by Linda Buckingham
(Downingtown, PA USA)
There's no need to risk taxpayer's money in this financial bailout. I am uneasy that this extreme bailout plan will not accomplish what has been claimed. I fear it will be more of the same from this administration: give to the rich and make average Americans, and now the world, pay for it.
Clearly something needs to be done to help our economy get back on track. But I think the US Federal government needs to be in control. Giving massive amounts of American taxpayer money to these banking institutions who were allowed to have grossly overpaid executives who bilked them, and now ultimately us, for hundreds of millions of dollars is unconscionable. And giving these massive amounts with little or no accountability and oversight is just plain stupid.
The Federal government, instead of buying these “toxic” securities, should instead set laws on what terms are allowed in mortgage lending and what are not, and force the banks to re-write these predatory loans under the new laws.
That way, with fairer terms, families would stay in their homes, the lenders would receive a fair return on their loans, the Federal government would stay out of personal banking, and taxpayers’ money would stay where it belongs - in the Federal treasury, doing the business of the Federal government.