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Bailouts Bids Benefit Banks but Borrowers Being Abandoned
Why are we bailing out the banks when consumers were duped into the cruddy loan products the banks sold them...? (At least some of them were "up-sold" the ARM or some other ridiculous loan, perhaps with an inflated Debt/Income ratio as an added bonus?) Why should businesses be saved when consumers will lose their homes? The whole mess came about because loans were made that shouldn't have been made... (hundreds of thousands of loans, maybe even millions of them!) The facts are:
Buyers should come in with down payment, Home prices should be set at an affordable level (by offering sound loans to qualified buyers only) and People who can't prove they can pay should pay a higher rate to offset that risk or continue as renters... And if you look at the crisis and what is naturally coming about in the free market because of it, those exact things are happening. The reason we are in this mess is because banks ignored those basic guidelines. If the banks had followed sound business practices, we wouldn't be in the mess we are in today.
The long-term answer is to get the banks back to following sound business practices. They basically took ... more

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