I do not want the government to have so much control.
Several years ago, the laws/rules were loosened (majority were Democrats that passed these rules) so that lenders would give loans to people who really could not afford them "because everyone deserved a home or an American dream of owning one." Housing prices inflated. People took out second equity mortgages (some for home improvement, TV's, cars, all types of bling, etc. etc.). Credit cards were used more because they thought they had more. Then the housing market crashed - house prices plummeted. Now those people OWED more than the house is worth. AND their credit cards were maxed out.
HOUSE EQUITY 101 ~~ WHAT GOES UP, MUST COME DOWN. Do the math (if you can).
Why should WE bail out all of those people who couldn't afford loans in the first place??? Why should WE all work harder so the government can take more taxes out of our paychecks??
It's time that EVERYONE start taking responsibility for their own debt.
If we do not support the bailout, times will be tough. But not as tough if the government takes over. It would be so much worse it's not even funny.
Because in fairness it's just not that simple.
I do support the bailout b/c we need it,
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It's refreshing to actually see our Congress earning the money they are paid...
I DO NOT support the bailout.
This article had a very good line in it:
http://biz.yahoo.com/ap/080930/meltdown_tough_votes.html?.v=1
"Such a massive government takeover, he said, was a step toward socialism...."
And this one from the Wall Street Journal:
http://online.wsj.com/article/SB122272238714287459.html
I do not want the government to have so much control.
Several years ago, the laws/rules were loosened (majority were Democrats that passed these rules) so that lenders would give loans to people who really could not afford them "because everyone deserved a home or an American dream of owning one." Housing prices inflated. People took out second equity mortgages (some for home improvement, TV's, cars, all types of bling, etc. etc.). Credit cards were used more because they thought they had more. Then the housing market crashed - house prices plummeted. Now those people OWED more than the house is worth. AND their credit cards were maxed out.
HOUSE EQUITY 101 ~~ WHAT GOES UP, MUST COME DOWN.
Do the math (if you can).
Why should WE bail out all of those people who couldn't afford loans in the first place???
Why should WE all work harder so the government can take more taxes out of our paychecks??
It's time that EVERYONE start taking responsibility for their own debt.
If we do not support the bailout, times will be tough. But not as tough if the government takes over. It would be so much worse it's not even funny.
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probably because things are changing to quickly.