September 27, 2007

Federal bailout for vacation spending and dining out. Sweet!

Filed under: Uncategorized — labordaytheses @ 10:36 am

From Bloomberg

Robert Murray of Middletown, New Jersey, said he didn’t pay enough attention when he took out a five-year adjustable-rate mortgage in 2002. This month, his payments ballooned to $1,800 from $1,300. Because he makes about $90,000 a year at his Newark Liberty International Airport maintenance job and hasn’t missed a payment, he said he hoped he might be a good candidate to refinance…

…For now, Murray will struggle to make his monthly payments, foregoing vacations, restaurants and perhaps parochial school for his 5-year-old daughter. He yearns for help from the government.

The Federal Reserve Bank pumped $62 billion into the banking system on Aug. 9 and Aug. 10 in an effort to soothe a credit crisis. Murray said the Fed should do the same for borrowers.

“If they gave us that money, we’d be able to be out of this predicament,” he said.

So let’s review.  Murray wants me to pay his mortgage for him because “he didn’t pay enough attention” and the cost of that inattention now means that he has to forgo vacations, restaurants, and expensive private schools.


I was unaware that that level of hardship qualified one for a federal bailout.  Here I’ve been eating Ramen and forgoing vacations for years trying to save to buy a house my family could afford while the idiot speculators of the world who “weren’t paying attention” bid them up to heights I could not possibly afford.

Can someone please advise how I sign up for this bailout money?  I appear to be a prime candidate.


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