Tuesday, September 30, 2008

Tuesday Ugly.

They are bailing you out, you idiot.

In an effort to avoid panicking Mom and Pop America, Congress has allowed this to be called the "Wall Street bailout" rather than what it really is, the "Main Street bailout."

While I absolutely agree with caps on executive pay and accountability, the bailout is a necessary evil. Without it, the credit markets will (and have) seize(d) up. And as an American/consumer, you understand that the need for credit is everywhere and that you cannot have capitalism without it. Credit is needed between banks, between banks and consumers, in fact, all market participants require credit in the form of small business loans, mortgages, auto loans, student loans, the list goes on.

Those not in favor of the bailout clearly do not understand the potential fallout. The first wave has already crashed on the beach and the beach is now littered with the debris of financial institutions. The next wave may very well take out your job, your car, your home and your bank account.

So should the bailout be approved? As my brilliant husband summed up: "It's like if your teenager comes home drunk. If he is merely drunk, you let him sleep it off and suffer the consequences; if he is toxic and his life is at risk, you take him to the hospital and have his stomach pumped. It would be great if the economy could just puke its guts out but it's already on life support."

And if you're worried about the $700 Bill? Don't worry. You'll pay for it one way or another.

*UPDATE: Okay, assholes, it passed. You had better not make a fool out of me.*


Anonymous said...

We will pay, our children's children will pay... Never have I felt so frusturated! My boyfriend and I talked about it briefly last night. I'm sure being in Delaware you have seen the absolute and total Boom..er...Explosion of housing. People have been taking on way WAY more than they can chew, and then they get all whiney and shit when they figure out they can't afford to make their payments on their brand new $300,000.00 home. Jesus, what made it finally sink in?? The fact that your huge big manse of a home with 5 bedrooms and 3 baths for the four of you has 4 rooms unfurnished (I know, I do interior design)?!? Or, maybe it's the fact that you didn't do any research or figuring PRE-SALE to know just how much your payment could jump.. and if you could potentially even come close to affording it. Meanwhile, I am living within my means (for the most part :) hee...) Paying my bills on time, every time, and I'm going to WHAT? Have to pay to help you, Mr. and Mrs. Take on Way more than you can chew, out????????? Yay.

Anonymous said...

that rant didn't make sense

Anonymous said...

Read it again, very s-l-o-w-ly. Does it make sense now?

e. love-
It's the same thing here in Virginia. Everyone was so busy keeping up with the Joneses buying homes, too big for their own good, that no one actually stopped to think about the consequences of purchasing a home at a sub-prime rate. I totally disagree with the bill. It wouldn't even begin to touch what needs fixing in our country.

Hey, Anon, did you get all that?

Decorina said...

For awhile I worked at residential interior design and saw a number of the McMansions first hand. It was pathetic to see a 5,000 s.f. home for two adults and one or two very young children. The things were cavernous and echo-y because their sad, tired furniture clumped around a tv looked so bad. The bedrooms were mostly empty and few of the windows had window treatments other than the $5 paper shades from Home Depot.

Anonymous said...

Oh, I HATE those things. I actually had a client that clipped the center of it and fanned out the two sides. Oh. my. God.

Yes, it is truly amazing at how much square footage people think they want, and it very rarely ever use. It makes my job very difficult because they a) try to use old furniture that looked great in their bungalow b) they are so freakin BROKE they can't afford to do what they should do
then, c) they can't figure out for the life of them why their home isn't like the magazines. Of course, I wouldn't have a job if they didn't call :)

Decorina said...

On the other hand, I went to quite a few bungaloids where the owners had purchased giant, overscaled furniture from one of those "designer outlets" and then wanted me to show them how to fit it in their tiny rooms.

What to tell them....chainsaw? Dynamite? Buy a McMansion? I got tired of giving them history lessons; i.e. bungaloids don't HAVE master bedrooms, that concept originated in the late 50's and 1960's. That steroid laced furniture was part and parcel of the whole "bigger is bigger" school of excess that we were going through in the 1990's as people came to believe that their homes were nothing more than giant ATM's with 3 bedrooms and 6 baths.

Yikes. Oh, and I can never forget the 20 something that demanded that I tell him which bedroom in his 1889 Victorian in downtown bedroom was the "master". He would NOT listen to me, so I told him to find another designer. Idiot.

Anonymous said...

Did you tell him all of them were? The whole house is your master. And all that is in it.

