Bail Out Money

By
Mortgage and Lending with Corridor Mortgage Group; Inc NMLS# 208805

Ok, you all gave me encouragement to continue writing until my heart's content; well here goes. Now I know we all can understand how the public might view our industry with some disdain; and that is one of the reasons we all like this forum to dispel misinformation. With that in mind, why can we not get any help from the big boys on Wall Street.

I just read an article on Comcast; that several major firms on Wall Street, went to Congress to ask for bail-out monies from the American Tax payer and that some of that money ($1.6 billion dollars), went to company executive bonuses and their salaries. Then in another article also on Comcast finance section, I read where these banks that got this money have know way of tracking and/or will not even disclose what they did with the money. What kind of sense does that make. If we want the American Public to believe in us again do we not need to show transparency with respect to how we use their money? If we want consumers to make prudent and wise decisions with respect to their finances, shouldn't we expect the "Big Boys" to do the same.

The Automotive Industry is being raked over the coals so-to-speak, and the Executives are talking about re-structuring and willing to work for $1.00; how they will use the money to keep factories open to keep approximately 1 million American Workers employed; and the Financial Industry "Big Boys" think it is ok to use "OUR Money" anyway they see fit.

Something is definitely wrong with this picture. Congress would have been better off giving every American Tax Payer say $20-$25,000 and we could straighten out this eceonmy better than it is going right now.

This is my rant for the day, sorry for the negativity. I hope everyone has a merry and safe Hoilday Season and a prosperous New Year.

Comments (5)

Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

There are the "haves" and the "have nots" in this world...Wall Street is among the "haves". You and me - the "have nots!"

Dec 22, 2008 05:01 AM
Marjorie Taylor
Florida Homes Realty and Mortgage - Saint Augustine, FL
New Homes in St. Augustine Florida

I too am steamed about how the bail out money was used and question it's effectiveness.  I don't know what the answer is, and pray that minds, smarter than mine, will figure it out soon.

Dec 22, 2008 05:04 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Hi Steve

The time has come for real estate professionals to speak up tell your Congressman and Senators how you feel and get involved with RPAC.

Good luck and success

Lou Ludwig

Dec 22, 2008 05:06 AM
Lori Isaacson
Credit Restoration Consultants - Plantation, FL

This is not negativity, this is reality. I am the first to say let's look at the bright side, but in this situation the only ones seeing the bright side are the ones who never seem to see the dark side. What a crazy, mixed up, unfair society we live in. Again, not bitter, just true,

Happy Monday!

Lori 

Dec 22, 2008 05:11 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Steven, I'm afraid the government is totally misguided this time (as opposed to being almost totally misguided the rest of the time). The scope of the financial crisis caught them unprepared and unqualified to deal with the problem.  They have literally been throwing money into a problem they didn't understand hoping some of it would alleviate the pain, and it hasn't worked.  Unfortunately, a new Congress and administration will probably do no better.

Dec 22, 2008 05:26 AM