Over the last 2 years, D and I have been very conservative, put our money in savings accounts, CDs, employee stock plans etc. We rented a place and cut back on frivolous spending, eating out etc. I have to admit, after all the hard work, it feels good to have a strong portfolio that did not get cut into when the market tanked. In return for this, what do i get in 2009?
The savings rate on my accounts is down to 0.75% and there's a a cloud over my entire team in chicago.
The so-called economists are going to spend billions of dollars on people who bought unreasonable homes, 4-5 bedrooms, swimming pools in Illinois!!! thier fancy big screen tvs and steel appliances for thier unreasonable homes because these people cannot afford to pay for this stuff anymore. Thier loan principal will be reduced and thier intrest rates will be reduced.
WHY?? they made mistakes, they decided to spend thier money unwisely, why should i pay to fix thier issues? the government has some stock answer about this problem but why aren't there any rewards to people like me who were resposible??
Banks need capital infusion?? offer me a 4%, 5% CD for a year, i'll move my money there, im sure there are more like me who could all do that. Forget capital gain taxes, they need to work on lowering taxes on my interest earned. If you are paying to lower prinicpal in my locality, they need to pay my landlord to reduce rents too.
People like me will be paying the high taxes in 2 years to pay for this spending. Why should we, when we got nothing out of it and didnt do anything to cause it?
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