With the $700 billion proposed bail out for Wall Street, I am amazed at the arrogance of some of the top officials in congress who think that this is suppose to help the average American. It is like letting the fox in the hen house, again. The banks who made these loans and the investors who bought these portfolios are the ones who need to be raising the capital to stay afloat. If I get overloaded in debt, I don't see any government program to help me out. No, I have to get a second job and pay my debt down like everybody else.
Why aren't the people responsible for making these loans held accountable? The investor's who bought these loans were not guaranteed to make any money, so why should we make sure they are making a profit now? Let's hold the banks responsible. If there was wrongdoing, then somebody should be going to jail. If I defraud someone, I am held responsible. Why shouldn't they? The banks should have had a clue when they offer no doc loans with absolutely no verification, and putting people into ARM's and not realizing that they will probably fail based on the fact that they were qualified on the first year rate. Duh, what did you expect? And the banks just can't seem to understand why we as Realtors don't want them in real estate. That is one of the reasons we went into a depression in the late 1920's.
If the government is going to bail out anybody, it needs to be the American public, not the investors. Investors take a risk when they buy stock, just like the rest of us. If I buy stock and it tanks, then that is the risk I take. Why should the governement bail them out and not us? Why don't they take that $700 billion and divide it out equally to the American taxpayers whose money it is to begin with. If the government is there to serve us, then let them send us the $700 billion and let us decide where to spend it, since it is our money.
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