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Representative Maxine Waters does not speak for all of us
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I watched with frustration today as Representative Maxine Waters (D-Ca) was interviewed on Fox News and claimed it was the Republicans’ fault that regulations were relaxed and “creative” loans were introduced on the market which then inspired uneducated buyers to purchase homes that they can not afford. Wow. First of all, it was mostly Democrats and organizations like ACORN which insisted the banks extend loans to those who normally would not qualify. See my earlier post on the Anatomy of a Financial Crisis.
Representative Waters then went on to angrily state that the bailout bill funds are not being used to help those who find themselves in financial trouble due to those “creative” loans and the failing real estate market. I agree that the funds should have been used in ways other than purchasing stock in financial institutions and bailing out airlines and auto makers.
But then Waters claims that those people who are not yet behind on their mortgages are not frustrated with possibly paying the bill for those who are. If we take out the double negative – those who are paying their mortgage are happy to also pay the bill for those who are not. Neil Cavuto, who was interviewing her, asked her twice and she replied the same way twice.
For the record Representative Waters, I am one of those people who are not currently behind on my mortgage, but I’m feeling the financial strains of the economy. I am doing everything I can to keep my head above water and every day is a struggle, and a worry. And I am frustrated that my tax dollars are being spent to bail out those who are behind on their mortgages because of “creative” financing while there is no consideration for people like me who qualified for a “traditional” mortgage, did not contribute to the massive mortgage defaults, but now, thanks to the economy caused by the real estate crash, see my own margin between income and expenses growing thin.
We need to help out everyone in our economy. Both those who were irresponsible (change the mortgage to a competitive interest rate) and those who were not (offer three, four and five percent mortgage refinances to help with cash flow.) If it is the real estate industry which caused this economic crisis, then we need the bailout focus back on the real estate industry for the solution, but don’t choose to help only one segment of our economy, when the economy affects all of us.
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