Mary Wells | 12/07/2008 11:00 pm

Mary Wells to Government: It Isn't Your Money

In response to: The state of the economy has us shaking in our stilettos. What can we do to keep our fears under control?

I think we should fear the recession and learn all we can about it. We either helped it along by taking on more than we could afford or by not focusing on the loose, dangerous offers made to us or by assuming those in charge of banking and government finance planning and controls were right and knew what they were doing and would not get us into trouble. We should learn now, pay attention, see with clear eyes what is going on and who is doing what so we won’t contribute to the next one — there has always been a next one. But when we were in the easy money bubble we were told by our government we would never have another recession. We should have known then we needed to start demanding clear explanations! I am reading everything I can find to understand what has happened and what the new administration plans. It isn’t "their" country, "their" money. It is Americans’ country and money. We should keep in our minds that easy money is often dangerous and makes you do
things you regret.

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Thank you, Mary. The more people do their own homework, the more power they get in the voting booth. We had so many years of relatively trouble free economy and we became lax and let our guard down. Part of this situation we find ourselves in is because many people simply stopped voting and allowed mediocre people into the government that were very self serving. We are the principle in this country that must practice oversight. That means we need to depend upon ourselves and not a bunch of highly paid network pundits to gather information about the conditions in our nation that affect us. We have to Participate in government by making OUR voices heard; phone calls to the congressmen, letters to the editor, feedback to the local represenitives. And we must remember that Knowledge is Power.

By Diana T on 12/08/2008 9:22 am

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Thank You Mary, Well put. It isn’t “their” country, “their” money. So true. It is our money and our country. As I sit and watch the proceedings on all the bailout issues, I am so amazed that the people that helped to get us into this position are the ones deciding what to do about it. Yes, I believe that the American people in their own way contributed to it, whether we over leveraged ourselves enjoying the drug of consumption due to such easy credit, or were not paying attention to what our government was doing. The lack of regulation spurred greed and a “get away with anything you can” attitude. I am always surprised that insider trading trials are somewhat rare, because many people do it, and on a daily basis. The greed could not go on forever, and congress’ old game of I’ll scratch your back and approve something for your district, if you scratch mine back with passing this piece of legislation, leaving the American Taxpayer paying the bill. In the meantime, the legislation is heavily endowed with useless earmarks as if it was the congress’ personal money, then more earmarks are added after it has been signed off. Sneaky. Trickle down? Well, where was all the money coming from? Something trickled down because employment increased, unfortunately, it was based on a house of cards.

By Frannie Em on 12/08/2008 12:52 pm

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I agree Diana. But the hard part is understanding which new info is correct and truth worthy to use in making a powerful voting decision.

By Grande Camper on 12/08/2008 9:39 am

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Hello, Debra, That’s why I go to pure statistics, think tanks and do my own research. There are certain economists and military experts that are not tied to large salaried lobbying groups that I read. The truth is out there; one has to take the time to dig it out.

By Diana T on 12/08/2008 2:22 pm

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Have you ever requested an estimate for a particular service only to receive a bill with numerous unexpected charges? Well, we’ve been low-balled to death. We were told that the war would pay for itself, tax cuts for the wealthy would trickle-down to everyone else, out-sourcing jobs would ultimately create better jobs, the fundamentals of the economy were strong, and on and on and on. Not only were we misled by these estimates, but the original problems were never addressed and now they have magnified beyond recognition.

By I.M. Kane on 12/08/2008 11:24 am

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Mary, The money may not be theirs, but they own and operate the printing press and they levy the taxes. And they pay themselves handsomely, in good times or bad. They don’t even pay into Social Security…they have their own special retirement plan…supported by our taxes.

By Lee Harrison on 12/08/2008 12:38 pm

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Every time I hear them throw around the term “billion” as to dollars…. i just get sick to my stomach. I keep thinking “where is that money COMING from”??? and i look around and I think… it’s coming not just from us but from our kids and our grandkids and i’m just sick about it. it’s OUR money but we don’t get much of a say so as to how it’s spent.

By Chrome Toe on 12/08/2008 1:23 pm

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Sadly, I think the term their using today is “trillions!” Those printing presses will be working overtime.

