Backstory: When Jeff and I purchased our home four years ago
the builder's mortgage company nearly refused to give us the 30-year fixed we
requested, telling us we would be better off with an ARM because a) we wouldn't
be in the house for long, b) we could use the money we could save, c) we had
great credit and could get a better rate. I had to say no countless times
before they reluctantly (I'm not kidding, sighs and all) to do the 30-year
fixed. Could you imagine the crap hole we would be in if we didn't?
From the beginning I was against the bailout because I felt if companies made crap decisions and people fell for it then they should sink. A wash of sorts. I haven't changed my mind despite being told that if they hadn't given them the money the economy would be twice as bad today, etc.
Now, the car companies are starting to beg for money. I can't remember where, probably CNN, I read a commentary piece about if we bailout the banks, the automakers would be next, followed by the credit card companies and so forth. I wish I could find this article! While I see the social benefits of this bailout more clearly, I'm still not for it. Hybrid and other gas alternative vehicles have been available outside of the US for years, but American companies are dragging their feet on this (mainly because they are bedfellows with oil companies). There is a reason why Toyota and Honda have battled for number one: because they provide the options people are looking for. Furthermore, the idea of quality has been lacking in American made vehicles.
Is there something I am missing, guys? Please fill in the blanks for me...