Yesterday the House of Representatives voted down the $700 billion bailout package. In retaliation, Wall Street investors went on a selling spree and bloodied the stock market.
Today, the Senate has vowed to resuscitate the bill in an attempt to pass the thing. Both presidential candidates are calling for plans to aid in the bailout, and giddy capitalists everywhere are hoping that the bill doesn’t pass the Senate.
So where does that leave post of us? Honestly, pretty much where we were before. Our FDIC deposited money is still safe, statement shock is still afflicting our retirement accounts and the housing market is still in a slump.
But I’m not sure that throwing $700 billion at the problem is really going to change much, either.
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I agree 100%. As I see it, this problem is the result of people borrowing more than they could afford and lenders only too happy to try and make big money on risky loans. Both sides of the equation were betting on being able to scam the system.
The fact both were wrong doesn't mean taxpayers should bail out either one. The people feeling the effects are you and methe ones who played by the rules. I say no to helping those who wanted to scam the system.
Posted by: Cynical Synapse | October 1st, 2008 7:58 pm |
Mortgage fraud was founded in Clarksville Tennessee after a disaster in 1999… The banks saw a good way to profiteer off victims and started to reinvest into poor reassessments…and selling the high inflated earning to other lenders for personal gains…
What happens to the orginal land owner…they all go broke…and suffer lifetime investments and indendent losses… The bailout will only help the whitecollar rackeetering criminals not the taxpayer, please visit our website tennesseeepetitions.com
Posted by: Robert Melton | November 16th, 2008 7:59 am |