Financial Bailout Fiasco
(Winter Haven, FL USA)
Regarding Financial Bailout Fiasco: Don't throw good money after bad! The current economic issues being played out on television now are not the result of a recent trend. The systems and protocols used by banks have been doing this for years. It is just now that it is catching up to us all.
We are currently witnessing the largest wholesale theft in the history of the world! By writing loans to those people who are incapable, unwilling, and irresponsible to self manage we have all been doomed. It is the childish mentality of Americans in general that suggests that home ownership should be easy. When did it become the American thing to do to pick only the low lying fruit?
My solution, two fold legislation on future banking practices. Firstly, all loans must be carried by the institution that wrote them for a period of at least two years. This way if the bank must make a real calculated decision on the reality of the risk.
Secondly and most important, no more assessment of points at the origination of mortgages. This will insure that the bank can not sell its garbage to unsuspecting banks if they are unable to make profit up front. Banks should not operate on the basis of speculation. Long term investment is the only way to safe profit.
Furthermore, those responsible for the current situation should be hung by their ankles and shook until all of their assets are forfeit. This money should then be used to make things right starting at the local small institutions.
Government should stay out of business, they are horrible at it. Even the IRS says a business must be profitable but not the government it can operate on a deficit every year.
This entire fiasco has my stomach in a knot. --Jeffery
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