As expected, Glenn Beck dissected President’s Obama’s state of the union address. It was what everyone expected Glenn to do and he did it so very well and with lots of pictures, graphics and timelines. It was so well presented that a 5 year old would have understood it.
I received an economic lesson from Mr. Beck and let me tell you, it brought back memories of an incident back in 2003 and I was right-on back then. I was told by a lending company in Miramar Florida that based on my husband’s and my credit score, we did not even need to have an income to qualify for a mortgage loan. I was so flabbergasted that I felt I needed to become my own loan officer and make sure for my financial health if I truly could afford to get into this home. After crunching my numbers, I then argued with this loan officer but she was too giddy with excitement. She was trying to convince me that my credit score afforded me an opportunity of a lifetime. I got such a bad feeling with this revelation that the full impact from a speech given by President Bush came to mind. The speech outlined how he was going to implement a program that will give all Americans an opportunity of the American dream, owning a home. What no one knew was that in order for this to happen, there had to be a lifting of certain checks and balances where under normal circumstances, would have red flagged certain applicants. The bankers were given green flags to package creative financing for applicants with less than desirable credit. In most instances, the applicants were not fully aware of what ‘creative financing’ really meant to their bottom line. When this loosening of restrictions became rampant so did the rising of home prices, and the greed, and then the bubble and here we sit...
In conclusion, my husband and I lost money in that deal because we backed out, our common sense radar kicked in. We knew that the lenders were not looking out for us, only themselves. After walking away from the deal, I made a comment to my husband in the car that this does not look good for the future of this country. I wrote about my experience and sent out letters to the Miami Herald, and CNN.com because I felt such a sense of responsibility in trying to stop this runaway train. But it seemed the ball wrecker was in motion and no one wanted to stop it or be the bad guy in calling attention to it.
I never like to say, ‘I told you so’ but I TOLD YOU SO!!!
Your thoughts?
omg no doubt. So to further this I liked how Glenn further went into disect who was suppose to be watching who on wall street. Those evil Goldman Sachs people. Interesting now they are some of the political advisor's. I feel that if we dont move in a forward fashion in regard to this countries future we are in for a deeper world of hurt. I am going to the TEA (taxed enough already) party on April 15th and I will house anyone who wants to come here and stay. Also I think its a great movement for the restoring honor that will happen on 8/28 I believe. I am tired of things looking like they are and for people who dont do their homework then Obama and other parties look like sure thats a great idea. Like the freezing spending for 3 years. Do you realize this is ONLY on 17% of the spending and they are doubling it before they freeze it. So this would be the equivalent of Philips prior boss saying "Hey we are going to freeze your salary for 3 years, BUT before we do we are going to raise it 2x that much." So would I mind if Philips salary would be frozen and $150k 3 years?? SHIT NO!!! WHO WOULD. Lets not forget as well that after this is frozen for 3 years they cant go $1 above or below. So lets say they see that they can take off 2 billion for the trades - they wont. Its total bull shit. So now I will get off my soap box :D NEXT!!
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