The government bailout?

[bpeter3196]

I read an article about the blow back regarding the excessive $700 billion dollar bailout proposal. In the article it says 'but skeptical lawmakers - who have been bombarded with phone calls & emails from constituents outraged by the notion of giving wall street a $700 billion dollar bailout to help make up for careless lending and investment practices...' which leads me to ask so instead even though business gives us jobs which gives us all income which allow us to buy things & pay bills. My question is so instead we're suppose to pay a $700 billion dollar bailout of people who bought more homes or bigger homes then they could afford, were irresponsible in borrowing, didn't read what they were signing, who also made careless investment & borrowing practices letting greedy & irresponsibility rule. Failing companies will cost jobs the article & news channels all agree yet again we're suppose to save the economy but just bailing & thus reward bad investments & borrowing by individuals even at the cost of more jobs? So more people are suppose to lose their jobs so someone else who invested badly & is greedy & lazy can stay in their over priced home. I ask you how that's fair let alone going to help the economy more then saving jobs & encourage growth making more jobs. How is that? Please explain that brilliant irrational thinking. Saving a home over saving & adding jobs.

 

[BamBam]

Actually I agree with what you are saying up to a certain point.
These BIG banks played the money game with sub prime mortgages They bought and sold betting on which ones would fail and which ones would survive. In the mean time you have the consumer (homeowner) who wants the American Dream..and whatever cost. (do we blame the homeowner for wanting what every American should be able to afford?)

No we don't..we should be blaming the Big Banks who inflated the house price in the appraisal and then use an ARM mortgage. The homeowner just wanted a home they could call their own someday the bank stood to make MILLIONS OF BILLIONS of dollars even if the homeowner foreclosed because the housing market was a growing business they could always turn around and sell to another sucker. But guess what the housing market fell through the roof prices dropped over night homes were no longer selling as fast as they could be built.
So what do we have? a lot of homes sitting on the market with no buyers.

The consumers fault? No I think not it was Pure and Simple Greed from none other than your friends at Wall Street.

 

[ringolarry]

The bailout has to happen or there will be a run on the sale of stock all over the world and this will put us into a Great Depression over night.
BUT, that being said, I wish this was a LOAN to Wall Street from the government so that THEY have to pay the money back instead of taxpayers.

 

[rhumba girl]

You're singing to the choir here. I'm retired. My family worked hard, saved money, never borrowed what we couldn't afford to pay back, bought a small home we could afford the mortgage on, turned down adjusted rate mortgages because we knew we wouldn't be able to afford the balloon payments, put down 20% or more on every house we ever bought, paid off our mortage, and in general were financially responsible.

Now I'm expected to bail out all the greedy people who feel that they are entitled to McMansions even if they don't have two nickels to rub together. I have written an angry letter to my congressman asking why these irresponsible, stupid, greedy people are being allowed to just turn in the keys. Why aren't they being required to make payments equal to 33% of their salaries? At least this would keep the housing market from being flooded by foreclosures and give the banks some time to negotiate fixed rate loans to these people. Instead, they just walk away. In my opinion, anyone who can't afford a down payment, can't afford to own a home. Also, any adult who is stupid enough to sign a contract they don't understand should be made to honor that contract.