Sub-prime mortgage crisis

So this morning I'm watching CNBC, as I usually do in the A.M. just to see how the markets are doing before I switch it over to Maury to find out who the father is, and Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson are taking questions from the Senate Committee on the "Hope Now" program.

For those that don't know, the "Hope Now" program consists of a national hotline 1-800-Hope-now, where people who bought houses at sub-prime loans where the interest rates are about to adjust can call and if they meet certain conditions, they can be saved from their house being eventually forclosed on.

Senator Bob Menendez (D-NJ) told the two men that the administration wasn't being aggressive enough to solve the problem. Well, Bobby, I would just tell you that the people in sub-prime mortgages are lucky that they even have a program that will help them out. They're the ones who signed the docs and bought the houses. They chose to buy houses they could not afford. They chose to agree to an A.R.M. that they knew damn well could adjust and make their financial lives unbearable. It's not the mortgage industries fault.
Hey consumer: Here's a tip. Don't borrow more than you can pay back.

When consumers borrow 110% of the value of the house, they have nobody to blame but themselves. When they buy a larger house than they know they can afford, the have nobody to blame but themselves.

Maybe I should have the government save me and bail me out of my student loans. Maybe people who buy a car on debt that they can't afford should have the government bail them out of their car payment.
NO! Let's start addressing the problem. The problem is people having to have everything NOW! I want it NOW! Like a bunch of children. So everyone's gotta have the latest 50 inch plasma tv hanging on their wall. Everyone's gotta buy a car with little down payment, then trade it in and get into even more debt. Everyone's gotta push their kids to the best school possible so they can graduate with a shit load of debt afterwards, rather than getting the basics out of the way at a junior college first. Stop getting into debt for everything you want or need. Here's an idea: pay cash. Save up overtime in an interest bearing account, then when you have at least a quarter or half the money, then maybe you can go shopping.
If someone needs help and needs to get out of their A.R.M., they can give me a call on my cell or at the office, and I'll refinance their house at a fixed rate with bi-weekly payment and get that house PAID OFF.

There is a real problem with people expecting government to solve their problems or make their lives better.

Newsflash: John McCain isn't going to make your life better. Barack Obama isn't going to make your life better or solve your problems. YOU will solve your problems. YOU will make your life better.