Your Personal Finances Demand Accountability in Our Capitalistic Society
Remember President Bush , Henry Paulson, and Bernard Bernake on television pleading for members of Congress to pass legislation to avert a financial disaster? Seems like a distant memory with the election for president winding to a close.
Do you even hear an echo from our lame duck president and members of his cabinet about the financial bailout. Seen Henry Paulson or Bernard Bernake lately? Chances are you have not heard nor seen any of the key players in the financial drama taking place in America.
I for one did not want my representative in Congress to vote in support of the financial bailout. I contacted her and stated, vote no on the financial bailout. Why?
I know the current leadership in our government is not capable of being accountable for $700 billion. The reason why is because Treasury Secretary Paulson and Fed Chairman Bernake, do not know how we ended up in the financial mess.
If you give people in key leadership positions billions of dollars to fix a huge problem, such as the financial meltdown, they will not know how to fix it. For example, the financial problem existed long before it was announced to the world in September. Furthermore, Secretary Paulson and Fed Chairmen Bernake and other key leadership personnel should have appraised the American people about this problems a year ago?
The reason why is because they do not know what they’ are doing and powerless to make a difference. My parents taught me to never throw bad money after good money, meaning if you lose money, stop spending more on the same thing to cut your loses.
America would have been better served not providing $700 billion in support of the Wall Street bailout. We are almost two months into the quote, unquote financial rescue and the markets are still declining in value and banks are not lending money to small businesses, individuals, or each other. Why?
The banks and financial investment firms never intended to help individuals or small businesses, its not their nature. If the word greed comes to mind, you are right on the money. Greedy people leading financial institutions who receive tax payer money to bail them out of financial crisis, could give a rats tail about the hard working men and women in this country.
What does this mean to you and I? We the people must become more accountable with our personal finances. In other words, we have to make an honest assessment of our finances. Take the net worth test, take all of your assets, subtract your debts and see where you stand.
Don’t leave anything out when you are making your assessment. If you own a house its an asset, subtract the mortgage balance from that number and the difference is equity or asset. Likewise if you have a car, subtract the value of your car from the amount you owe on your car loan. Do this with everything you own, collector items, jewelry, any and everything must be assessed if you are to obtain a clear picture of your net worth.
The only way the citizens of America are going to survive the financial bailout is to receive assistance from the government. It will not happen while President Bush is in office, if so he would have done it by now.
Will President Elect Obama provide a bailout for the men and women in America? The fact of the matter is, Obama did not create this mess, but he will have to clean up the mess the Bush administration created.
Recommendations: Write your member of Congress and request a bailout plan for citizens. Also push for mortgage loan modifications so people will not lose their house. Keeping people in their house makes great business sense and strengthens our economy because it is a confidence issue.
Until President Elect Obama is sworn in as the 44th president, we will have to wait to see how our economy is going to do. Chances are we will have to wait until after the inauguration to see any movement from our legislators. A lame duck session to address unemployment, job creation, mortgage foreclosure, lending and a host of other key factors impacting our economy should be addressed.
The bottom line is for you to hold on to your job. Pay off your credit card debt and stay on top of your personal finances. We can do this as long as we are accountable for our personal finances.
Paul Lawrence Vann is one of America’s premier financial experts. He delivers financial and leadership talks to corporations, associations, and colleges throughout the U.S. and Canada. Learn more about Paul at http://www.paullawrencevann.com or listen to his radio show: The Wealthy Speaker Show at http://www.blogtalkradio.com/paullawrencevann – Phone: (800) 476-8976.
Author: Paul Vann
Article Source: EzineArticles.com
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