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Sometimes people cannot see the trees for the forest. The same is true for the current housing meltdown.
Conservatives are saying that consumer homeowners with ARM loans should not be helped, because that would be bailing them out and rewarding their "bad" behaviour. According to the Conservative spin machine, it would also be socialism, which is evil.
However, these same people are in favor of bailing out huge corporations with money gathered through taxes from those same homeowners who are losing their homes, their credit and much more.
Is that fair or reasonable? Many PRIVATE PROFIT MAKING banks and other financial corporations are now being bailed out with hundreds of BILLIONS of dollars in credits, loans, guarantees and low interest terms that are not normally present or available to the average consumer. How is this NOT socialism or corporate welfare? These corporations are people just like the average consumer. Why are they getting help and the average homeowner is getting nothing but the shaft?
If socialism and corporate welfare giveaways are OK for the richest people and private profit making organizations in the world, why is it Evil and bad for the poorest people who actually fund these pork barrel giveaways for these corporations?
It amazes me how gullible and complacent people are when the corporate spin machine frames everything from the corporate and rich persons viewpoint, while ignoring the suffering and making it worse for those on the bottom.
So what is the solution? What would happen if we gave low interest fixed rate loans guaranteed by the government and OUR taxes to homeowners who needed it, instead of giving it to the corporations with tons of failing loans and foreclosures?
If millions of people refinanced into low interest guaranteed loans, would that not stop the foreclosure crisis? Would that not give guaranteed income to the banks and other private profit making organizations? Would this not create a stability in the marketplace that does not exist now?
By helping those who are suffering the most now and giving them a hand UP and not a hand OUT like the corporate welfare checks that the Federal Reserve is shoveling out to corporations right now, we could solve the current crisis.
If the current focus on greed and corporate self interest continues, I predict that this entire house of worthless cards may come crashing down, with repercussions that will make the Depression seem like a cake walk. Greed has a consequence, and it may take awhile to manifest, but it will eventually.
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Posted: Saturday April 12, 2008, 8:18 am
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Frank H. (536) |
Saturday April 12, 2008, 9:12 am
Bailing out the corporations was wrong. Bailing out the foolish and greedy homeowner is even worse. What's next? Bailing out everyone who buys a stock that goes down in price?
The bailout makes the taxes of the people who bought homes they could afford, with fixed rate mortgages, pay for the greedy and foolish.
Let the market settle itself. No bailouts. |
Michael Angel (37) |
Saturday April 12, 2008, 11:52 am
Yes bailing out the very rich, very greedy, and very stupid is OK
If you are poor and trying to put a roof over your families head; helping you out is Communism! |
Eric S. (2141) |
Sunday April 13, 2008, 6:51 am
Giving a loan to a homeowner is not a "bailout". It is a hand up.
We are granting BILLIONS in subsidies (CASH) Welfare payments with no repayment provisions to rich oil companies, drug companies, rich farmers, nuclear power companies and giving hundreds of billions a year to the military industrial complex, but for some reason, granting a small LOAN to a homeowner that has to be repaid is bad... I do not get the logic...
Maybe the solution is for all homeowners to band together into a giant corporation and lobby Congress for SUBSIDIES, which is cash that does not have to be repaid at all. That would be good, because that is what all corporations are doing now. |
Judith Bush (9) |
Monday April 14, 2008, 6:43 am
I've been reading Dean Baker's blog at http://www.prospect.org/csnc/blogs/beat_the_press . He gives a good reason for not "bailing out" home owners in a housing bubble: mainly that it sustains the bubble inflated housing costs (http://www.prospect.org/csnc/blogs/beat_the_press_archive?m |
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