We it looks like we are getting the short end of this from our leaders. We are not going to give money to people with failing mortgages now. I guess that means AIG can get more before they are sold or split into several companies. Nice job Mr. Paulson
We have the auto industry, American Express and others lining up to take their share of the billions being given away. Meanwhile working Americans are losing homes, losing their retirement savings and losing faith in our leaders everyday.
If the average American continues to lose their retirement savings we will not spend more money, we will save what we can from our "disposable income" to attempt to make up for losing retirement savings. Do our leaders not get this. Most likely not. Since very few of them have any connection to the average working citizen. Remember we did not want the bailout because just like the war in Iraq we rushed into this damm thing with no plan. Big surprise that the economy is getting worse.
All these leaders say that the "credit crunch" has nothing to do with the continued slide of the stock market. Really, do they actually believe this. I know many people who have pulled out because they could not stand the lose. I suspect that many people and investment houses are doing the same thing. If this "credit crisis" never happened the stock market would be fine.
All those companies that lend money to the average person are to blame for this. They gave easy credit and high credit card limits to people who did not actually qualify for those terms and they never looked back. So I say let them fail, be bought or file bankruptcy. No more money to these dirtbags. They are the ones who caused homes prices to get so out of control. Homes may be much lower than they were when people bought them however they were never worth that much in the first place. Easy credit drove that market to such extremes.
WAKE UP PEOPLE.
2 comments:
My mortgage holder—Chase—sent me an overnight letter via UPS offering to reduce my payments by about $85/mo through a slightly lower interest rate and putting the mortgage back to day one as far as the number of payments. I did some quick figuring, and in the full term of the loan, it will cost me more.
No one seems to want to heal this mess, especially the ones getting the free money.
I owe $127k on my mortgage. My house is now worth about $110k and falling rapidly.
The one thing on mortgages is if people plan to live in the home for a number of years or planned to make a quick buck in the rising real estate market. For people who have a regular mortgage and plan to be in the home for years it will work out in the end. The problem in Florida is schemers and dreamers hoping to turn a quick buck in an unrealistic market.
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