By Lee Harrison on 12/08/2008 1:37 pm

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They’re printing money which will only cause problems later. It is a practice that will sink the economy even more. And this is what comes from all those Ivy League degrees?

By Frannie Em on 12/09/2008 12:29 am

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The trouble is that we are not immune or insulated from the bleak and dire possibilities of a shut down of our entire mfg. core.Who ya gonna call? Should the oil companies be compelled to give back some of their BILLIONS in unprecedented profits. The accusation that there is a historic collusion between these industries should be exposed. The U S government has subsidised them for decades and now some how they want more, more, more!! Technology has existed for 60 years that would get 40 - 50 mpg on your average V-8. Standard oil owns the patent and I’d bet that they make a pretty penny fueling military vehicles. Socialism for the rich? It’s time for this government to act with their full authority and get serious with these opportunists and let them know in no uncertain terms that the party is changing the tunes for the dance! Obviously the same players are a neccessary evil but those obese characters need to give some of the fat of the land back now!!!! It’s in their best interest anyway! Yeah, The petroleum industry has to give something back in a big way!

By immoddesta godessa on 12/08/2008 3:14 pm

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Mary Wells is absolutely correct. We should fear the recession by taking the steps necessary to watch over our own money. Job loss is continuing and the feds (both branches of government) are going to be anxious to propose legislation that will make those citizens in little danger and with the perceptivity to have saved some of their earnings to pay for the carelessness of others, including badly managed corporations. Lawmakers, if unable to obtain the tax increases they desire (which is absolutely the worst thing to do in a recession) will, as many have suggested in earlier comments, open the printing presses and then the problem becomes even more compounded. As Mary Wells suggested “easy money” is not the answer; it is often dangerous and always comes with consequences.

By Bonnie Oliver on 12/08/2008 9:05 pm

Bonnie I am so ashamed of our government. All of them. They have participated in letting this happen by not sounding any alarms. Everyone has their eye on polls and getting reelected to the demise of standards of living for everyone but them. The middle class on down gets hit harder than anyone. How many bailouts have we had in our lifetimes? Every decade there is one, but this one is the worst because it hits most of the world.

By Frannie Em on 12/09/2008 12:35 am

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Frannie Em - I agree with you. I wonder how many mortgage bankers and loan officers were looking at their continuing profits because of the sup-prime loan practice which they must have known was the personification of shady banking practices. Were they chuckling as they received their bonus checks? Were the CEOs of the federal agencies of Fannie Mae and Freddie Mac also chuckling about the number of loans being made under the undesirable but Congressional protected practices of sup-prime lending? Those CEOs were being paid by the number of loans made, not by the gross amount of interest collected. Their shenanigans should be prosecutable, but I doubt if they are. The CEO of Merrill Lynch - that historically wonderful brokerage house, walked off with $80 million dollars while the founders of the brokerage house are spinning in their graves. A great company brought down by greed. Yes, I agree with you Fannie. I am ashamed of them and of our lawmakers, including Rep. Barney Frank. who actively discouraged any reviews of the sup-prime loan practice. Shame on all of them. Who knows how all of this will turn out; we only know that it will not be easy and that for all those who profited with either cash or re-election, the chances of them being forced to surrender their gain is most unlikely.

By Bonnie Oliver on 12/09/2008 1:04 am

Oops - Of course, the correct term in sub-prime, not sup-prime

By Bonnie Oliver on 12/09/2008 5:38 am

Bonnie I have been watching some of the investigation proceedings by congress of the CEO’s past and present of Fannie and Freddie and they are all acting so contrite, but most of their answers are full of…… well, for lack of a better term… B… S….~ Every time one of them opens their mouths toads jump out. Franklin Raines was there, he made $90million off of Fannie Mae in his tenure, while Fannie lost $9billion (last amount I read, twice, but haven’t checked it more.) And that wasn’t even when FAnnie and Freddie were peaking in loan securitization. I wonder what the next guy made and lost us. Where was the media? Was everyone so wrapped up in Bush Derangement Syndrome that they didn’t value what was happening? Was stirring up fear between the left and the right ideologies more important than people staying in their homes, or not being preyed on by greedy lenders? I am so tired of it. My 15 year old could have done a better job.

By Frannie Em on 12/10/2008 1:09 am