the Community Reinvestment Act and the Gramm-Leach-Bliley Act (warning: grab a couple of Advil before you Google). I listened to or read reports representing the entire spectrum - from MSNBC to Fox news. I even slept with my stock broker to get the pillow talk angle (that's Dear Hubby, by the way).
The one conclusion - no one can determine who's really to blame. But there are fingers flying like road rage rednecks chasing each other down the interstate.
What really shocks me though, as I boil down all the coverage to digestible pieces, is how the hell we all have the nerve to act surprised!?
America has been living like sorority girls let loose with Daddy's credit cards for basically the last 30 years (I can say that, I was one - Theta Love). I'm not complaining. I've had a very good life because of it.
But times, they are a changin.
And I'm afraid that the dream of our children having a better life than we did is completely unobtainable. To be honest, right now I'm totally cool with that. I'll be happy if they achieve a college education and make enough money to support a family. Flat panel TV optional. I hope they can be happy with that. But I guess that's my job - to make them understand that it's the people, not the things in your life, that really make the difference.
Now son, put down that Wii remote, and let's have a meaningful talk.
I know I don't have the answers. I'm pretty sure no one does at this point, including genius/blowhard Jim Cramer or that Rhodes Scholar Suze Orman. But, I'll leave you with this little gem muttered by Lloyd Bentsen, Secretary of the Treasury, way back in 1993...
"The only thing that ought to matter on a loan application is whether or not you can pay it back."
Amen, Lloyd. Amen.
11 comments:
Suze Ormon is CARAZY! I wonder is she's still a virgin... that would explain a lot.
a-friggin-men is right! we actually had one of those horrid no document mortgages that are reasonable for the first year and then take your life thereafter, but you know what? we did what we had to do to pay it. it meant me having to live with my in-laws, kids, cat and dog in a two bedroom condo, 2000 miles away from my husband for 11 months, but we did it. we learned a lot, times were tough, but we saw it through.
Would you call our life "better" than what the children today will have? Or were we just more irresponsible, buying all that crap we couldn't afford in the first place because we didn't have the money so we bought it all on "credit"! And I mean the collective "we", because you and I are of course, responsible! :)
LOVE your blog! I have no idea what the world is going to be like when are kids come of age...
Thanks for sharing the bloggy love today on my big SITS day!
Nanny - I had this great long, drawn out answer to your awesome question, and then our power went out. WTH!
Any way - when I wrote that, I meant it totally me-centric (cause it's all about me!), meaning, I wonder if MY children will even have the option to go to college to achieve whatever they want, or will it be so far out of our reach? Will my children even be able to dream of owning a home, or will this whole credit crisis ruin it for everyone?
I don't live on credit, one of those double-edged sword things of being married to a financial planner. Which means I may not have all the cool things that Madison Avenue tells me that I "need," but it also means this little family may weather this whole storm just fine. I can only hope.
But you're correct - are "we" collectively better off being rich in things, but bankrupt in the understanding that we don't always get/deserve to have it all? Nope.
My heart goes out to the families who came by this lesson the hard way. It's the idiots who thought they were getting money for free that chap my hide. Not to mention the greedy guys at the top. But I guess nothing is that black and white.
Em
P.S. Supermommy - Suze Orman recently came out of the closet, so I guess "techinically" she still could be a virgin ;-)! But I don't even think gettin' some would fix that.
Congrats Deb on seeing it through!!!
Thanks American in Norway!
I TOTALLY agree with you every commenter above. We have cut up our credit cards(EEEEEEEE) and have lived on cash for about 3 months. We had plans to pay cash for a pool and another garage, but now may have to live on it due to this time. (my husband is a home builder).
credit cards are sooo scary! I hate having to use mine when we have an emergency. And it must be a BIG emergency for us to use it. Cash, Cash, Cash!
Ooooh. I like that last quote you mentioned. I don't know how the thought of "buy now, pay later" became so "safe" feeling but I'm sure people are changing their tune now. And the banks? Well, I hope they've learned their lesson as well. Shame on those false-hope mortgages they offered.
(visiting from mbc)
Em~ I just wanted to let you know that I tagged you over on my blog!
"America has been living like sorority girls let loose with Daddy's credit cards for basically the last 30 years" - AMEN Sistah Friend!!
I'm getting sick of the talk comparing this to the Great Depression....Um HELLO, they didn't run up credit cards they shouldn't have had in the first place. They all worked their butts off and ate rice three times a day....can you see mainstream doing that nowadays?
Fabulous post!
Oh and btw, I loved your comment on my confession post. You're awesome!
~melody~
Well written article.
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