I Want My Bailout Too and Here's Why
With all the bailouts and emergency assistance many of America's corporations are getting from the US government, perhaps it is time we the consumer and tax payer get our fair share of the free money being handed out wily-nily. Here is a list of items I wish could I could be bailed out-of and the justification, which I realize are just as flimsy as the financial and automaker's reasons, but hey they sound good!
1. I want my 40%+ investment portfolio and 201K losses returned. Why should I suffer losses for companies that were badly run or could not have anticipated such bad economic conditions. You can't blame me either for bad investment choices, because who knew stock markets and house prices could go down. If my portfolio losses were returned to me, I would think about re-investing them in insurance companies or putting them in an FDIC taken over bank that is already supported by a bailout. It is a win-win situation for all, right?
2. I want my job security back. I had a perfectly stable and boring job a few months ago, but now with companies going bust and unemployment shooting through the roof, even my firm is feeling the pressure which means my job is now at risk. My morning coffee conversations have turned from sport and high oil prices, to the sorry state of the job market and seeing who lost their job on the various social network sites (LinkedIn, Facebook) and blogs I visit. Monster.com is also moving up the list on my top sites visited as I try and see what is out there, just in case.
3. I want my 2006-bubble house price back. I like the fact that a house which should only have been worth $500,000 was worth $1,000,000. Being a paper millionaire felt great. So what if I could not afford it, at least I was not alone. Everyone on my street was in over their head. Alas, many of them have now left, and not by choice. Luckily, because I still have a job and lots of credit cards I can make my home repayments. However that could all change very quickly when the next LCD TV that I must have is on sale, or I lose my job. So can the US government please restore the housing and stock market bubble. Things were much more fun then.
4. I want a tax freeze on future income. A little known TARP provision provided banks with a $250 billion tax break (don't believe me, check Pg 53). Where is mine? I am suffering too. I promise that if I don't pay taxes I will give more to charity. Also, just think if we paid no taxes the companies we work for can cut our pre-tax salaries by 10-15%, save all that money in payroll expenses, meaning that they will not need any government assistance after all. The government can replace the lost tax revenues, to pay for future wars and Obama's spending plans, by just print more money (which they are doing now at will) and keep adding to our forgotten national debt. As a worst case, if the US government faces bankruptcy or default, it can ask the rest of the world for a bailout because aren't we "too-big-too" fail? Hard to argue with this solid-as-mud logic, if you ask me.
5. I want free markets back where the best get ahead (capitalism). After all my years of frugal living and careful saving, I am being punished. Where's the justice in that? I now wish I had over-spent, over-extended and over-indulged during the last few years. At least I would have had a big house, expensive car and wicked set of electronics to enjoy while I let my state-of-the-art answering machine take all the debt collection calls.
It was quite therapeutic to make the list, but I don't think I will see government relief anytime time soon apart from token stimulus payments. I'll just pay my taxes like a good little citizen so that the government can give it all away to our too important to fail, "responsible" corporate citizens. If I didn't work for one of these corporations, I would be even more annoyed. What's on your bailout wish list ?
Note: I'll get back to some serious posts next week. Given the horrid week economically speaking, I thought a little bit of sarcasm and humor was needed. Also, don't tell me you checked Pg 53?
Picture : sikh_kaur_lioness
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December 5, 2008 5:39 PM
I enjoyed reading your wish list... but I'm afraid it's all gone and its not coming back anytime soon.
And the government is gearing up to kick you when you are down. The little money that you have left is about to get taxes and inflated our of your hands.
December 8, 2008 1:31 PM
Inflation isn't all bad if you're a homeowner Curt. It will also erode the value of the posters' mortgage debt in real terms.
December 9, 2008 2:34 PM
I don't really agree with you wanting a "refund" on your "201k". There is absolutely no guarantee that 401k accounts will not lose value. You agreed to take a risk by putting your money into one of these accounts, hoping for a larger return than you could achieve with a CD or savings account. This recent downturn is the downside of risk. If you want 7 or 8 percent return annually on average, you are going to just have to deal with losing 30 or 40 percent some years. If you don't want to take this chance, invest in a CD instead.
December 9, 2008 2:39 PM
oops...missed the disclaimer about sarcasm...disregard my previous post. *gets down off his high horse* :)
December 9, 2008 2:46 PM
Thanks Curt. It was a bit of a tongue-in-cheek post, in that I was highly exaggerating some points. Consumers want a bailout but we have to remember if it wasn't for our demand and acceptance to take on loans we could not afford, we wouldn't be in this mess. Companies are to blame too, but they serviced a demand. We, the consumer, created it.
Monevator. True.
Jeff. I should have put it (disclaimer) up top I think. Per my above commment to Curt, I agree the consumers are complaining of bailout's but they need to look at their own actions first - which is what I tried to highlight (in a comical sense) in this post. Investing for an above risk free rate of retrun (CD's) of any sort is not a risk free game. Lots of people forgot that during the boom times.
February 13, 2009 6:35 AM
I have been taught over the last 15-17 years from my parents that you work your ass off, save and you can buy a home........after you get your degree or equivalent or trade or a great job etc. I am disturbed that people think the "poor me" syndrome allows them to heave the responsibility for their purchases (including homes) to me and other U.S. taxpayers. It's sickening. No one paid for my college education, let alone my home when does it end? Unable to pay for your home mortgage? I am so sorry but do not think a bailout is the answer.
February 17, 2009 8:27 PM
This economic stimulus bill is a real loser. It is way to complicated, not well planned, and will not put the money in the hands of the people who need it most (the American people). The money should have been divided up proportionatlely and given to the 50 states earmarked for roads, bridges, schools, prisons, and so much should have been earmarked for rainy day funds. The governors of all these states should have been called together for a meeting and told how the money was to be spent with absolutely no exceptions, and do not come back looking for any help unless it is an absolute emergency. The rest of the Trillion $ should have gone in the form of a one time $5,000 per individual, $10,000 per married couple rebate check for households making under $75,000 per year regardless of how many children you have. You spend it any way you want to however when it is gone, it is gone, so we suggest you spend it wisley. Also, last but not least, implement the fair tax. Taxes are paid at the cash register for goods and services. No more income tax, tax returns, fighting with the IRS, and state income tax commissions. No bail outs for big business or the banks. Sorry GM but if you have to go, I will be happy to drive a Ford or a foreign made product. Also, if the banks do not have the money to lend me for a mortgage then I will just continue to rent a place to live or work a little harder or a little smarter to get the money to purchase a house with no credit. The bottom line is this; the American people have been sold a Lemon by Barrack Obama manufactured by the Democrats in congress, and have paid over a Trillion $. Question: When this lemon blows a piston rod out of the engine block and drops the drive train on the highway, guess who will get stuck with the bill? Answer: The American tax payer!
February 22, 2009 2:38 PM
I couldn't agree with you more. I know you are being a bit sarcastic. But, the reality of it is that TARP at a minimum looks as if it is giving greedy incompetent people help that they do not deserve.
Beau
February 25, 2009 10:43 PM
I still don't see any help for the people who live paycheck to paycheck, hoping there is enough to cover the high electric bills and mortgage payments.