Tuesday, July 07, 2009

At least people are getting what they asked for.

I pretty much hate talking to people right now. Even simple interactions turn to what is happening with the economy and how normal hardworking people are being prevented at every turn from moving on with their lives. It really is breathtaking how the banking industry is really trying to crush the economy.

Take today for example. I was talking with my insurance agent. I've been with them probably close to 10 years. I like them because they never turn over people. The same girl that works there today - worked there 10 years ago.

She was telling me how she'd been trying to close on a house in Washington. For almost a year. Despite obvious long proof of employment. She attested her credit score was over 800, and that she paid her credit cards every month. Now that it's been so long, houses in the neighborhood are being foreclosed on threatening the deal even further.

You see - a while back, I talked about the appraiser pool the government had set up. From all accounts it seems to be fucking things up for everyone.

But, this isn't the best part. The bank has been sitting on her deposit. 60 grand, for close to a year. Just as an aside - I'm glad I posted about the pool, because my insurance agent said her appraiser was costing her 450 bucks. More than the 250 I'd written about in May, but still under the 650 they used to cost. Give it time. It's only been 2 months, and the price has gone up close to a 100%. In another few months I bet it doubles again. After they've pushed all the experienced people out of the sector I'm sure.

I never got around to asking her why she hadn't pulled out of the deal. If I were a betting woman (and I am) I'd guess she is probably approved for this house, and if she pulls out, she might not be able to get approved under all the new bullshit rules. Or maybe she is locked into a favorable rate. Or maybe she'd loose part of her deposit? I don't know because we had moved onto talking about her kids.

One is in the medical field and now cannot complete her internship because all the jobs are used up. She is working some place up north now. The other - is a teacher who also can not find work, and is doing hours here and there at the Tot and drop. I guess it's a place where you can dump your kids when you have an appointment. It isn't a full daycare place, just a drop in. She's mighty glad she got a degree for that. Anyone would be. Right?

In a weird way - her family exemplifies the economy. The banking sector won't move, causing jobs to not be created. The banks win anyway. They get our taxpaying dollars and shift the blame to all those people who didn't pay their mortgages. But wait! What about those people who still have jobs and long term employment? No loan for you! We should give loans to first time home buyers instead. You know - the ones who have no proven track record.

It's no wonder the word socialism comes up so often these days. Yet the sad thing is - the people who want the government to rescue them don't realize - the government never does. I suppose people have been well off for far too long to understand this concept. It takes being really poor for a while I guess. Even then, I"m guessing they don't make the connection.

1 comment:

  1. Never put the same people in charge of solving the problem that caused it.