Wednesday 12-12

A few random thoughts:

The Fed has cut interest rates again. The few of us on the "savings" side of life take another hit--while those on the "free spending" side catch another break. How did it come to the point that the national economy is so dependent on people having to continuously borrow and live beyond their means?

I have just as big a problem with the new sub-prime mortgage bailout plan proposed by the President. These were people who were given money who obviously had no business borrowing it. What's the matter with a little "tough love" and forcing them to repay it at the interest rates that are a true reflection of their credit risk? Those who say "I had no idea the interest rates could go up that much" either have poor memories or were just ignoring the realities of their situation. Besides, I don't recall any stories about the rash of homebuyers forced at gunpoint to take out ajustable rate or balloon mortgages in recent years.

As for the companies that made the loans, you reap what you sow. Sub-prime mortgages would not have existed if you stuck to some of the tried and true money-lending practices: require a down payment, keep interest rates fixed, loan money only to those with a real chance of paying it back. Maybe if the Fed would raise interest rates a little bit, you could recoup some of your losses.

And now for something completely different:

Am I the only football fan completely disenchanted with this NFL season? My favorite team--the Dallas Cowboys--have the second best record in the league and the inside track to represent the NFC in the Super Bowl. But the prospect of that does not thrill me at all. I was watching the New England Patriots totally dismantle the Pittsburgh Steelers on Sunday thinking "why do we even bother playing the rest of the season?"

New England has already put a beat down on the Cowboys once this season--and I don't see any change the second time they might play in the Super Bowl. So what's the point of rooting for it to happen? I'd be better off pulling for Green Bay or Seattle to knock off the Cowboys in the playoffs--to spare me the embarrassment that would follow two weeks later. So let's go Pack, let's get some different road kill ready for the Patriots juggernaut.