While I agree that people were stupid and share the blame, at the same time, these companies fully understood that making loans to people who weren't making enough money to pay it off was stupid. The only reason ANYONE thought it was a good idea is because "housing always goes up." Well it didn't so the stupidity showed.

At the same time, people who signed balloon mortgages and such were practically lied to with stuff like "when it's about to balloon, you just refinance it." Again, the person signing the loan shouldn't have been stupid enough to take it under those terms, but I've seen salespeople get people so hyped on something they'll sign their life away on an emotion. Stupid, but we don't blame the person scammed when they were lied to, so I can't totally blame the people who signed these loans when they were being mislead in, at the very least, some cases.

I know the bad side as well.

But, I still have thoughts that go the other way as well.


Can't have the cake and eat it I know.

The big guys knowingly bought junk, thinking property values would keep going up. They didn't. The big guys think they are too special to lose money, so now they are withholding credit until the government makes up for their loss.

People have not been able to get credit around here for several months now. I have customers that could always get credit get turned down. These are government employees trying to get credit from the state employees credit union.

The credit crunch has hurt me. I can't sell things over $5-6000.00 because people can not get the money.

I have one vehicle that I am selling well below what the bank says is the loan value, yet four people got turned down for a loan by that same bank(see above bank).

These were people who left knowing they would be back with cash, as they had never been turned down before.

I know what is at stake, and if credit is not eased soon I will be sitting on a lot of inventory(to me) and no money to pay bills.

This being said, I don't like the "big guys" holding credit hostage because they want free money to cover their mistakes.

I will not willingly bail out crooks to help my situation.

They can lend or not lend at their own discretion, just as you can buy or not buy something at your discretion. Nobody puts a gun to anyone's head to conduct trade.

OK, I have been watching Cramer on CNBC tonight. He has explained in clear terms what is going on with the banks.

I think he is right about the FDIC insuring at least $500,000.00 in deposits. I have thought for a long time that $100,000.00 was too low.

But, I reluctantly have to agree that some kind of package needs to be passed soon. I am mad, I am still convinced that the reason for the mess we are all in is what I have posted in this thread, but too much is at stake.

Yes some fat cats will get their rears covered, but I am afarid that to do nothing but fight and do nothing will be worse.

What is ticking me off is that everytime a politician gets on tv today they want to claim how their party is right and the other is wrong and stubborn. Stop this political ####, and get this fixed.

I sincerely hope Cramer is not blowing this out of proportion for self gain, and I really don't think so, based on having watched his show so much.

I almost wish I had not seen the show, for now I am really worried.

As I said, I don't like it, but it appears that something HAS to be done.

They did a report on TV this morning that said that Paulson actually got down on one knee in front of Pelosi last night and said he was "begging" her to get this passed, and that Bush had said "If we don't get this passed, this sucker is going down," meaning the economy. Hearing it sent chills down my spine because every instinct in me says if this is not passed and passed soon next week is going to bring collapse after collapse of banks and total panic.

I just don't like the games that are being played with this thing though. The Dems are in control. They can pass it if they want, but they aren't. They are pushing for Repubs to get involved so they can spread around the blame. I don't like the idea of a bailout either, and I don't believe their stories one bit about it being a possible gain for the American people. We are buying bad debt, plain and simple; however, I support it because I really feel if we don't do this we are sorely going to regret it.

When the President gave his speech the other night about this he was shaking so bad the microphone was rattling and could be heard loud and clear. He was scared. He didn't shake on 9/11. He didn't shake when we went to war. He's shaking now. When the President is so nervous he is shaking and when the treasury secretary is down on his knees begging the house majority leader to do something, that kinda' makes me get a BIT nervous. Okay, I'm more than a BIT nervous. I'm scared, plain and simple.

__________________
"What I'd like to do is go down in history as the President who made Americans believe in themselves again." - Ronald Reagan

I got this reply from Obama:

Dear Larry:

Thank you for writing to share your concerns on the current state of the U.S. economy and the government’s response to the ongoing stress on our financial markets, homeowners, and families.

From Wall Street to Main Street, the U.S. economy is in trouble. We have suffered 600,000 lost jobs since the beginning of this year, over a million families have lost their homes to foreclosure with millions more at risk, and many banks and other financial institutions are struggling to stay afloat. The bailout of investment bank Bear Stearns, the federal takeover of Fannie Mae and Freddie Mac, the collapse of Lehman Brothers, the Federal Reserve’s emergency intervention to save AIG, and the emergency Treasury action to shore up money market mutual funds demonstrate the seriousness of the situation we face.

In response to these concerns, Federal Reserve Chairman Bernanke and Treasury Secretary Paulson have met with congressional leaders to request legislation that would authorize direct intervention in the economy. The plan would grant the Treasury Secretary $700 billion to purchase bad assets from financial institutions. By doing so, the Treasury would inject much needed liquidity into the market and work to rescue the economy from a worsening downturn.

While I agree that urgent and decisive action is necessary during this time of economic turmoil, I will not grant a blank check for billions of taxpayer dollars to the Treasury to bail out banks, with no oversight, accountability, guaranteed help for homeowners, or even assurances that the risky plan will work to the benefit of American workers and taxpayers.

Instead, we must insist upon a plan that includes relief for burdened homeowners, ensures restraints on exorbitant executive salaries, and ensures that the American people share in the upside as Wall Street recovers. It is also critical that the power to spend $700 billion is not left to the discretion of any one person but is instead under the rigorous oversight of an independent and bipartisan board.

Further, we need to move forward on a second emergency economic stimulus plan including tax rebates to help families cope with rising food and gas prices and investments in jobs and relief for state budgets.

In closing, be assured that as this process moves forward I will continue to work for a fast, fair and viable response to our nation’s economic crisis. Again, Larry, thank you for sharing your comments and concerns with me. Please feel keep in touch on this, or other matters of importance to you.

Sincerely,

Barack Obama
United States Senator


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Reading that letter which BTW was written by a staffer. Makes me wanta PUKE the Crash of 1929 ended up almost destroying this nation it took WW2 to totally get us out of the Depression. The saying is as Wall Street goes so does Main Street think about it they have the Cash and we need it. Mc Cains plan wanting them to buy Insurance and these are loans this is not a bailout yet the Dems are like that will not work we need to just give them the money. Also the simple fact is this crisis was made in teh 90's under Clinton when he had Rubin rewrite the Mortage laws in this country forcing the banks to loan to people that could not and would not qualify normally for one yet now got them. He deserves the blame not Bush for this one.


Hear would be the best way to fix this freaking mess and would save about 400Billion dollars. Give Everyon Citzen in the US 1 million bucks then being the Goverment they have access to their Credit reports pay off everyones Collections Back Child Support and Mortages loans on their then give them the rest to stimulate the Economy. BTW this would only apply to LEGAL Citizen of the USA not to Illegal Immigrants. This would eliminate all bad Sub Prime Mortages for the most part shore up the Banks like no tommorrow and then get this economy freaking going like no tomorrow. BTW I would put the rest of mine in the Bank and almost live on the interest.

And the greedy lenders to stupid to say NO.

That's right, blame the dealer not the drug user.

And as for your signature......nominal GDP increased almost 50% under Bush.


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