The Federal Bailout and Buying a Home

The recently proposed stop-gap for the banking and economic crisis we’re facing is expected to cost upwards of 1 trillion dollars. That’s 12 zeros. A whole lot of money.

I’ve been hearing a lot of (stupid) conservatives complain that this is a terrible idea and that we shouldn’t be bailing out companies for making bad business decisions. While I empathize with their frustrations, I vehemently disagree over whether the government should “bail out” these financial institutions. All these naysayers seeĀ are more taxes – which will be inevitable, no matter which party we elect in November (regardless of how much Sarah “I don’t think economics is a prerequisite for the Vice Presidency” Palin says otherwise). What they don’t see are the exponentially worse consequences that we’d face if we didn’t prevent these institutions from failing. For its not the actual companies that Congress is working to save, it’s the very stability of the US economy.

At the same time, the Ex and I are considering buying a condo. It’s not that we’re stupid – we understand just how bad the housing situation is right now. But there is a condo right across the street from us being auctioned off by its owners. They’re starting the bidding at $249,000 for a property that is easily worth twice that much, even in the current housing environment. I doubt we’d get it at the price we’re willing and able to pay, but we’ll see. I’ve got my fingers crossed!

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