Banking On . . . What?
Deborah Venable
06/26/10
Gosh
I wish the government would just go on vacation or something! Those legislators have got to be suffering
from writer’s cramp by now, what with writing all those multi-thousand page
bills and all. At least they’re not
having to read them, though, so eyestrain isn’t a problem. Then there are all the unelected multitude
of “rulers” in the executive cabal that are probably suffering from overworked
muscles with all the arm twisting they’ve had to do. Their leader has to be concerned about voice strain by now with
all the crap he’s let flow out his mouth.
Yes. I think they all need a
long vacation!
The
latest word is that the financial restructuring legislation we have to look
forward to will be on Obama’s desk for signing by Independence Day. What irony!
The only thing you really have to know about this bill is that it creates a whole new set of watchdogs on our finances. Oh good! Just what we need – more hounds on the whole idea of the free market system! Oh, and don’t forget about that tax that Obama wants so that we can all get our money back for the bailouts! Wow! The audacity of THAT hope, huh?
Now,
I don’t know about you folks, but all this leads me to believe that the last
place I want to put any money is in the whole banking and investment system –
risky or not! I still remember how it
was forty or so years ago when a twenty-dollar investment in a passbook account
at any bank in the country would give you a return of between five and eight
percent interest. And you were not
charged a fee for the bank to take and use YOUR money! Remember that?
Fortunes
were made overnight in the stock market and most of the profit was invested in
such instruments as certificates of deposit – or even just such passbook
accounts as I mentioned earlier. The
banks could loan out a lot of that money to folks for whatever good ideas they
had for businesses or to fund dream homes, automobiles, or (gasp) emergencies
that came up unexpectedly. Honest, hard
working people could sign up for a modest amount of debt that they could, then,
expect to pay back in full within a reasonable length of time.
Yes,
people were still able to bury themselves too deeply in debt, and the suppliers
of the money were still able to make risky decisions that could either pay off
or lose their fortunes – but America, on the whole, continued to prosper. That’s how it was way back when people were
still free in this country.
But
now, in the throes of this “spread the wealth around” mentality, nobody is
supposed to risk, nobody is supposed to gain, and certainly nobody is supposed
to fail. How ducky!
Assuming
I had a large sum of money to invest somewhere – hahahahahahahahahahaha – okay,
I’m over it now, it certainly would not be in a financial institution. Rather, I would choose to invest in my
children’s future through things that I knew would outlast me. I’ll let your imaginations run wild with
that one!
Anyone
still thinking that they should run up a large debt – for anything – is stupid
to say the least, and dangerously naďve at best.
What
are you banking on? Perhaps that this
government will go on extended vacation?
Say – until sometime towards the end of next January?