Good times only get better
The mortgage industry will get better. In fact, almost everyone agrees that the mortgage industry will improve. We have heard our President and economists claim our country’s financial health is stable but isn’t that kind of like saying “It can’t get any worse”. Surely it can’t get worse, could it? Are we somehow missing the signs of economic improvement? Are we deaf and blind to the signals and signs of a recovering mortgage industry?
Maybe we are missing signs of life from the mortgage industry. For years those of us working in the industry knew the boom would come to an end, but we enjoyed the record revenues while they lasted. Overall there seemed to be little preparation for tough times. Brokers, lenders, loan officers and everyone else involved accrued little savings and neglected long-term financial preparation. The rapidity and severity of the meltdown has overwhelmed most institutions within the financial sector. Wall Street is reeling and bad news it seems is reported almost daily.
Today, the Saudi government decided hold off increasing oil production. This will surely drive up the costs of oil. With gasoline hovering ominously near $4 a gallon and food costs higher than the previous 15 years, recession is on the lips of most financial analysts. I’ve even heard Jordan Sparks might have a debilitating vocal injury. How do we keep our chins up when even our American Idol is in dire straits?
I received my quarterly 401k statement and for the first time since the dot.com bust, lost money in every single category. The relevance of the mortgage meltdown is finally hitting home. Ok maybe I’m painting a darker picture then what it really is. The coming presidential election could change the landscape overnight and save us all from the world wide meltdown, Right? Well this time I am going to pay attention to the signs and signals.
It’s time for us to reduce expenses, sell the extra car, put a little bit of money into the savings account and eat out less. It’s time we all pitched in and started saving more, that might be the only thing that saves our big brothers in the financial industry. If we all pitch in and save our money we can bail out the credit card companies, credit unions and Wall Street lenders. Like an errant child who dropped out of college and just needs a parents hug of acceptance and forgiveness, it’s time to hug your Congressman.
You really don’t need President Bush’s rebate check; send it back to Congress with a note offering thanks for a job well done. Thanks for leaving us to our own devices. We got ourselves into this mess; we might be the only ones who can do something about it.
