Save the taxpayers money. Go on welfare.

http://news.yahoo.com/s/ap/20091031/ap_on_bi_ge/us_stimulus_jobs_40

So let me get this straight:

650,000 jobs were “saved or created” in the stimulus package. Even if you assume those numbers are accurate (ha… stop laughing). The stimulus bill was $787 billion.

I wasn’t a math major, but 787,000,000,000 divided by 650,000 is about $1,210,769 per job “saved or created.” So if the average wage in America is around $40,000 (45K for men, 35K for women), the annual cost for the those 650,000 people would be about $26 billion.

So why didn’t we just let them get fired, and put them all on welfare for the next 30 years (yes, that’s 787 billion divided by the annual 26 billion)? I know. I know. That doesn’t include the interest savings of paying that out over 30 years, but let’s assume we provide a COLA (cost of living adjustment) that balances that out. I know. I know. COLAs aren’t guaranteed anymore. Of course, if you don’t get a COLA, you’ll get a $250 check instead. Because, gee, we wouldn’t want you to have to go without a raise now would we?

If we were to ask those 650,000 people which they would have preferred, which do you think they would want? Their job? Or early retirement with full pay for the next 30 years?

Once again, the government does things so inefficiently.

It’s a mess Countrywide

http://biz.yahoo.com/ap/080521/countrywide_financial_ceo.html

At this point in the credit “crisis,” while many would like to believe that all mortgage brokers and mortgage companies belong at the same end of a joke as lawyers, I tend to believe that people should be responsible for their actions.

According to this article, Countrywide Financial Corp. CEO, Angelo Mozilo, is in a bit of a pickle as a result of an accidental email reply to a customer that had written in to request their ARM (Adjustable Rate Mortgage) because “he didn’t fully understand the terms, was wrongly told he could refinance after a year and was on the verge of losing his home of 16 years because of unaffordable payments.” While this is certainly tragic, it is hardly something that is the responsibility of Countrywide.

The firestorm comes from the fact that Mr. Mozilo accidentally replied to his email with comments intended for internal staff. These comments included, “Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting.”

The reality is that his comment of “Disgusting” was not in reference to the request from the customer. It was in response to the fact that there are organizations that are coaching individuals to send in requests like these to companies such as Countrywide. The fact that the same wording is used in the letters discredits the authenticity of the letter and ruins the effectiveness of the letter.

However, what is disgusting is that this article is that they point to the personal compensation of Mr. Mozilo in comparison to the poor financial performance of Countrywide Financial Corp. They state:

According to congressional figures, Countrywide lost $1.2 billion in the third quarter of 2007 and another $422 million in the fourth quarter as the subprime mortgage crisis hit. The company’s stock fell 80 percent between February and the end of the year.

During the same period, Mozilo received a $1.9 million salary. He also received $20 million in performance-based stock awards and sold $121 million in stock.

However, as the following article points out (http://www.usatoday.com/money/economy/housing/2008-01-28-countrywide_N.htm), he also passed up $37.5 million in severance pay, fees and perks he is owed.

What is further disgusting is the fact that rational, honest people are signing documents for hundreds of thousands of dollars of debt, and then are claiming they did not understand what they signed.

Fine, then don’t sign it.

Let us turn the tables. What if Countrywide Financial Corp. was struggling for cash (as they are now) and needed to reduce the amount of loans they had outstanding (which they need to do). Would it be reasonable for them to write an email to Mr. Bailey indicating that “[they] didn’t fully understand the terms, was wrongly told [they] could refinance after a year and was on the verge of losing [their company] of [39] years because of unaffordable payments.” Would Mr. Bailey consider this reasonable and acceptable?

Caveat Emptor. Don’t buy it if you can’t afford it. If you already bought it, and can’t afford it, plan on losing it. Otherwise, figure out a [legal] way to afford it. Don’t blame the CEO who has already VOLUNTARILY reduced his pay by $37.5 million dollars.

Personal responsibility is the responsibility of every person.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

My email to Mr. Bailey:

Dear Mr. Bailey:

Caveat Emptor. May I suggest you consider working an additional few hours at your job or at a part-time job, or perhaps consider borrowing from third parties. Additionally, please look into night school for reviewing documents that you sign. It will prove to help you in the future as you assume hundreds of thousands of dollars of debt.

I wish you the best of luck and hope for the best for you and your family.

Regards,

Countrywide Financial Corp.

PS- Your payments are late and we’re about to send your home into foreclosure. Please contact us for alternative payment methods.

Condolences to the Virginia Tech Families

I would like to offer my condolences to the families of victims of the Virginia Tech in April of 2007. They are facing a tough question regarding a settlement for their losses. A summary can be found at http://news.yahoo.com/s/ap/20080325/ap_on_re_us/virginia_tech_settlement.

However, I would like to offer a suggested settlement. I suggest we show each family that we care enough to send the very best instead of sending them money. In fact, I think the government should not be held responsible for the actions of Mr. Cho and his psychotic rampage. Indeed, what happened was a tragedy, but are the taxpayers liable? Are you, as the taxpayer, burdened with warning people that there is a gunman loose on the campus? Is that really your fault? Perhaps, after the suicide that ended the tragedy, there is nobody left alive to blame and that these victims are part of a terrible event in history.

What this amounts to, is a common thread of anger and retribution that is weaving through our society. There is always somebody responsible for what happens to me, and that somebody isn’t me. It is a tragedy what happened to those people. I feel for them. But no amount of money will make up for the loss of a loved one. So the government should not try to do so. It’s not the responsibility of the government to take care of you and make sure you stay safe.

So, I say to you, the great State of Virginia, instead of sending money, show that you care enough to send the very best. Send a nice wreath and a warm, heartfelt card. Then, send your lawyers in to defend the rights of the rest of Virginians from becoming subsequent and additional victims of this tragedy.