Okay this is just rambling. I am keeping my disgust with all of this bailout business but just a thought that maybe those giving my money out need to recognize. What is really lost in all of the talk about failing mortgages and the resultant credit freeze is why are people unable to pay their bills. Sure there is no excuse for all parties involved when people were buying homes they had no business buying. The problem is the real issue is being ignored. To get a quick sense of the issue, check out the activity on the professional networking sites. Social networks such as Windows Live and Facebook get all of the attention but LinkedIn is a social network for professional use. It has been around for quite some time. I joined up a long time ago, so long ago I had to remember back to what password I was using back then when I recently received a join request. People are trying to build these connections because the job market more than the investment market has faltered. I don’t mean to offend any readers from countries other than the United States, but companies are faltering because since we have been farming out all of our labor, we can no longer afford to consume their products. This has been going on for some time, it has just become large enough that the problem has crept into the gated communities. I don’t have the answers, but I read of a CEO who was fired from one company after they could no longer take hits on their stock price, is hired to be a CEO of another company. Companies only concern themselves with stock price and investors only care about P/E; the quality of the product or service is not even a consideration.
The Auto makers???? I have bought a specific brand since I could afford it (take note of that). I was not so naive to completely believe I was buying American but I figured at least part of my purchase was patriotic. I love my truck but I am certain that very little of it was made in America, hence workers were not making money in this country to pay their mortgage and consume. Yeah I am anti-union and the American workforce in general is responsible for part of the issue, but these millionaires and billionaires have control. They can whine about the cost of labor but they are not suffering through the hard times, especially with the government giving them money to play with. Companies like Nike, Levi’s Walmart wrap themselves in the stars and stripes but other than high-end positions they are doing nothing but stealing from us.
I am just a jarhead, none of that fancy book-learning (another big issue in the job market). but you can only withdraw from a fixed source for a fixed period of time; the well is dry and it has nothing to do with “Credit Markets”!