As the Bush Administration reaches its end, the media has been in a frenzy over the mortgage bailouts as if it was Ms. Spears exiting a limo. The public address over Senor Bush’s federal plan to save our butts has caused quite the controversy bringing mixed opinions on how to handle the crises.
Should congress allow the allotted $700 billion taxpayer dollars to rescue our doomed mortgage giants? That may depend where you blame the fault; unethical bank lenders or irresponsible home owners. Either way, the situation still stands, there is not a whole lot to look forward to in America in the near future, except maybe the season premier of Grays Anatomy.
I think America has lost sight of what it means to be a united country. By all means YES, help the mortgage giants. It is not out of sympathy, or pity for that matter, but because we forced ourselves into a corner with little options of escape.
If we stop the blame game, it’s easy to see its everyone’s fault. The economy isn’t supported by one industry but by several factors that all contributed to the downfall. How can the American people not want to use the tax dollars to save the economy of our nation? We complain about spending on the war in Iraq and then turn right back around and complain about spending on ourselves. If anything, this is exactly why we pay taxes, for times of emergency, and to allow us flexibility for the inevitable dynamics of an economy.
The anatomy of an economy is extremely dynamic. We need to allow for it to take its course and not be overcome by individual greed stemmed from realty TV. Most of our generation doesn’t even know what a real depression is. So we might not be able to own our big trucks, live in big houses, or afford our daily Starbucks, but if we stick together on this one, we are going to be alright.
--United we stand, divided we fall--
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Have you looked who stands to gain the most from these bailouts? The Federal Reserve System. nomedals.blogspot.com
NO. NO. NO.
While I agree something needs to be done with our current situation, just "coming up" with $700 billion dollars won't stop the bleeding. We are already TRILLIONS of dollars in debt. Some of us can barely fathom a single million, much less TRILLIONS.
Part of the $700 million is going to pay the CEOs of these failed companies tens of millions of dollars. Why should these guys get such a hefty paycheck? They ran their companies into the ground. Congress pressured them to put Americans in homes and they did so. Well, these "lenders" knew the new home owners couldn't keep up with their mortgages and this is why we are in our current situation. The CEOs and other big whigs are getting fat pension plans while some people in their companies don't have jobs anymore. I suggest taking those tens of millions of dollars these CEOs are getting and giving it to the people who don't get anything but a box to put their belongings in.
And the rest of the money will go to save these FAILED businesses. Who is to say these businesses won't fail again? These businesses have been in America for decades. They were supposed to be the financial backbone of this country. And now they are going bankrupt, being bought out by competitors or being "saved" by the government. I just don't see how people who have gone to school and worked in the financial field can make such devastating mistakes. These people who approved these loans KNEW the people signing the dotted line wouldn't be able to pay. That's their job, they crunch numbers, they do calculations, they run numbers and figures through different scenarios.
Don't think I'm leaving out the people who signed these loans. How do you not know what you can and can't pay? This is one of the basic principles of living, besides the basic eating, breathing, ect. You see how much money you have coming in, and you only buy what you can afford. But no, these people saw the big homes they'd always dreamed of and wrote checks their asses couldn't cash. And now we are supposed to bail them out.
And what do you get when you combine horrible financial decisions and even worse lending practices? Our current situation.
Man, what I'd give to be the CEO of one of the most prestigious financial companies in the world, run it into the ground, collect millions, and ride of into the sun set like nothing happened.
I don't claim to be a financial or economic genius, but I think more than just Henry Paulson should have a say over the conditions of this hefty bailout. The last thing we need is for taxes to be raised with the way things are going right now... especially if, God forbid, Obama is to become president.
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