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Blog Entry 71 of 427 View from the middle or thereabouts.
A political pundit said most of us live life between the 40 yard lines. I'm one of them. Sometimes I'm right of center, sometimes the other way around.

Economics 101 Version Stupid.0
Contributed by: Brian Olson   on 3/3/2008

Saw a story on the weekend news that summed up the entire economic mess. The focus was on a woman and her husband with a household income of $79,000 who bought a house for $306,000!

Via an ARM of course. The first couple of years they struggled to meet the $1300 per month mortgage payment. Then the monthly payment soared and soured to $3600 per month.

They're trying to sell the house, but the best offer they have is $240,000.

The story ended with her in tears asking why the government aka you and me, isn't doing something to help her out.

We're all going to feel the economic pinch of this for at least two years.

But as soon as people stop buying homes they can't afford, and lenders stop giving money to people who can't pay it back, we can begin the road to recovery.



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Submitted By: Tracey Fanning
posted on 3/5/2008 @ 12:52:18 PM
Rated Blog Entry
Responsible taxpayers should not have to bailout idiots.My husband and I have work all our lives to live within our means.No Bailouts for anyone.It's time to sink or swim.Let the chips fall where they may and our economy will eventually recover.How many people bought homes and then started using more credit to furnish them along with the new cars etc...Many people who overbought and then went on to overspend,I just don't have any sympathy for these people.
Submitted By: Jamie VanEaton
posted on 3/4/2008 @ 3:18:33 PM
Rated Blog Entry
WOW. They majorly overbought. I remember back in the day you never bought a house for more than triple your annual income. And even *then*.
Showing 1-2 of 2 comments
CONTRIBUTOR INFORMATION

Brian Olson

Highlands Ranch , CO

Brian Olson has posted 427 blog entries and 21 comments since joining on 11/30/2007. Brian Olson 's average blog rating is 4.72.
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