I don’t know what to think about economic news today. But maybe I can channel what some of my neighbors are thinking.
My family and I recently bought a new home for six figures. Six-and-a-half orders of magnitude smaller than what didn’t get passed in Congress today. Over the life of my loan, I will pay my mortgage holder, whoever that may be, more than twice today’s (or yesterday’s) value on the property. If I stay put and don’t get rich, I’ll be almost eighty when I’m debt-free. Four presidents in the future, minimum.
How many Americans would have liked to see Wall Street put on a payment plan? How about coming up with a down payment? Another commentator I read somewhere suggested CEO’s attend mandatory credit counseling … like other problem borrowers do when the culture wants to exact a penalty.