The $700B Bailout, Paying for the Sins of Others

Two months before this history-making downturn in our nation's economy, Samantha and I were having dinner at the Red Oak with my parents and my Aunt, who works in commercial real estate. 

We were talking the possibilities of owning a house in the near future. Market prices were in decline and we had just gotten hitched just a month ago. Starting prices of a decent house (with property) in Jersey can run you from a third of a million dollars and up. At the moment, the standard mortgage will require a 20% down payment, which means we would have to somehow put up around $30,000 just to get started in the house.

My Aunt provides an alternative: there are loans, especially for first-time buyers that offer a very low down payment, somewhere in the tune of 3%-5% down. Of course, the catch being you pay much more for the house in the long run, given the higher interest and the larger principal. We ultimately came to the conclusion that it was smarter to wait it out until the prices finally bottomed, giving us some time to save up for that big down payment.

My story illustrates the point that has caused this current financial crisis. Irresponsible lending to irresponsible people. Risky investments were taken by the banks. People who could not afford a house were given one under unethical pretenses and ended up defaulting. So who is really at fault? And does anyone deserve a "bailout" or a life line? Do you give a mulligan to people for making bad decisions on both sides of the fence?

Honestly, I don't think anyone deserves any bailout for these bad investments. The lenders were unethical in their sub-prime lending. The folks taking out the mortgages should have taken some due diligence in fully understanding their financial commitment. Not to say I am paranoid that everyone is out to screw you, but how can you deny the proof in this hole that we've dug for ourselves? People were swindled and now ALL of us are paying for the fleecing. If no one is willing to take the responsibility, we all suffer.

By the way, I am looking to cash in on the profits of all the companies that we bail out once they gain their footing. Why? Well, we're absorbing their losses, aren't we? If we're going towards a socialist economy, lets all bask in the glow of the windfall profits of oil companies. Wouldn't that be grand?

"Stay at Home" Week, TV Shows

We were out one night with a group of friends, at Houlihans, I believe. In the group, there was a couple that we had met for the first time. Normally, I'm not the type for small talk. All of the "what do you do," "what are you into," "ain't the weather nice" chat really seems too trite for me to even bring up without a little piece of me dying inside. What's nice about socializing in the group atmosphere is that you're kept talking until everyone can get on the same page and find a common topic to converse about.

That night, it happened to be that a certain TV show was up for discussion. Then, we started talking about "our shows." A couple, married or otherwise, ends up having a set of TV shows that are watched on a regular basis. I think it my have even replaced the need to have "our song," like in the days of yesteryear. Since this is prime time for new TV season premieres, I have decided to post a list of the shows that me and Samantha are looking forward to watching in the upcoming months.

• The Office, Season 5 (Tom & Sam)
• It's Always Sunny in Philadelphia Season 4 (Tom & Sam)
• Grey's Anatomy Season 5(Sam & Sam's Mom)
• One Tree Hill (Sam, John and Erika)
• I Love Money (Sam & Tom)
• American Idol (Sam & Erika)
• So You Think You Can Dance (Sam)
• The Hills & all other crap shows on MTV (Sam)
• Jon & Kate Plus 8 (Sam)
• NFL and NBA (Tom, if Sam already has not commandeered the remote)

Hanna's rain and "It's Always Sunny in Philadelphia"

We had a lazy Saturday in, keeping ourselves dry from the rains of tropical storm Hanna that moved up the Atlantic coast today. I thought it was going to be a bit more windy, but it is still early in the hurricane season. Anyway, Sam and I had to catch up on our "It's Always Sunny in Philadelphia" episodes, courtesy of www.hulu.com. We had a family day in with the dog, because he hates bad weather even more than we do. We also watched the movie Charlie Bartlett after patronizing our local Blockbuster for one of their enticing 3 for $20 DVD sales. Movie was OK, but you can't beat "It's Always Sunny..."