1-I agree. It's too far gone to do nothing and let them fail. Yes the market will correct itself in 8-10 years but I don't want to be around during the time in between.1)They have failed. The goverment has to do something, unless of course you actually want to live in a depression. Cause doing nothing is going to bring that on.
2)As for the CEO's they should be decorating light poles up and down Wall Street ...suspended by their necks.
Apartment complexes are the reason this doesn't work. If the tenants are good, but the landlord made the risky mortgage guess who gets thrown out on the street.The people who are going to "lose their homes" are the ones that screwed up using their house for a bank and all that garbage,
Here is what they do one get house they can't afford planning to refinance or sell when the ballon payment comes due. STUPID deserve to lose their super sized house. Or people that did would run their credit cards up then refi then run the credit cards up refi, and so on.
That is propaganda aimed at bleeding hearts. People like me bought a house we could afford, have no credit card debt, and make it. Lots of people I know do the same thing we are responsible! Folks who are not responsible and pay our bills now have to pay the bills for those who live in those big houses!
People who are the same rank I am live in huge houses with balooning payments do I feel sorry for them, in a word no. If they had bought a house they could afford and live with in their means they would not be having problems.
The economy is not going to fall apart business people will find the money maybe borrow it from China or the Arabs the same place the government was going to get it anyway.
My plan is this, if the Government takes over those depts and forgives it they should come to my house with pictures of three large homes in my area let me pick the one I want then tell the family in that house that they have to move to my house and we will take that one both parties payments remain the same the Government rewards people like me who are responsible and punish those who are not. They lose that big wonderful house and get a solid yet modest house every one is happy.
There is way more to it than mortgages though because the process of banks lending to banks is in jeopardy and if that stops then people stop getting paid, rents on office blocks don't get paid, gas, power and oil stops flowing.
The reality is that whether we like it or not we can not afford to let these institutions go under.
This is a complex problem, I am pissed but we all saw this coming for a long time. If we give in to the banks and speculators they will just keep on business as usual. We have to break this cycle, credit should be earned not given.
I work with a woman who like me does every thing correctly we both pay our bills on time, save for what we want do not use credit unless it's an emergency. We work with others who have debt up to their eye balls. They have larger house then they can need or can afford. Our houses are modest and a bit small for our families but well kept up.
Folks who live beyond their means will end up keeping the big house and all the luxuries they have bought on credit and have the tax payers pick up the tab. It is a sin that these people will get away with it.
This bail out is not going to do anything but continue the business cycle until the next bail out.
My co-worker and I were discussing just not paying our Mortgages and getting bailed out.
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