Word of the Year: Bailout
By: Joanne | January 13, 2009 | Category: Money
In its 19th annual words of the year vote, the American Dialect Society voted “bailout” as the word of the year. When I heard the story on NPR yesterday morning, I was really hoping that the word of the year would be something fun, like 2005’s word of the year, truthiness, made popular by Stephen Colbert. I guess 2008 was a more serious year than 2005.
2008 found us in an economic crisis and it’s going to take a lot to get our economy back on track. I think it’s pretty painful to pinch pennies at the grocery store and drive aging cars, and watch the federal government give billions and billions of dollars away. Yes, I work for the government, but I pay taxes too, you know!
Like you, I don’t have to power to give away billions of tax dollars, but there are some things that we can do. President-elect Obama has a plan to stimulate the economy – get informed about the plan. Gov Gab’s readers are highly intelligent and always writing in to tell us about their great ideas. You can send your economy-saving idea directly to the Obama transition team. They’re listening.
Don’t forget to contact your Senator and Representative in Congress to let them know your ideas and how you want your tax dollars to be spent. They’re the ones that write the laws after all, and we need to hold them accountable to give us the truth, not just the truthiness.
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That, and "change".
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http://kellytalks.blogspot.com/2009/02/riding-woty-wave.html
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I sent in my letter of hardship explaining the situations that led to this.
I sent in expenses vs income showing a deficit of $3800.00 per month.
I sent in comps for houses in the neighborhood showing the lowest house/10 yrs newer than mine/selling for 69000.00.
They know my balance is 185000.00 ?!?!?!?!?! Duh!!
I explained that I am on the phone to work things out because I don't want to loose the house. You would think that they would want to avoid - at a small cost - a 110,000.00 loss!!! no......they don't.
They said because the deficit is too large there is no way they can help me. I need to increase my income or lower my expenses. Duh!!
I said ok, take out this bill and that bill because I am not paying them anyway, and the school tuition will be over in may - so take that out - and add my spouse's income of 2000.00 per month. Now that all came down to a deficit of only 642.00.
Now they say they still cannot help me because I have a deficit!! I would have to have a surplus in order to qualify! what? what? What? WHAT?! If I had a surplus that would mean I can afford the payment, so why would I be past due and calling you, and why would you want to restructure my loan if I could afford the payments I already have????!?!?!?!?!??? Nothing that she can do, this is the parameters of the program.
@#&*%! Insane, no wander the banks are failing, and now that our government is giving away money, apparently they don't care if we foreclose. This is beyond stupid, retarded, ignorance. Who would make this policy and how can they make it and look back and say, yes that makes sense.
Consumers will not see a dime of this bailout money, it will all be spent by these retarded "businessmen" on their jets and hookers. Bailout the consumer, not the banks and the automobile manufacturer's, because the consumer will pay off bills and spend the rest and THAT is how this economy will turn around. When people spend money, other people work, when people work and pay their bills, companies remain in business and other people can keep their jobs, and so on.
I am sure I am not the only one that understands this, although at this second - it seems that way.
Scott Foster/Father & Husband
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You're not alone in your thinking. The whole thing is infuriating. That aside, there may be help available for you and the many other Americans in your situation. I can't create hyperlinks, so you'll have to copy and paste the url's I put in here. First, to find out what government assistance is available to you if you're at risk of losing your home, contact a US Department of Housing and Urban Development (HUD) Approved Housing Agency. HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages. Here's where you'll find contact information for a Housing Agency near you: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
You can learn about help that will be available in the future in the President's Homeowner Affordability and Stability Plan at: http://www.whitehouse.gov/blog/09/02/18/Help-for-homeowners/
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