Well the bailout package failed today and people seem surprised by this. Well it would have been a bigger lose if all the elected officials listened to their constituents. Most people do not want this because they would rather see Wall Street get out of the mess themselves and they also do not see any upside to the bailout. If we could see the upside to this as an average citizen then maybe most of us would be in favor of it.
The biggest thing for me is that is does nothing to address the mortgage failures that got us into this mess in the first place. The bailout needs to address this or the situation we are in today will rear its ugly head again in a few short years. The bailout needs to force banks to negotiate with homeowners so they do lose their homes. It is far better for the banks to have people paying a lower mortgage rate than have them paying nothing.
I say hold onto some cash. The ride is going to get bumpy.
The biggest thing for me is that is does nothing to address the mortgage failures that got us into this mess in the first place. The bailout needs to address this or the situation we are in today will rear its ugly head again in a few short years. The bailout needs to force banks to negotiate with homeowners so they do lose their homes. It is far better for the banks to have people paying a lower mortgage rate than have them paying nothing.
I say hold onto some cash. The ride is going to get bumpy.
2 comments:
These mergers and acquisitions are going to worsen the problem in the future if some tough regulations aren't put in place and enforced.
Here is an interesting read:
http://robertreich.blogspot.com/
The whole thing is so strange.
Our leaders are pushing the bailout, the average American does not want it and the answers people are seeking are just not there.
It makes one wonder.
Thanks for the link to Robert's blog. I hope he ends up in the cabinet.
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