That is so funny. I once had a woman call and ask for a consult. She proceeded to tell me she had purchased a new setee (pronounced as SEE-TEE) for her master bedroom suite (SWEE-TEE). Um. Yeah.

I love sectionals, too. Those are wonderful to work with. Especially when they *have* to face the ginormous flat screen tv mounted above the flip-a-switch-and-I-have-a-fire-in-my-fireplace.

Decorina said...

OMD, don't get me started.

How about the niches (known to homeowners as "holes") on either side of said fireplace? Most of them had "built in" cabinets that looked like kitchen cabinets that had wandered from the kitchen and been installed by the carpenter on either side of the fireplace? Don't remember how many of those lovelies are now residing out in the garage next to the SUV collection (bought with the 2nd mortgage to carry around 2 little kids, one adult, and four bags of groceries. Yeah.

And then there are the ones that had travertine tile or granite (only one I think) tile on the floors in their ginormous cave-like abode, where all the heat they paid to generate hung out above, next to the 20' ceiling. They would demand I remove my shoes and walk barefoot on it - to which I would reply, No, I have arthritis in my feet and I can't take the cold floors. None of them ever provided slippers for guests - that would have required some kind of empathy for others and that was in short supply.

And sectionals! As far as I'm concerned, the only room that is big enough for a sectional is roughly 25' x 40' and even then it is ackward. Hate them, I just hate them.

When I drive past them now I think how they are going to look as McMansion ghost towns with broken windows and those paper shades flapping in shreds out the opening. Ugh.

And yes, that 20 something smart ass probably lost that house when the Dot.Bomb bubble burst. You are right - the whole thing was his master and his ending. That thing still hulks on a corner downtown and appears to be abandoned. Except for the crack hos that hang out on the porch.

Anonymous said...

You f'ing crack me up!!! You had me at crack hoes and flapping paper shades.

Decorina said...

Well, there is also the short period where I worked in a retail furniture store. Funniest things asked for there were:

Skonches (skon - chez) which I think meant sconces

Pot - pourrie - potpourri?

Can't remember any others, but am trying to imagine what I would have done if someone had asked for a SWEE-TIE. WTF?

And one of my real clients that had some fab drapery panels (even though she didn't buy them from me, of course) from a place she called...wait for it...

Anthro-po-low-gie. Took me a beat to realize she was talking about Anthropologie. Never did find a way to slide the correct pronounciation into a sentence, so I just started calling it that myself. Still cracks me up. She was nice and actually bought some window treatments from me for her McMansion. I wonder about her sometimes because her house was waaaaay to hell and gone south of the Denver area on the edge of a wooded area. I thought it spooky out there and how I'd feel wandering around a 5,000 s.f. house by myself. As I recall I never did see the actual husband - he remains the alleged husband now and forever I guess. She did lose her job in the dot.bomb, too, and was looking for one when I closed my business.

hello gorgeous said...

I feel like Chuck Woolery - making a love connection...

hello gorgeous said...
This comment has been removed by the author.
Anonymous said...

I've got nothing but love for you, Gorgeous...
Sorry, I tend to take it and run. I won't rant anymore! Promise!

hello gorgeous said...

Raven et al - Thanks for visiting.

Nobody wants this bill but it is not just subprime that's affected now. It is so wide and deep and worldwide (countries who bought American CDO packages on good faith, retired teachers whose retirement funds invested in "safe" products that turned out to be risky and they lost or have the potential to lose everything - who's going to support the people who are retired and their retirement money disappears? You will anyway).

In Delaware, 10,000 borrowers are deliquent on prime mortgages as I understand it. That's a problem.

This bailout will increase liquidity in the marketplace and the availability of credit which everybody needs to function. Individuals and small businesses MUST have access to it and if this doesn't pass, they won't and businesses will fail and individuals will go bankrupt at an alarming rate. That's just one small example.

The reality is that the rich will be just fine. It's the little guy like always who will get hurt the most. And not supporting this bill is the equivalent of shooting oneself in the foot.

No argument here on the glut of (empty) McMansions, though. I don't know what will happen to them all.

The Nerdy Fashionista said...

HG--I totally agree. I can't believe there are honestly people who think it's just about "those Wall Street fat cats." The ENTIRE ECONOMY, of the ENTIRE COUNTRY, is collapsing. It's not just about Wall St., or New York City, it's everything, everywhere.

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