Posted by
Az Dave on Thursday, September 25, 2008 2:59:55 PM
The financial institutions have known all along that they would be bailed out. Otherwise the only recourse they would have had would be to lower the interest rates and convert the ARM's of all the sub prime mortgages that are behind in payments to FIXED lower rates of 4, 3 or even 2%. The lenders would still make money and the problem would be solved for a major majority of people behind in payments. But the lenders would rather foreclose than correct their greedy error.
Bail outs do nothing but stop the progress of a free market from correcting itself. Why should these finacial institutions take less money when they can get the full price in a government bail out that they prectically knew all along they would receive.
While I do believe that democratic polices have aided in this sub prime mortgage problem, some of these programs did help honest hard working Americans qualify for the American dream of home ownership when they could not otherwise do so.
A bail out is the only answer now because the governement did not fix this problem soon enough by fixing the rates of these loans for people in hardship as soon as it was happening, so now it is too late and we must bail them out. the lenders knew the government would just bail them out like they always do. Now it comes at the tax payers expense and is competely unforgivable.
I truly believe the only answer is to remove practially everyone from congress and for the people to make a point this election November 4th after we the taxpayer bail them out once again.
Yes the taxpayer and a republican president will come to the rescue with the bail out plan, but the tax payer should not do it without making a politcal statement this November 4th and say we are tired of this corrupt United States do nothing congress.
Until we put honest true fiscally conservative poltiticians into office we can only expect more corruption and mismanagement and that my friends is our own fault.
The good news is I believe the McCain-Palin ticket just might be the answer. While it's not perfect I do belive John McCain is honest when he says he wants to fight for what's right and for us to join him.
Az Dave out!