Today's Bailout Turned Down! (bad credit, student loans, home)

[FairfaxGirl]

So what does everyone think about today's motherload bailout not getting passed? I realize this can be a contentious issue for most ppl. I personally feel conflicted about the issue. I hate seeing the risk takers/the irresponsible getting bailed, whereas ppl like myself would not receive a direct/immediate benefit. However, I also see how not doing anything could result in much more grave collateral damage (i.e. credits have become frozen even for ppl with excellent credits who need loans - small business loans, student loans, car loans....). Thoughts?

[barryhussein]

Paulson is like an incompetent surgeon treating a hemophiliac. He keeps applying bandages, even though, there is no sign of the bleeding stopping. He came from Goldman, so he knows a lot about the problem--maybe not so much about the solution.

[caution]

I'm glad it got killed in the House. I hope they don't put together another one.

These folks we've put in office (all of them) are a national shame. They need to stop being absurd and hyping this thing. This is a free market. Let it ride. Credit isn't "frozen." Banks just won't loan money on a risk that's too high. That's the way it should be.

We've all got to start holding ourselves and our elected officials responsible. Once we do that, we can pick up the pieces and move on.

[VRE332]

Greed

[ajzjmsmom]

Originally Posted by caution

I'm glad it got killed in the House. I hope they don't put together another one.

These folks we've put in office (all of them) are a national shame. They need to stop being absurd and hyping this thing. This is a free market. Let it ride. Credit isn't "frozen." Banks just won't loan money on a risk that's too high. That's the way it should be.

We've all got to start holding ourselves and our elected officials responsible. Once we do that, we can pick up the pieces and move on.

I agree with you. Our 401K will take a beating I am sure but since we are still years away from retiring if history repeats itself as it always does we will recoup. It is shameful what our elected officials are trying to do to us. For me that starts at the very top from both parties and works it's way down.

[caution]

Yeah. It isn't pretty, but it's our fault -- all citizens.

I'm a bit discouraged by what both candidates for president are saying (about everything), and I see picking between them as the choice between two flavors of cough medicine. They both look fine to me, but I know both of them are going to leave a bad aftertaste for the next four years and probably won't work as advertised. :-)

I'd suggest we kill the common meme "It's the economy, stupid" and replace it with "It's up to all of us to fix this, buddy."

[HEATHER72]

Originally Posted by caution

These folks we've put in office (all of them) are a national shame. They need to stop being absurd and hyping this thing. This is a free market. Let it ride. Credit isn't "frozen." Banks just won't loan money on a risk that's too high. That's the way it should be.

Great post. Where are they going to draw the line on who they "bail out". These companies got greedy, so they should pay the price.

[5stones]

I too am glad it didn't pass. yes my 401k is tanking but hopefully will pick up some bottom priced stocks that will gain in the years to come.

The govt shouldn't interfere with a FREE market...it's a VERY slippery slope we are entering if things continue that way.

I too agree that the credit market isn't forozen, it's only frozen to those with bad credit history and are too high of a risk for the banks. We are going back to the old adage of having to HAVE GOOD credit sore to get a loan. NOT 2005 moto of here EVERYONE can get a loan for 200-300k no matter what your income of credit status is.

When did the govt decide that EVERY AMERICAN SHOULD own a home? Home ownership is not a RIGHT is a privlidge to those who have saved and pay the bills on time etc...

I think the govt should look at the rebate incintive and instead of bailing out companies for BAD money mgt. They should REWARD taxpayers who have NEVER missed a mortage/loan payment! We are the ones who know how to balance a budget and manage our finances!! NOT every tax paypayer deserves an incintive check etc....

Anyway it will be interesting to see how this plays out.

[bungalowmo]

Originally Posted by caution

Yeah. It isn't pretty, but it's our fault -- all citizens.

Sorry, but I have to disagree with that as a blanket statement. I am NOT over my head in debt, I did NOT purchase more home than I can afford, and I am NOT one of those greedy S*B's raking in millions of dollars at others expense.

But of course, being single with no dependents...they'll rake my cash over the coals & leave me with nothing.

You may fall into one of these categories, but speak for yourself....not all.

[SmokeyBong420]

If we don't bail them out and "let them pay the price" as some of you had said, then they won't be the only one's "paying the price". Everyone will.