I want this bailout stopped now!!!

iVillage Member
Registered: 10-01-2008
I want this bailout stopped now!!!
15
Wed, 10-01-2008 - 3:45am

I Am Angry!!! 


People bought houses they knew they could not afford from banks who knew they couldn't afford them.   On top of that the derivitives/hedge funds are off the charts (huge amount more than this housing problem)


Well, I did not buy a house or purchase anything on credit. I work paycheck to paycheck already being overtaxed, paying high gas prices, high groceries, high rent, HIGH EVERYTHING!  Now because of the banks greed- and YES....this is their responsibility. They gambled and they LOST!  They just want us to be the ones who pay for their GREED! Our government wants us to pay for their greed! Many countries want us to pay for their greed! THIS IS WRONG!!!!!


This bailout proposal (and NO- it IS NOT A "RESCUE PLAN" no matter how they want to sugar-coat it) does nothing to help me or most other americans.  It's directly wanted to help the guilty!


What more do you want from us?????  This government has stripped us of our freedoms our fourfathers and many others fought for, they have allowed these corporations to send our jobs overseas in order to pay pennies on the dollar for slave labor with no rights or protections, they lay tax upon tax, upon tax on paychecks, bills, gas pumps, and everything else.... our purse has been pried open because they might have missed a nickle. So many families homeless, so many others can't put food on the table.


I want to know why WE (the innocent) are expected to bare the burden when we have lost so much more.  Other countries suffer because they expect us to buy up their imports-  WITH WHAT??????  Our country has made sure to strip anything away from us. People started living on money they didn't have. They still had families to feed. Corporate america took their money and their jobs with our governments blessing!


 


NO BAILOUT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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iVillage Member
Registered: 04-03-2003
Wed, 10-01-2008 - 7:20am

If you think it's all as simple as that, you haven't been paying attention to the whole picture.

iVillage Member
Registered: 08-13-2008
Wed, 10-01-2008 - 7:25am
Do you wish to lay your job on the line to back that stance? Because that is exactly what you are risking if there is no bailout, however ultimately fashioned.

Full length fiction: worlds undone

"You have no power over my body..." ~ Anne Hutchinson

iVillage Member
Registered: 10-01-2008
Wed, 10-01-2008 - 3:43pm
Let capitalism work as it should.
iVillage Member
Registered: 10-01-2008
Wed, 10-01-2008 - 3:48pm
If you think the jobs won't continue to be on the line with a bailout you are sadly mistaken. These subprime loans are only the beginning of the deeper speculations made by the financial system which they haven't talked much about yet.
iVillage Member
Registered: 01-06-2001
Wed, 10-01-2008 - 4:12pm

Yea...I don't know why I have to pay for someones house when I knew better and didn't buy one.


 

iVillage Member
Registered: 08-20-2008
Wed, 10-01-2008 - 4:22pm
ya know, my dh and i were talking last night, and the banks alone can stop this fiasco. didn't most of this mess happen with foreclosures? why can't the bank drastically lower the interest rate to offer new mortgages? they will still be making money off of the mortgage, it will be much more affordable for the people, and no one will lose their houses. we figure by the time the 30 years is up on our mortgage, we will have paid the bank around 700,000 for a 300,000 mortgage. even if the bank made oh say 100,000 instead of 400000, that is still a huge chunk of change. why can't the feds tell the banks to lower the mortgage rate to 1 or 2% to stop this fiasco, and also allow us that have a nice fixed rate, to be able to refinance for the lower rate, too? then everyone wins, house prices don't drop, jobs are still available, people would have more money to put into the economy instead of interest, which would create more jobs. why isn't something like this doable?
iVillage Member
Registered: 09-25-2008
Wed, 10-01-2008 - 4:46pm
Not a bad idea, but it just doesn't work like that anymore, unfortunately.

Most of the banks which originated the loans don't own them any longer. Most loans (as you will likely know if you've had a mortgage over the past 5-7 years) have been sold multiple times in recent years. And on top of that, they've been mixed in with OTHER mortgages and packaged as investments - credit derivatives. This means that the holder of the paper who paid so much (most of it with money they did not have, but on margin, instead) can't simply "lower your mortgage" because they're not the official holder/servicer of your actual mortgage, only of the "security" which was derived from it by the use of these grand, fancy new investment vehicles which were invented as a result of Phil Gramm's deregulation of the banking and insurance industries. The Glass-Steagall act was mostly demolished by the Gramm-Leach-Bliley act, and it's been since then that these "innovative" financial products have shown up - and gone bananas.

Perhaps this will help make it more clear.

iVillage Member
Registered: 04-03-2003
Wed, 10-01-2008 - 5:18pm

A myopic response which indicates you either don't understand the full ramifications of the situation, or you do understand and simply don't care.


If this was just about a company or three which would go down the tubes, I'd be right there with you.

iVillage Member
Registered: 07-15-2008
Wed, 10-01-2008 - 6:11pm

Well, said.

iVillage Member
Registered: 07-03-2008
Wed, 10-01-2008 - 6:18pm
I kinda think these preditors were getting bonuses for the loans they made whether the people could afford them or not, fact is THEY KNEW they couldn't afford them. I think they really thought these people would default, and the housing market would go UP even higher, and instead, the Bubble Burst. The preditory lenders are MORE at fault, they only had their OWN best interest at heart.

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