Wall Street bailout, bailout, economic rescue plan... what ever spin you want to put on it. Do you support it and why.
As for me, I have been rolling over in my grave as government tries to find a solution to the problem. As of now, I am not for the current package but I believe it is going to change a little. Here are the reasons why I cannot support any bailout as of now.
1. There is no effort besides the FBI on who is responsible for this mess. Every CEO of the Freddie and Fanny need to be marched into congress and grilled as the FBI looks into this matter. Any CEO who ran those companies should lose those wonderful golden parachutes they have.
2. I believe government created the problem. I will agree with most conservative talk show hosts who cry this. In the 1990's, government made a push to make homes available to low income families. ARMS and interest only loans should have been banned. The FED kept interest rates low so there was cheap money to go around. I remember GW saying that homeowner rates were at their highest ever. So why should government be the solution?
3. People acted irresponsible. Why should the government bailout businesses who did not do the right thing. Let them burn for all I care. Oh yeah, I am not too keen on helping out individuals who acted poorly with their money. The government says as a guideline that your monthly housing expense should not exceed 30% of your income. I believe well over 40% of Americans exceed this according to the USA Today (I will have to hunt this down).
4. Call me insane, but I feel a period of economic downturn will do the USA good in the long run. Credit cards and borrowing have been out of control since the beginning of the 1990s. People cry that they cannot afford some items while plasma TVs are the normal thing for everyone to have. Don't believe me go to walmart and see if you can buy a regular TV. I think there may be 3 models to choose from.
I do think that something needs to happen. People with irregular mortgages need to be given the opportunity to renegotiate into a fixed rate mortgage. Sorry Dems, I do not support judges writing down the amount of a mortgage just because someone cannot afford it. They should have never owned a house in the first place if that was the case. If government bought up those sour mortages so people could do what I said above, I would support such a thing.
Those are my ramblings. FYI I have been quite
about this whole mess from the get go