MikeNY
11-10-2008, 06:33 AM
The Bailout seems a waste of Taxpayer Cash. Now the Government wants to bailout the Auto makers http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081107&id=9360965 and they expect us to foot the bill for excess executive & worker compensation and retirement packages. Same for homeowners that are underwater and bought homes without thinking the housing bubble could explode. They are already floating a plan of giving 40% forgiveness to credit card holders with excess debit and next will be auto loans and leases. The car makers already got 25 Billion dollars in a package earlier this year. If they get help it needs to have rules, cut the huge executive and worker pay and retirement packages! Let's outsource for executives and keep worker jobs in the USA and dump our useless executives with thier poor performace, poor skill, they just plain stupid. City Bank is set to get 25 Billion Dollars and will pay out that amount in bonus money to the executives that preformed so badly and failed to make a profit. Why are they getting bonus money for failing to make a profit that taxpayers are to pay?
In Kiplinger's Magazine in October 2008 Jeremy Siegel noted in the Real Credit crisis that the Bailout for Fannie Mae and Freddie mac will probably cost 5 trillion dollars just for those two Lender's alone! That alone is reason to end the CRM Community Reinvestment Act 1995 as it now stands, Banks and Lenders need to follow normal business practice and end Liar Loans for the minority poor. Lending money without any documentation, even the real name of the barrower, no ID, no Social Security #, no proof of employment or ability to pay and 110% of all cost loas is foolish and will lead to the same abuses we have that lead to the Credit Crisis and Wall Street bundling toxic loans. People flipping real estate for fast profits and churning real estate inside a gang then abandoning the property or properties and leaving the taxpayers footing the bill is wrong and also a criminal conspiracy.
Better to let the debters suffer, go bankrupt and clear the system, Japan tried to stop it's creit crisis decades ago and saving bad banks and investors and that lead to stagnation and prolonged the crisis.
In Kiplinger's Magazine in October 2008 Jeremy Siegel noted in the Real Credit crisis that the Bailout for Fannie Mae and Freddie mac will probably cost 5 trillion dollars just for those two Lender's alone! That alone is reason to end the CRM Community Reinvestment Act 1995 as it now stands, Banks and Lenders need to follow normal business practice and end Liar Loans for the minority poor. Lending money without any documentation, even the real name of the barrower, no ID, no Social Security #, no proof of employment or ability to pay and 110% of all cost loas is foolish and will lead to the same abuses we have that lead to the Credit Crisis and Wall Street bundling toxic loans. People flipping real estate for fast profits and churning real estate inside a gang then abandoning the property or properties and leaving the taxpayers footing the bill is wrong and also a criminal conspiracy.
Better to let the debters suffer, go bankrupt and clear the system, Japan tried to stop it's creit crisis decades ago and saving bad banks and investors and that lead to stagnation and prolonged the crisis.