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Why is everyone so dead set on pointing fingers with it comes to our financial hardships?

I get it, the government makes bad choices that do cost us and they definitely have a lot to answer for when it comes to the state of the economy, but seriously there is not just one person that is at fault and I think we all know that...
That being said, while I agree that the govt definitely got us into a mess, I have to say that they certainly had some help.... Too many people have gone out and gotten 50 credit cards because Macys and Kohls was having a sale and bought $4000 worth of stuff and have spent the past 5 years paying the $7.00 a month minimum... Too many people went out and bought brand new cars with $450 a month payments. For some households, they bought more than one at a time. Too many families bought way more house than they needed simply because they could at the time... And thats just it, AT THE TIME... No one planned for things to go wrong... So are not some of us to blame that we didn't have a plan B???

 
BriHan06

Asked by BriHan06 at 11:44 AM on Aug. 10, 2010 in Politics & Current Events

Level 19 (7,166 Credits)
This question is closed.
Answers (27)
  • BriHan06 - I applaud your self discipline re finances.

    Even though many of us didn't have a Plan B, it wasn't too late to pull in the reins and stop spending foolishly (I am speaking only for myself).

    In a way, this financial crisis may prove to forge a stronger America - people will be more careful about how and where they spend their money. We were not a "saving" nation before but there are indicators we are trending that way.

    My attitude is what has happened is water under bridge and we can only forge ahead.
    tasches

    Answer by tasches at 3:00 PM on Aug. 10, 2010

  • Easy. It's easier to point fingers than to take responsibility for our actions and life. However, what people don't realize is that once you accept responsibility, it's empowering,
    LovingSAHMommy

    Answer by LovingSAHMommy at 11:45 AM on Aug. 10, 2010

  • (cont'd) or accusing the bank of being "against the poor". So, since there was so much pressure to make these dangerous loans, and the gov't had expanded their promises to cover any loans which defaulted (by paying the banks back for their losses using taxpayer money), the banks went ahead and jumped on the bandwagon, even against their better judgment.
    Once the loans started defaulting (as inevitably they HAD to - duh! ) it created the domino effect. Someone who needs to sell their house in a hurry (because they cannot afford the payments and want to avoid foreclosure) will sell it for a lower price. This pulls down the value of the other homes in the neighborhood. And a foreclosure is even worse. And a foreclosed house which is sold for rock-bottom is worst.

    The home value crisis precipitated the economic mess we're in, and we still have MANY of these bad loans ticking away to the 5-year mark when the payments (cont'd)
    waldorfmom

    Answer by waldorfmom at 12:16 PM on Aug. 10, 2010

  • clapping

    butterflyblue19

    Answer by butterflyblue19 at 11:46 AM on Aug. 10, 2010

  • That was a great post! Yes, there have been way too many people who bought homes they couldn't afford because for a few years it seemed ANYONE could get a mortgage.
    And too many live on CREDIT. If we all just admitted how we are responsible, it would be so much better. I KNEW how much I could afford when I bought my townhome,even though I was told I could afford a home that was more expensive.
    ANd the car dealers will give loans to those with low credit ratings but they charge high interest rates on those loans and screw the buyer. It takes EDUCATION and responsibilty and we need to stop blaming everyone else for our own mistakes!!!
    The economy has been tanking for many years. Unfortunately we tax payers have to pay billions of dollars for WARS.
    gertie41

    Answer by gertie41 at 11:52 AM on Aug. 10, 2010

  • First may I say thank you for asking a question that has nothing to do with gay marriage!
    To answer your question, because finger pointing is always easier than getting off ones duff and making a change, not too mention owning up to your responsibilities.
    salexander

    Answer by salexander at 11:55 AM on Aug. 10, 2010

  • (cont) 5-year mark when the payments go sharply up and the homeowners cannot afford the new monthly amount. ... So we have by no means come to the end of the foreclosure spiral.

    Right now, "this mess" is mostly about jobs. Businesses can't get credit from banks to move forward with their projects, etc. And people in the media & politicians are pretending that the banks are to blame. Not true.

    When the gov't spends at a deficit, it BORROWS the money. Sure, some gets printed, but mostly it is borrowed. And most of it is borrowed from the Federal Reserve which is a group of banks.

    So guess what. The $1.2 trillion deficit spending you hear about is $1.2 trillion NOT available for banks to extend to businesses. Instead, it's been sucked away into gov't spending.

    THAT's what's blocking hiring. THAT, along with the GOV'T taxes & regulations, is CAUSING THE UNEMPLOYMENT.
    And it's SIMPLE to reverse.
    But those in power don't want to
    waldorfmom

    Answer by waldorfmom at 12:31 PM on Aug. 10, 2010

  • BriHan06, I totally agree that people must live within their means and straighten out any irresponsible attitudes they have. This is especially important right now because this economic crisis is not a temporary "dip" and they cannot count on a recovering economy to help them recoup if they've bought stuff on credit.

    But I feel it is crucial that we clearly understand the very personal impact of the gov't choices, of every. single. vote happening in Congress right now.

    They passed a law which requires any new program to be paid with EXISTING funds. This is to prevent any more Defict Spending. It's called "Pay as You Go" or "paygo". Big fights in Congress have erupted over proposed bills which duck around this requirement. The opponents get portrayed as bad guys - for example who "don't want to help the unemployed" by extending unemployment benefits beyond the current 99 weeks.

    The bills pass, and deficit spending goes up.
    waldorfmom

    Answer by waldorfmom at 12:45 PM on Aug. 10, 2010

  • To keep from having to point them at ourselves.
    urkiddingright

    Answer by urkiddingright at 11:56 AM on Aug. 10, 2010

  • Government makes bad choices and so do people.

    If you can't afford to have food maybe you should not have a cell phone?

    The problem is that people think you should have everything your neighbors have? and that is not how it works you only get what YOU can pay for.

    I see women on here who say they do not have money for food but at the same time they pay very high cell phone bills, internet. There a lot of ways to cut back and then you will have enough for food.

    We have been there and have done it.

    The Government and people need to Cut back!!
    gammie

    Answer by gammie at 12:06 PM on Aug. 10, 2010

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