In light of the bank collapses and general economic downturn, Shayne and I feel very fortunate. We're grateful now that we decided what we could afford before we went to the bank. Our mortgage payment, plus insurance, PMI, and taxes, is well below $800, which we can afford without difficulty even in the worst months. We later found out that the banks would have approved us for nearly $100,000 more, which is well beyond our means. Had we not done our homework and set limits ahead of time, we could be in the same mess as thousands of other people. We've both sometimes wished for a bigger home or more property, but what we have is really all we need, even with plans to start a family.
It makes me mad that all taxpayers are going to have to bail out people who didn't do their homework or were misled by greedy lenders. I know some people have lost their homes through job loss or other personal crises. If I suddenly lost my job, however, I wouldn't expect the government to help me keep my home. I understand that this bailout project is something of a necessary evil, since the problem is now so widespread that it could harm our economy so much more than it already has. But $700 billion more national debt (I can't even fathom a number that high!!) isn't really an option either. We're already operating at a record deficit. Our country simply cannot fight a war, lower taxes, enlarge the federal government, and rescue the economy. Something will have to give, and I have a feeling it will be ugly.
What angers me even more is that something like this never should have happened. Businesses have a responsibility to consumers, the environment, and themselves. What ever happened to ethics? Responsible business practices? When did we become a society that worships profit above all else? Such practices are not sustainable, environmentally or socially, and we're seeing the repercussions.