I’m one of the few on the planet who hasn’t referred to the poor economic situation as a downturn. I don’t believe it has anything to do with the economy, in fact, I know it doesn’t.
This current cycle we’re in is due to financial mismanagement across the board. Be it personal finances or local, state and federal government, the reason we’re in this mess is because no one knows how to manage their money properly.
The American taxpayer has spent billions this year in bailouts, starting with Bear-Stearns in March and followed up by additional bailouts of Fannie Mae and Freddie Mac.
All of these financial issues can be directly attributed to the sub-prime lending mess that foolishly afforded perspective homeowners mortgages – lending money to people that were in no way financially prepared to meet the terms of repayment.
Now the U.S. Congress in their infinite wisdom has seen fit to bailout the auto industry – again – because the CEOs of GM, Ford and Daimler-Chrysler were apparently too stupid to manage their corporations efficiently.
That, or perhaps the millions in personal compensation these executives already receive wasn’t enough to maintain their country club memberships. In short, the American taxpayer is subsidizing private entities with public money.
If you intend to purchase a vehicle in the near future, ask the nit-wit selling you the car if the dealership is going to reduce the price of the vehicle proportionate to the amount of money you spent in helping to keep their asses above water.
I already know the answer to that question.
$15 Billion Bailout of the U.S. Auto Industry - Again. Thanks to Ken for the Image.
