Sep 25, 2008
No Action Yet
On the way home, I had no new news about the current financial issue in the United States. When I got home, I decided to watch C-SPAN to see if I could find out any new information. What I found was an empty Senate floor. The senators that were working looked tired and were in almost in tears. I listened to pleas from Democrats and Republicans for their colleagues to work to fix our national crisis by the end of this week. The three senators that spoke were Mel Matinez (R-Florida), Pete Dominici(R-Mew Mexico), and Bill Nelson (D-Florida). All three men were concerned and basically said the same about the situation. The root of this situation is that banks gave the American people mortgages they could not afford in a home that was sold for more than it was worth. Many people took these mortgages as a gamble that their house would continue to increase in value and the homes could by sold at a profit. In turn, the banks took these mortgages and sold them to banks and other financial institutions as mortgage securities. These securities were bought, then sold for a quick profit. When the economy tuned, and jobs were lost, many Americans that had these mortgages could not meet their obligation and these mortgages defaulted. The banks in turn, lost money. Currently, the banks are afraid to lend money because period. As a precaution, my bank did a valuation of all customers homes and home equity lines of credit have been frozen. It did not matter if you could afford to borrow or not, it did not matter what your credit score was, and it did not matter if you could afford to pay it. The bank just froze all credit of this type. America had a good credit system where everyone could borrow money, now banks are afraid to lend to the common person. All three of the senators on C-SPAN are concerned. All three states that our government must fix this problem by the end of the week. It will cost 5% of the United States total operating budget to fix this problem. If it is not fixed, the effects will be far reaching. YOU my not be able to buy a car, borrow money to go to school, or own a home in the future. Write a response to my post that asks congress to move quickly to fix this problem. Be sure to explain your reason why this problem needs to be solved.
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18 comments:
I believe that people shouldn't get away with certain things just because they are of a higher status. If someone does something wrong I believe that they should be treated the same way as any individual. If this issue is affecting the middle class and lower class economy, they need to do some measures to where the people here of the United States shouldn't suffer anymore. It is already bad enough that people are already having a hard time to get by. This affect will affect everyone and soon people may start to think of even maybe leaving this country if push comes to shove. (Because thats how Im feeling right now by how things are going here.) I see no need to put more pressure on the people of the US when no one has done anything wrong. We should not have to cover and allow them to get away with their own mistakes.
Dear Congress:
Why are you allowing these things to happen, why is there no such thing as a middle class anymore, just low class and high class. It isn't fair how the poor is getting poorer and rich keep getting richer. Its a shame that US has ran out of money, "WHAT HAVE YOU GUYS DONE WITH ALL OUR MONEY?!". Now I understand why most Americans are moving to different countries and taking all their savings out of the bank. Why have you allowed President Bush tear this country apart peace-by-peace, WHY, and you still did nothing...
Dear Congress, I think that you should lower the taxes on morgages, because most Americans can't afford these homes on these low salary jobs that the economy is offering. The United States is already in a budget deficit so it is making it really hard for the average American to make ends meet. That is some of the things that are wrong with the U.S.
It is not right how they treat people now. As of now the rules of life are be rich or don't servive. People can barley afford the basic neccesities of life as it is. The government and all the people higher up are being greedy and mulipitive and we need a change. I am on my way to college and won't even be able to afford a car or a house in the future.
I feel that they should stop sitting around and waiting. I dont want my future to be ruined just because my government doesn't want to find a good way to solve it.
Dear Congress;
This is really a stressful situation that the government and the economy is in. This ecomonic crisis is really going to burden the American citizens if there is not a change in the processes with the ecomonic change. These economic decisions are not being taken into consideration until the situation is too deep to fix. We're in a recession, there is no other way around it; and it's only going to get worse if the problems are not fixed quickly.
Job losses will increase, more foreclosed homes will come about, it's obvious that there is no middle class anymore, so the people with low income cannot purchase new homes, or even cars. It's becoming a hard situation for the American citizens to even make a living for themselves and their families. The quicker you make this economic move, the quicker these issues can begin to fixed. If we waste anymore time, it's going to be a nation wide Depression. We really cannot afford another Depression, we really cannot.
Congress is going to have to be very quick on the money about this situation. We are only seniors in high school. By the time we are ready for college, if its not fixed, it is going to be very hard for us to recieve money for college. Not all students know about different scholarships that they can receive. So they are depending on student loans. If they can't receive the loans, there will be a very high rate of colleges losing money because students cannot afford to go to there schools.
I agree with Ashly the government needs to fic these problems, I dont want to suffer just to keep the rich rich, and the poor poor.
I believe one of the most important reanons the problem needs to fixed is because, our country is in a crisis, and families are no longer able to keep a steady income. Also things are'nt worth waht they use to be, and is bringing the value of the American dollar down.
Dear Congress:
We need to do something about our economic system, it is going down hill. Our families are living pay check to pay cheek as it is. You do not see it, Maybe because you are more fortunate than most but we NEED to make a cange FAST. Think about the children, When i get to college I will already be struggling to find a job. Whwen my kids get there they will not even be able to get a job.
Sincerly,
a worried citizen
I complety agree with Shareka. It's not fair that the Government basically want's to give out a handout to the banks because of what they did. Not only should the banks be held responsibe they need to pay a fine.
The government has to fix this problem and fix it quickly because if they take their time it will result in poverty and possible another "Great Depression". This to me and many others is a good enough reason for the government to at least attemp to solve this problem and if they fail then the people would be appreciative to that simple fact!
I am commenting on Ashly's blog when she said that we really can't afford another depression. And that is what the government is going to bring us in if they dont stop raising taxes & taking away jobs from families that need them that have low income. I feel that the government need to hurry up fix the economic budget deficit, so most families will be able to survive on a middle class income.
Dear Congress,
Im starting to be concerned. Do you even care about our country? Or is it everyone for they self? Is because you guys are leaving good it dont really matter about the rest? I agree with Shareka... this is exactly why people dont want to live in this country. You are not allowing enough opportunities. People are just looking for away out and you just keep pushing us DEEPER and DEEPER.
In total agreeance with Mr. Calhoun. I to believe that an important reason for the government to fix this problem is because we are in a crisis.
Dear Congress
I certainly believe that as a crowd of people that as freedom should be able to voice their opinion but not their inside lives. Which means that when people do the things that they do in public or anywhere that shows that they can't be control means that they need to be punished under some difficult consequences. I feel that many people take the freedom that we have to far and take advantage of them. So I say that the freedom needs to narrowed down to a certain limit and have strict actions take place.
In america when ever we have problems most of the times we are aware and know how to solve it. When I hear this problem what I see is many problems overwhelming the ctizens in the U.S. We as whole have been suffering with these problems so long that many of us just don't care. When you talk about raising these taxes it is going to hurt and affect everyone. This is not doing nothing but making matters worse. Pretty soon the economy is going to get so bad that there is not going to be upper, middle, and lower class of citizens. It is going to be nothing but upper class and lower class. Unemployment rate will go up and if you don't have a least a bachelor degree YOU WILL NOT HAVE A JOB.
Nikki,
Your response to the post is not clear. You were supposed to write a response to my post that asked congress to move quickly on the current finacial situation at hand. Make sure you answer the question.
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