Friday, September 26, 2008

Migrant Worker

This picture was taken in 1937, and shows a Mexican Migrant Worker. The worker lives in a shack, and is holding a small child. Another reminder of the poverty of the Great Depression.

It looks like the government could not reach agreement on the bank bailout, and so the markets look pretty nervous this morning. The bailout is pretty unpopular with most people, because it is viewed as rescuing the fat cats on Wall Street. Unfortunately, as we found out in the 30's, when the banks fail, it hurts all of us. No one comes out whole. At the same time, there probably is a painful period coming that is unavoidable, due to the excesses we have been enjoying.

5 comments:

  1. When we retired five years ago, we moved 2300 miles away from the closest WaMu bank branch. We still get credit card and mortgage re-finance offers from them at least once a week. Perhaps that will end soon.

    BTW, migrant farm workers were still living like that in the 1960s.

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  2. I called the business office at the doctor's clinic to pay my bill with my Visa card, it was for $8.12. The
    bookkeeper asked me 'and how much of that would you like to pay today?' When I run into deals like this, it scares me, our country is in a mess.
    DD

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  3. There's a lawsuit being pursued by I think the FTC concerning credit companies "selling" money, i.e. convincing card holders to take out loans against their credit line, even when they may not be able to repay the debts, and often at higher interest rates than their standard line of credit. Almost once a week I get these "checks" from Capitol One to draw against my line of credit. I hate these things and shred them every time. They are an invitation to ruin your financial security and nothing more.

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  4. Migrant and illegal workers still live in only slightly better shacks today in the "colonias" along the border. These are platted land developments where the lots (25' square +/- ) are sold to the workers and they erect whatever home they can. Usually there is no running water or sewerage facilities, so sanitation is a problem. The state in the last few years has begun to do some work to get roads into the colonias and in the process, provide water, but the system is really a terrible thing to see.

    And how did they happen? It is another case of greed overcoming all reason to make a buck and then disappear before they are found out. The problem is that the numerous owners do not want to give up their "land" because it is, in most cases, all they own.

    Most border counties have outlawed these developments so there may be an end in sight.

    I hate the idea of a bailout also but I can see no alternative at this time. Amd time is the real marker . If we can't shore up the system very soon, the world will see us as weakened and our position in the eyes of the world will suffer. So I say go ahead with it quickly and let the executives of the bailed out companies find other work without more than a months salary as severance.

    Keep stroking and we will manage to keep our heads above water.

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  5. The government bailout should not become a socialist rescue.

    These payouts can be government loans with the companies' stocks held as collateral.

    As these financial institutions rebound they can purchase back their stocks by paying down the loans.

    Sort of win/win for them and us taxpayers.

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