I drove through my subdivision the other day, there was house after house sitting empty that the owners had lost due to foreclosure. Many of the other homes have for sale signs, most of those houses are newer and the owners will either take a huge loss on the sale or end up in foreclosure.
I'm really pissed that our government gave BILLIONS of dollars to corporate swindlers that used the money to line their own pockets.
I'm really pissed that we are going to give money to the automobile makers who are bankrupt because they mismanage their companies.
I'm really pissed that the taxpayers are paying for all this while we lose our jobs and homes, our neighborhoods are full of vacant homes with dead landscapes, broken windows and graffiti which drive our property taxes even further down the toilet.
I'm really pissed at our stupid government. If you are worried about the automobile industry, give all the tax payers enough money to buy a new car, that will stimulate the industry and be far, far cheaper.
Instead of giving all that money to corporate shills what should have been done is to give it back to the tax payers to pay off their mortgages which would have saved the mortgage industry. Which would have been far, far cheaper.
Instead, we gave billions of dollars so that the CEO's which mismanaged their companies could take millions of dollars in bonuses, trips and other perks while the working class get to have higher taxes, higher unemployment, foreclosure, bankruptcy, and homelessness.
If anyone out there thinks that our government is 'For the People' you are idiots. Get on the Internet, find out who your government representatives are and write them and tell them what you think. DO IT NOW! Or you'll just get more of the same.
Sunday, December 28, 2008
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OK, get ready to be even more pissed off--this AM's newspaper has an article detailing the bank bailout--seems the bailout was pushed through so fast that they "forgot" to write in safeguards and disclosure clauses. So now our tax dollars are going to the banks that were ripping the people off to begin with; they don't have to use it for any specific purpose, like reducing their debt; but they don't even have to account for how the money is being spent. So it could end up lining the CEOs' pockets in the form of bonuses or to buy up yet more banks. I write, e-mail, and call my legislators regularly, and attend their "town meetings"; I wish more people would do the same and use the "power of the vote" to get the message to their representatives that if they don't represent us fairly, they won't have their jobs for long.
Sure, I'm with you on most of this. However, what about all of those people who bought houses they couldn't afford or refinanced and bought 50" plasma tvs or a couple $50K cars...In my view, they are just as culpable for the mess we are in now as bad guys you list in your post.
I agree with your post.
My family is an automotive family. Both my grandfathers worked for the Big 3. Many of their children and grandchildren currently work there. But my immediate family all agree, the automakers should NOT be given a free ride. Because they still will not learn anything from it.
I'm angry that left-wing pressure groups like ACORN mau-maued lending institutions into giving home loans to people who had no business buying houses!
Yep -- took Congress a week to hand out over $700 billion to banks (a month later our paper published that a bank was using X-amount of that money to buy out another bank -- surprise!). But now Congress says it's okay for banks and credit card companies to take the next two years to continue gouging consumers before they're reined in. TWO years!
Yes -- contact your legislators. And keep raising hell until someone listens!
Amen.
M
In order to give a loan, one has to accept it. That means signing a contract. If you can't read the contract, you shouldn't be signing it. Ignorance is not an excuse.
I don't feel sorry for anyone who bought a $500,000 home on $30,000 a year income, or less for that matter.
Owning a home is not a right.
The fact that trillions of dollars are being dolled out to other idiots doesn't make it any more right. I think what our government is doing right now is a sham. But I am not in favor of giving more money to idiots.
Had the value gone up, I bet not a single homeowner would give up their profit to the bank.
You get exactly what you pay for, er can't pay for.
This is not the first time I've heard this mentioned and I like the idea, with some caveats:
1) Before any money is handed out, all persons to receive it have credit reports pulled on them from all three bureaus. Then money from the "personal bailout" is sent to directly from the government to the businesses to fully pay these creditors before the remaining balance, if any, is sent to the citizen.
