It's been a couple of weeks since the $700 billion dollar bailout fellow-Americans (I think, but I really don't want to go find the exact date right now.) When I get on MSN.com, which is pretty much everyday, I am chagrined, nervous, and disappointed when I see that the DOW and NASDAQ continue to appear in red numbers - a color that should not be associated with the economy everyday.
The purpose for this post... well, there are many purposes. For me, the economy is like politics is like a bad, awkward date - I close my eyes, continue to not acknowledge it's effects on me, and pray to God someone better will come along and fix it. The economy scares the hell outta me because I don't know anything about it, or how it will effect me. I've been content to not know and have foolishly believed that many people on Wall-Street were working for the greater good. I don't have much money in savings accounts and money market mutual funds, so how could I really be affected? But, there comes a time when a woman must grow some ova and step up to understand her surroundings and how current events are shaping her future. (Grburbank reminded me of this in my comments a few posts back.)
If you want to become more well-versed in the current economic crisis AND know where to put your blame, here are a two links I found very, very helpful:
This episode, about 58 minutes long (just click on the "full-episode" button), succinctly explains who is to blame (both Repbulicans and Democrats and all the people in-between), what these crazy "credit-default swaps" are, and other useful information, like what you can be doing for yourself. Listening to this podcast really, really helped make me aware and more educated - plus, you should just listen to TAL because it's amazing and free.
This is a pretty short article, and doesn't have all the snazz that TAL does, but it explains some pretty big concepts.
Now. Can I rant? Yes. Yes I can. Although I still don't understand all the problems in the economy and have surely forgotten some things since I listened to TAL's podcast, I do get some things - like why John McCain and Barack Obama should shut up and stop pointing fingers and provide solutions because BOTH of their parties are to blame. On top of that, we, as contributors to the economy, need to step up and take some blame too. For far too long, Americans have lived on credit, lived beyond their means, - like buying houses that are too big, too expensive, and take up too many natural resources - and gambled with money on what has to be a "sure thing." There ain't no thang as a sure thang and this current crisis is a wake up call to that.
Who else is upset that this bailout is based on our tax money? That's right, the government, who does not get involved with public entities and private corporations, is using our money to save CEO's and fat cats who used too much credit - a basically non-existent form of exchange - to buy more and more and then crashed and burned? I'm pissed. Then to top that off, everyone says it's going to get worse before it gets better and if we, as "the small American", haven't really felt the effects yet, what's going to happen in a few months or years? I really don't want to think about it.
(Other things that bother me right now - why does the government have to buy stocks in companies? Socialism anyone? Why do we only have TWO options for president? Shouldn't we have more, well-backed party supported candidates? Silly anyone? Why do I keep getting fever blisters? Am I that stressed? Bah!)
So, if you've read this far, please take time to educate yourself - the act of doing so is empowering, even though it can feel like a risk. If you're an economist or smart business person or smarter or more educated than I am person who's read this far, please give feedback.
