Pelosi's comment about the auto industry bailout strikes me as odd...

[SunnyD]

This could very well be taken out of context, but I read this today regarding the proposed bailout for US auto makers. Note, I am not discussing whether one is for or against a bailout, but really the subject of the quote below.

"It's like taking your kids' college education fund and spending it on your credit card bills," Pelosi said.

I assume the context is that she believes bailing them out in some context is a bad thing (taking the loan out of the 700 billion maybe?).

But my question is, as an individual - assuming you're in this financial position on the verge of going bankrupt, and assuming you have cash tucked away for your kids' education - if you DON'T use that money and pay off your creditors, bankruptcy will force it for you. Either way, your kids are screwed. Am I wrong?

 

[StageLeft]

I wouldn't do it for CC bills but if we were about to lose our house of course I'd raid my kids' college education for a payment. It's only really theirs by the name at the top of the account anyway; it's still technically my money. The hope of course would be that I'd be able to make up the difference later.

 

[SunnyD]

Originally posted by: Skoorb
I wouldn't do it for CC bills but if we were about to lose our house of course I'd raid my kids' college education for a payment. It's only really theirs by the name at the top of the account anyway; it's still technically my money. The hope of course would be that I'd be able to make up the difference later.

Well the assumption is a mountain of credit card debt essentially making you non-solvent.

I do agree though, whatever the case the hope would be that you make up the difference later. But again I point out - either way your kids are screwed. Kind of the same this with the auto industry. Give em money, odds are we're screwed. Don't give em money, odds are we're screwed.

 

[sandorski]

The context was probably the importance or seriousness of Bailing them out. Probably part of the "bring some kinda Plan and quit being so casual about the request" sorta thingy.

 

[Toasthead]

Pelosi is a buffoon

 

[woodie1]

Originally posted by: Toasthead
Pelosi is a buffoon

Sir, you are much too kind.

 

[Mursilis]

Originally posted by: SunnyD
This could very well be taken out of context, but I read this today regarding the proposed bailout for US auto makers. Note, I am not discussing whether one is for or against a bailout, but really the subject of the quote below.

"It's like taking your kids' college education fund and spending it on your credit card bills," Pelosi said.

I assume the context is that she believes bailing them out in some context is a bad thing (taking the loan out of the 700 billion maybe?).

But my question is, as an individual - assuming you're in this financial position on the verge of going bankrupt, and assuming you have cash tucked away for your kids' education - if you DON'T use that money and pay off your creditors, bankruptcy will force it for you. Either way, your kids are screwed. Am I wrong?

The only thing interesting about that comment by Pelosi is the sheer hypocrisy of it. If she's against raiding the "kids' college fund", why hasn't she fought harder against the Bush deficits? The Dems are a majority in the House - they can stop any spending bill they want!

 

[heyheybooboo]

Originally posted by: SunnyD
This could very well be taken out of context, but I read this today regarding the proposed bailout for US auto makers. Note, I am not discussing whether one is for or against a bailout, but really the subject of the quote below.

"It's like taking your kids' college education fund and spending it on your credit card bills," Pelosi said.

I assume the context is that she believes bailing them out in some context is a bad thing (taking the loan out of the 700 billion maybe?).

But my question is, as an individual - assuming you're in this financial position on the verge of going bankrupt, and assuming you have cash tucked away for your kids' education - if you DON'T use that money and pay off your creditors, bankruptcy will force it for you. Either way, your kids are screwed. Am I wrong?

Not really a good analogy - "It's like taking your kids' college education fund and spending it on your credit card bills"

It's more like "It's like getting a Discover Card and using it to pay off my Visa Card that I used to pay a $10,000 repair bill on my $5,000 auto (that I still owe $6,500 on) ... "

Her 'context' is to not take 'financial' bailouts and use them for 'auto' bailouts. I agree with Sandorski that without a 'plan' the auto bailout will look like the financial bailout.

Originally posted by: Mursilis

The only thing interesting about that comment by Pelosi is the sheer hypocrisy of it. If she's against raiding the "kids' college fund", why hasn't she fought harder against the Bush deficits? The Dems are a majority in the House - they can stop any spending bill they want!

Please take your trolling and leave. You will not be missed.

 

[EagleKeeper]

If it is a one shot payment, then possibly go for it.

If it is just stalling for another month, then you still will have the creditors knocking on your door, take the rod and save the child

 

[Perknose]

Originally posted by: SunnyD
But my question is, as an individual - assuming you're in this financial position on the verge of going bankrupt, and assuming you have cash tucked away for your kids' education - if you DON'T use that money and pay off your creditors, bankruptcy will force it for you. Either way, your kids are screwed. Am I wrong?

Yeah, I think she's just saying that a bailout is not such a wonderful, puppies and rainbows idea but that it is, in her opinion, still marginally better than no bailout.

 

[EXman]

Originally posted by: Toasthead
Pelosi is a buffoon

And not a good book writer.

 

[dmcowen674]

Originally posted by: Toasthead
Pelosi is a buffoon

She is not buffooney enough because you are still here.

Here's hoping she hones her buffonery skills enough to make you want to leave ASAP.