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Name:
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NautiMinded
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Subject:
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My opinion waivers
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Date:
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9/25/2008 9:47:22 AM
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After reading this article, I am unsure what to do. On one hand, this proposed plan may help us avoid a huge recession/depression and complete failure of the economic market....On the other hand...5 fingers. (HaHa). Seriously, the flip side it will cost taxpayers a nice chunk of our own money to fix someone else's bad management, so why are we responsible for their mistakes? Can't the super wealthy "genuises" be accountable for their own mistakes? Additionally, if we start this cycle of bailing out, will this be the solution to every financial entity that fails so that our economy can survive?
I am all for helping those that fell victim to fraudulent lending practices, as the inflated housing prices and Clinton's euphoric false economy crumbled. However, the trend continued, under Greenspan, by dropping lending criteria, and those who, in the past, did not qualify for home loans got them. Bait and switch, possibly with the interest rates? If we were plugging right along with 5-7% interest rates on these sub-prime loans, why did the interest rates have to jump on these loans setting the stage for failure?
Just my humble and rambling thoughts...............
TaTa for now
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