Jay Allen Sanford 12:58 a.m., May 21
So, let me see if I understand this. There are several large mortgage & investment firms that royally screwed up, leaving mostly middle class persons without a home, due to foreclosure. There is blame on both sides of the fence on this mess. For those who got in over their heads and signed their name on documents for a loan they never should have even applied for, please answer this: didn't you ever hear the saying "if it sounds too good to be true, IT IS!!!
The salesmanship must have included a song & dance. In response to this fiasco, George W. Bush, wants to bail out the stupid, money grubbing, wealthy scammers who created this mess. WHY?? If you ran a business & cheated your customers, causing their financial problems, do you really believe the government would help you?
The "W" plan will cost the average American taxpayer about $7000. Now, that is one of the most ridiculous, bizarre plans ever presented. And isn't it confusing to hear that the governnment of this country, the U S of A, has created this VERY LARGE deficit but now wants to spend money they do not have to bail out people making large salaries?????????? "W" has already rescued Fannie Mae, Freddie Mac, AIG. Now he wants to help out Lehman, Merrill Lynch and many other mortgage investment liars & cheaters.
NO. That is my message to Congress. They got themselves into this mess, they can darn well figure out a scheme to get out of it. Yes there are many, many casualties. I do have some compassion for those who are losing their homes. But, they signed for deals that had to have them thinking they pulled a rabbit out of a hat. There are lots of losers but maybe they should have been thinking realistically.
The investers in this mess have to wonder why/how they let themselves get seduced into giving their money to fund this new type of investment that includes mortgage loans. All these shenanigans were perpetrated on people who forgot to think before signing. The scheme started many years ago, with deregulation and lack of oversight. After the S & L debacle, you would think people would be more aware of the mortgage & banking industries history of bilking the public and operating under their own set of rules.
This is my idea: collect that $700 million dollars from the top dogs at the companies that are now in trouble. Make them sell their homes, liquidate the college funds, give up their own pension plans, IRA's, investments, etc. The people who lost their homes via foreclosure have to fend for themselves, why help the rich dudes?? I truly hope that Congress stalls and asks a lot of questions about this bail out plan. With any luck, they will tell "W" that the hot shots must handle this on their own.
A political comment: In 1999, Phil Gramm instigated the legislation that weakened regulation, thereby creating this mess. Phil Gramm is John McCain's buddy & economic advisor.
Think about it and then get busy sending your comments to your Congress persons. Stop "W" from bailing out the rich. Wanda Sykes (comedienne) says the rich dudes should have to live "ghetto style", with grocery carts on the lawn, using food stamps, going to the Welfare office to pick up your check which you will cash at the check cashing place right next to the liquor store. Thank you Wanda Sykes.