I call BS on the bailout

[Diesel99]

http://www.bakersfield.com/hourly_news/story/566231.html
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092504155_pf.html

Lending is still going on if you have good credit and a job and have a down payment. Why oh why did we get away from sound lending practices. we have fraud and corruption in the banking sector now we have too throw good money away to help crooks. I am so dissapointed in our leaders of this nation.

 

[triple]

Isn't the money that everyone is losing money that they made on the market in the first place?? THe problem is that bankers lent money to deadbeats. THose houses must still be worth something down the road.

Shoot the bankers


How much does the US spend annually on welfare??

 

[milehighassassin]

The problem is that the houses are not worth as much as people/banks/appraisers/underwriters said they were. It is one thing for one house, but we are talking about millions of houses.

 

[Rattlin_Ram]

How much does the US spend annually on welfare??

WAY too much!

 

[line8]

I think that the value of our, their, most, etc. houses is based on 2004 values about now. This will come to a rest somewhere and the market will rest somewhere. What would happen if the government just shut the hell up? The bailout is bs and is only there to support the crooked things that created this. Is there really anyone in government you could trust with that kind of coin? I can't.

 

[Super B]

Isn't the money that everyone is losing money that they made on the market in the first place?? THe problem is that bankers lent money to deadbeats. THose houses must still be worth something down the road.

Shoot the bankers


How much does the US spend annually on welfare??

It is not all the lenders fault, if I remember correctly in 1999 the equal housing act went into play which required banks to lend money to people that could not normally afford housing.... Plus look at all the idiots that went out and over spent on homes that used an arm to get into these expensive houses. Now the balloon payment is due and they do not have the income to debt ratio to qualify for a 30 year fixed. Then boom, they go into default and they head towards forclosure....

So to make your statement correct, you need to shoot the bankers, idiot borrowers and the government....

 

[Ollie]

It is not all the lenders fault, if I remember correctly in 1999 the equal housing act went into play which required banks to lend money to people that could not normally afford housing.... Plus look at all the idiots that went out and over spent on homes that used an arm to get into these expensive houses. Now the balloon payment is due and they do not have the income to debt ratio to qualify for a 30 year fixed. Then boom, they go into default and they head towards forclosure....

So to make your statement correct, you need to shoot the bankers, idiot borrowers and the government....

That's the problem.
Why should I pay to bail someone out of a mess they got into. I don't care if millions of people did it. If millions jumped off a cliff does that mean I have to follow? Don't think so.
Let the market crash, oh wait, it's going back up today.
I say leave it alone and let the free market work. It will weed out the morons and leave the honest ones standing. That is the way the system is supposed to work. It only gets messed up when uncle sam trys to "help".

 

[Snow Fox]

This bailout is just another way to turn this "free" country into a socialist country. There is just a handfull of politicians in DC that are watching out for the countries best interest and the constitution this country was founded on.......the rest are watching out for their own interest.

We all should be pi$$ed off for what is going on......though with that said if we really want what is best for this country then we should be prepared for some tough times.

 

[Work - Never]

If you think this is a banker or goverment caused problem your misinformed.

 

[Snow Fox]

If you think this is a banker or goverment caused problem your misinformed.

Care to explain yourself??

 

[x-guy]

from what I can make sense of it, a bank will still loan you money, there is still money to be lent out to consumers, its the larger scale of things that is the problem. Lets say you want to borrow 10K, no problem right? well what happens if the bank your borrowing it from dosnt have the 10K to lend you? it would have to borrow from another bank, whether around the world, or in the US, this is where the problem is, alot of establishments have lost huge dollars in default morgages, so that money they used to lend people is becoming in shorter and shorter supply as people default, therefore other banks that do have some cash, are being more reluctant to give a loan to another bank, because they are having a hard time repaying, and the cash to lend is not there. At this point there is still cash for the average to consumer to borrow, but the big corporations that would take out million or billion dollar loans, there is no money to borrow for them, in turn making it hard for them to operate, which ends up being a domino effect all the way down the line.

I think the bailout was meant to inject money into the banks, so that there is credit there again to borrow from, so that banks can resume lending to each other, and credit is freed up, unfortuneatly this entire world runs on credit, if there is no money to borrow, its a major problem for everyone, I dont personally like it, and its against my beliefs, but it is the way it is.