So there you are at the quasi-futuristic coffee machine in your offices faux kitchen and you find yourself uttering words to the effect of:"I'm not paying for that bail out! I hope those greedy bastards on wall street get what they deserve!!!"
Unfortunately you haven't stopped to think how this will affect you and your personal finances.
Virtually everyone will be better off (in theory) from the bail out. Let's ask three people if they will be better off if the bail out that the house passed works.
1. The Teacher: I'm a teacher and I want to go back to school to get my masters degree so that I can get my tenure or maybe teach college. Well guess what, I can't get a school loan because the credit markets are frozen because the banks have so much risky debt on their books that they are afraid to loan any more.
2. The Post Man: So the post man is tired of driving around in his old postal truck for the last few years and would love a new one. Unfortunately, no loans for cars either - different person, same story.
3. You... So hopefully you are getting the point here? The world revolves on credit, for better or for worse. You want a new house becuase you just had a baby? You want a new car because yours just broke down? You want that sweet new TV for the superbowl?
Well guess what, sorry, no loans!
So before you go cursing Wall Street keep in mind what's bad for them might also be bad for you - GREED IS GOOD!
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