As we have been exploring all of our housing options, I have picked up rental applications for apartments, townhouses, etc., and not one of these applications is less than five pages long. President Bush and Sec. Paulson however have put together a little three page application requesting $700 Billion from the American people, with details to be filled in later. As I understand it:
- The US Government will now own $700 Billion in bad debt and foreclosed real estate. They can’t recoup any of that until the real estate market improves.
- There is no statement about the executives of these failed companies being banned from getting multi-million dollar severance packages. It really ticks me off when people who contributed greatly to this mess get to walk off with millions of dollars as a “thank you” for doing such a rotten job.
- Paulson and Bush are not interested in doing anything to directly help the citizens of the United States. Personally, I’m tired of waiting for the “trickle down” while the fat cats get fatter and we lose everything. (Yes, I know I’m not being a good republican right now, but times are hard right now and it sure looks like we are the last on the list. I blame the democrats as well. Our system needs a radical change … we need the leadership of people like Mike Huckabee, Duncan Hunter and Ron Paul to drastically shake up the economy of the US and return the money to the people who earned it).
OneMom
5 responses so far ↓
RGeorge // September 21, 2008 at 1:29 pm
The coming plan from President Bush must not be a bail out, but a new avenue for the American who has taken responsibility for the Home they have, but are struggling from the cashflow issues from energy and meeting the higher interest rate mortgage.
The Plan must address the interest rate. If the Federal Government assumes these properties for resale, that is theft, that is the ultimate inflationary spike to collapse the U.S. Dollar. We are already at $1.45 per every Euro Dollar.
http://finance.yahoo.com/currency
What shall we conclude from a plan that would further our debt as tax payers when wages are not leading this hyper inflation, but tax load is?
We have a decision to make and it must be centered on We the People, not We the Tycoons. Place all Property Loans on 3%.
If you want to stop our financial collapse, simply make all home loans at a financial rate of 3% fixed for seven years. We cannot bail out this mess. To do so will end the U.S. Dollar. We must let the people keep their property and their loans.
Let the people keep their homes and make it a low interest loan for all to allow enough time for inflation to make the cashflow of this debt reasonable, starting now. Investors are just going to have to find a new place to take money or better yet, make it grow. http://www.FairTax.org
fortyfour // September 22, 2008 at 5:37 pm
How much do you think I can get for this sentence? ; )
onemom // September 22, 2008 at 5:49 pm
FF – I estimate that sentence to be worth about $766,000,000. Where do we go to collect?
thomas // September 22, 2008 at 8:40 pm
what really is behind the financial mess…
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0
abbey // September 23, 2008 at 12:18 pm
If every American received an equal portion of the 700 trillion, it would be (according to my math) $2324.50. So our family would get almost 7K. I think we’d then buy a forclosed home. But wait, its taxpayer money. We are a normal family and don’t have 7K to give to the government to bail out. No one I know does, except perhaps my uncle.
I’m no economist, but this bailout plan is ridiculous. It just doesn’t compute.