October 1, 2008

If Only All The Pundits Paid Their Two Cents

I rarely talk about money on here. If you keep an eye on the various links I post off to the side (which I have not updated in forever – but, Whatever), you will see financial things pop up quite frequently.

This bailout/credit crisis/end of the world gloom and doom being splayed all over the news problem affects us all. It affects our jobs, our homes, our credit lines, hell, it affects what I will be giving for Christmas.

I was completely against the bailout as it was presented in the House. I believe I will be against the Senate’s version as well.

I am against it, knowing full well that several of my family members and friends will probably lose their jobs and homes as a result of it not passing. I am against it in spite of that because if it doesn’t pass, they will still lose their jobs and then their homes. If they are in a difficult position now, that position is not going away due to a quick bailout.

We are in a recession. It is not going away. One article I read stated it simply, we are only in the second, maybe third inning of this ballgame. So if it is all going to hell way before the seventh inning stretch, why spend $700 zillion dollars. It will only delay the inevitable breakdown for a very short time. Injecting cash the nation does not have into a broken economy built on people living beyond their means is not going to fix anything.

The only thing that is going to get us out of this mess is what we should have been doing all along. Save money. Don’t buy things you can’t afford. Spend less than you earn. Don’t use credit. Dave Ramsey, Suze Orman, David Bach and countless other financial hacks had it right all along. Hope you aren’t sick of them already, they will be everywhere for the next few years. Because they have it right! Although personally, let’s get rid of them, because I would rather hear from Trent at The Simple Dollar.

During Friday’s debate, McCain suggested a spending freeze. To which I shouted, "Amen!" The government needs to do exactly what I do when I run out of money. Quit spending. No dinners out, no dry cleaning, no movies, no quick runs to the grocery store. I make do with what I already have. Why? Because that is what you do when you are broke. I don’t go and charge things in order to make it to my next paycheck. I stop spending money until I have more money. What a novel concept.

The government has to freeze their spending. Cut it down to the very bare basics. There is no other way. Spending more and more money will not get you or me out of this mess. It won’t get the government out of it. It won’t get the country out of it.

By the time this is posted, it may be too late to contact your congressmen regarding this bailout. However, keep in mind that this problem is not going away even if the bill passes, so keep their contact info handy. You need to vocalize your opinion. Tell your elected officials what you think. Don’t hesitate to let them know that you will vote them out of office for ignoring your desires.

Click here to find out how to contact your Senators.

Click here to find out how to contact your Rep.

On a more personal scale, everyone should be working on their own spending freeze. Save your nickels and dimes. They will turn into many dollars over time. Be prepared for the recession.

I loved these links:

http://www.bripblap.com/2008/how-the-bailout-failure-affects-us/

http://www.thewisdomjournal.com/Blog/back-to-the-basics/

http://www.wisebread.com/whats-the-big-deal-about-banks-refusing-to-lend

However, there are so many more resources to figure out ways to cut your spending, save money, do the right thing with the money you have. You can find a ton of blog posts on all possible personal finance related issues at pfblogs.org.

And that is my two cents.

3 comments:

Kaytabug said...

I emailed them all today. I guess my 2 Repub senators ignored my email.
Hope the Rep. listened.

I was just number crunching before I came here. I'm pretty bummed. It's good to know you are one of the smart ones, and I'm glad I know ya!

Sauntering Soul said...

I have no credit card debt. I don't spend what I don't have. I don't have a mortgage - I'm a renter of a tiny 700 square foot apartment because that was within my means. I pay my car payment, insurance and utilities on time every month. I may not have as much in my savings account as I would like, but I do have a little bit of savings. And I am really not happy that my tax dollars are going to be spent on a bailout because people making $40,000 a year felt like they should go out and buy a $400,000 house they can't afford. And because lenders allowed them to do so. The dollar was already weak and this is going to make it worse. I'm so angry at the state our country is in right now.

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