Banking On . . . What?
Gosh I wish the government would just go on vacation or something! Those legislators have got to be suffering from writer’s cramp by now, what with writing all those multi-thousand page bills and all. At least they’re not having to read them, though, so eyestrain isn’t a problem. Then there are all the unelected multitude of “rulers” in the executive cabal that are probably suffering from overworked muscles with all the arm twisting they’ve had to do. Their leader has to be concerned about voice strain by now with all the crap he’s let flow out his mouth. Yes. I think they all need a long vacation!
The latest word is that the financial restructuring legislation we have to look forward to will be on Obama’s desk for signing by Independence Day. What irony!
The only thing you really have to know about this bill is that it creates a whole new set of watchdogs on our finances. Oh good! Just what we need – more hounds on the whole idea of the free market system! Oh, and don’t forget about that tax that Obama wants so that we can all get our money back for the bailouts! Wow! The audacity of THAT hope, huh?
Now, I don’t know about you folks, but all this leads me to believe that the last place I want to put any money is in the whole banking and investment system – risky or not! I still remember how it was forty or so years ago when a twenty-dollar investment in a passbook account at any bank in the country would give you a return of between five and eight percent interest. And you were not charged a fee for the bank to take and use YOUR money! Remember that?
Fortunes were made overnight in the stock market and most of the profit was invested in such instruments as certificates of deposit – or even just such passbook accounts as I mentioned earlier. The banks could loan out a lot of that money to folks for whatever good ideas they had for businesses or to fund dream homes, automobiles, or (gasp) emergencies that came up unexpectedly. Honest, hard working people could sign up for a modest amount of debt that they could, then, expect to pay back in full within a reasonable length of time.
Yes, people were still able to bury themselves too deeply in debt, and the suppliers of the money were still able to make risky decisions that could either pay off or lose their fortunes – but America, on the whole, continued to prosper. That’s how it was way back when people were still free in this country.
But now, in the throes of this “spread the wealth around” mentality, nobody is supposed to risk, nobody is supposed to gain, and certainly nobody is supposed to fail. How ducky!
Assuming I had a large sum of money to invest somewhere – hahahahahahahahahahaha – okay, I’m over it now, it certainly would not be in a financial institution. Rather, I would choose to invest in my children’s future through things that I knew would outlast me. I’ll let your imaginations run wild with that one!
Anyone still thinking that they should run up a large debt – for anything – is stupid to say the least, and dangerously naďve at best.
What are you banking on? Perhaps that this government will go on extended vacation? Say – until sometime towards the end of next January?