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9/26/2008 5:13:45 PM |
$700,000,000,000.00 Now we're talking real money! |
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geogood123
Saint Paul, MN
age: 48
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As I listened to the President last night I remembered a city councilman who refused to let his city issue municipal bonds to bail out the owners of motel who faced rising interest rates. The motel will still be there even if they go bankrupt. And it still is there. The original owners lost money, but the city did not.
The President urged Congress to pass the mortgage bailout quickly. Makes you remember how we had to invade Iraq quickly ..... before the UN inspectors would have proved there were no nuclear weapons.
The President warned 'pension plans might fail', but pension plans are already insured by the government through the Pension Benefit Guarantee Corporation.
Relaxed mortgage standards led to artificially high demand houses and higher prices, relaxing them more led to even higher prices and this ponzi scheme continued until there were no more standards that could be relaxed and the artificially high demand could not be sustained, mortgage defaults began to appear and housing prices began to fall.
I urge you to email your Congresspersons and Senators and urge them not to rush into passing a mortgage bailout. The current proposal will cause enormous inflation. Running the (money) printing presses to buy these bad mortgages will devalue the dollar and make the cost of everything we buy more expensive.
After defaults, foreclosures and bankruptcies, the houses will still be there. They will be resold at lower prices. All we will lose is the inflated house prices.
Please email your Congresspersons and Senators today and tell them to say No to an ill- conceived mortgage bailout.
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9/27/2008 9:42:50 AM |
$700,000,000,000.00 Now we're talking real money! |
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musicandsmiles
Portland, OR
age: 53
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I'm already on top of this! Have been writing everyone I can think of along with a letter to the local newspaper editor. I totally agree with you. Several years ago I scrambled to buy an inflated priced home on the coast when I relocated there for a job. Well, when I moved on from the position, I had to sell the home (fortunately) for $60,000 less than I paid for it. The market turned to mush and nothing was selling. It's still overpriced and every direction you turn, a home is for sale, and empty. I really have no sympathy for anyone is this situation. I don't believe our government should bail out the failing financial institutions and should allow natural attrition to take place. Most of all, I find it disgusting these little speeches that are being made, assuming the public at large has a fourth grade eduation and a gross inability to survive the changes we are sure to experience with either decision. Like you, I believe once again, the government is crying wolf and putting up a very, very large smoke screen.
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9/28/2008 3:43:43 PM |
$700,000,000,000.00 Now we're talking real money! |
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oblue
Bowling Green, KY
age: 50
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Time will tell
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9/28/2008 4:29:08 PM |
$700,000,000,000.00 Now we're talking real money! |
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deedee22801
Harrisonburg, VA
age: 36
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We (the United States) are already in enough debt. We can not take on this burden also. Our children and Grandchildren are going to be paying the rest of their lives for the mistakes of our generation. I really hope we put a stop to this.
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