2) Stricter lending policies. Much stricter. With everyone suddenly being millionaires, banks should be able to review investments and investment history, jobs, job performance and longevity, and anything else that shows the person requesting the loan KNOWS how to actually manage their money.
3) Any person with a criminal record that involves drugs or any kind of addiction must voluntarily submit to a lengthy treatment program and periodic follow-up to ensure this "bailout" isn't going to feed their addictions.
Other than that, the money would definitely be going back into the economy and everyone would benefit.
Another option is to offer a one-time "bailout" to folks to completely clear their credit reports. This money would never touch the hands of the citizen, would be mailed directly to the creditors, and would only be in the amount to get the credit records cleared. And the only way the government approves each personal bailout is if the person enrolls in and completes an in-depth government paid course, given by someone OTHER than the government (because we know they stink pretty badly at managing money), to learn how to handle their money.
Yet another option is to just sit back and let everyone suffer and maybe, just maybe, businesses will start running their companies more efficiently (explain to me why the Ford Thunderbird and Mercury Cougars BOTH existed? They were the same freaking car), people will stop buying on credit or way over their means, and everyone will finally learn what the word "responsibility" means.
I say don't bailout anything or anyone!!! If you ran you buisness poorly; too bad better luck next time. If you bought a house that you now cannot afford; too bad better luck next time. Other peoples irresponsibility is not my responsibility nor is it the responsibility of my fellow responsible taxpayers. If you want me to feel sorry for the irresponsible; TOO BAD BETTER LUCK NEXT TIME.
Texas ED nurse
I kind of agree with the idea of "Too bad- better luck next time"... There's no point in bailing out any big company- and i also agree that just shelling the money back out to us consumers is a much better idea, and cheaper.
And what about the society that has taught people that it is okay to be greedy?? "Sure I know I cant afford the loan but hey, if they are stupid enough to give it to me, I'll take it anyway". Yup, those are the people who will soon be our politicians - because you know, they are entitled to it!
Responsibility is a two way street - those that are giving need to be responsible and those who are taking also need to be responsible. Havent figured our the percentile divide, but the fault lies on both sides of the desk...
Agree!! We are so far gone now I don't what we can do to pull ourselves out of this mess. The government's answer is to keep throwing money at it, but where is all this money going to come from? Brian
Giving money to people who made poor decisions in buying their house is just as bad as giving it to the idiots who don't know how to run a business. For those who justify spend more of my taxes, by giving it to ALL of the greedy people instead of just some of them--sorry, we should have never let the first bailout go through, but that doesnt mean we should wast more on other people who did nothing to deserve it. I see people on the news whining about how they put 50,000 down on a 450,000 house and are going into default. Cry me a river. If you cant pay for it-- you COULDNT afford it. You wanted to live beyond your means, and you are paying the price. You should have valued security in your home more than you did, and you didnt. TOUGH. If you had fifty thousand to pay down on a house, maybe you should have bought a 50,000 house! My parents raised me to EARN money and SAVE it for the things I wanted... not to measure wealth in terms of how much you can BORROW. This credit mentality is an ILLUSION plain and simple. Now they can go to the store and when their kids are crying in the checkout for the toys they wanted they can say, "honey I'm sorry but we dont have the money for that." And their child can shoot back, "well Mommy/Daddy, can't we just put it on the credit card?" THEN, they will have the opportunity to explain to them how saving for the things we want works. Its their chance, then, to make a difference in turning things around-- the right way. Free of charge.
Remember the simpsons episode where the town buys a 3 million dollar Monorail?
Do the math of 3 million into 7 trillion .
"CNBC, however, has been paying very close attention and keeping a running tally of actual spending as well as the commitments involved. And there's been quite a jump since we last tabulated things two weeks ago.
Try $7.36 trillion dollars."
2 million plus towns or cities could have got a 3 million dollar Monorail.
How many cities are there in the USA?
agreed. why was the money just handed over? did they not put stipulations on how the money was to be used? seems like horribly poor planning on the gov't side.
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