There were various announcements yesterday that many corporations will be laying off thousands of people. With thousands already out of work, jobs will become more and more coveted. The picture I have as my masthead above depicts a job line during the great depression. Lets put things into perpective. Today, the best and quickest way to gain employment is via the internet. I would suspect that when a potential employer posts an ad and recieves over hundreds of responses within a few hours, that would be what I call a “Virtual Job line”
I’ve already been forced to lower my salary expectations to become more competitive in the job market. This will probably cause our family to have to seriously do without life’s luxuries for a while. While that ISN’T an issue, it’s just annoying. In order to continue to put savings away we will have to strip to bare bones. It sucks and it is tough, but hey—I’m willing to work. No one is willing to pay.
This is what I don’t understand. The economy is based on us little people spending money. Our country make shit anymore and well–that’s an argument for another day. How do people expect us to spend when there are little to no jobs and the ones that are available aren’t paying enough for people to make our mortgages. This is NO LONGER people who took out vastly expensive mortgages and home equity lines of credit not being able to pay after their ARM adjusted. This is regular joes like you and me who could afford their payments, had some savings and now are in danger of losing their homes because they are no longer making the salary they once were. with their savings demolished and the propects of finding another job making the same amout slim to none, you have yet another person going into foreclosure and losing their home. They can’t spend anymore, they are forced to rent and still can’t recover from the hard times. Spending money on cheap chinese shit will no longer be an option for a long time.
Here is *MY* solution. Housing prices were so inflated that everyone who bought or refinanced a home within the last 8 years should be allowed to reduce their princiapal to match the current prices. If that happens, banks will be making money, people will saty in their homes and have a little money in their pockets to spend and invest in their 401k’s. the stock market will start to recover and people will be able to take credit out again in a more responsible fashion. This isn’t handing free money to some asshole in a wall street office. This isn’t handing over free money to some asshole flipper with 7 homes he can’t sell. This isn’t handing free money to *ANYONE*. This is a smart solution to a shitty problem. The lenders simply need to admit it, reduce the amounts and sstart over. It will benefit EVERYONE involved.
Of course–Lenders refuse to do it, assholes on wall street squawk that it’s “welfare” because they want their dividends on their shitty investments, and free market worshipers will poo poo it because they believe it’s not competitive. They all want their peice of the TARP. Problem is, We’re the ones paying for it. Can I have a ride on that 40 million jet?