Just Say No!

This is the week we are supposed to here the plan for buying up "toxic' assets from the banks. Now let me see if I understand this correctly. The government is going to buy the bad loans these banks made so they can start lending again. But I thought that is why they received bailout money. I also thought that is why the government stepped in and liquidated some banks at basement prices to other banks.

I guess the third time is a charm. Not in my book. If I spend my money in a foolish way nobody steps in to give me more. I know, I know, these banks need help because they are too big to fail. Nothing and nobody is too big to fail. EVER! PERIOD! If you make stupid decisions then you pay the price. If a large bank or insurance company goes under, there are plenty of other companies that operated properly that will be more than happy to pick up the clients and business from those that fail.

I heard on a news show or something that the economy goes through cycles about every decade. Well, let it cycle. We should not reward bad behavior. I do not think this newest step is going to increase lending nor do I think it will help my business, real estate. I say leave it alone. Reward those that have acted professionally and ethically by enjoying the success that the others stole with idiotic behavior and greed!

Todd Pierceall
Prestige Properties
www.prestigeproperties4u.com