30 September 2008


The US has been on a orgy of spending off budget for the last eight years and now the piper has come calling. It is time to stop trying to lay blame and start trying to figure out how to protect the taxpayer from the depredations of those in power. At a minimum the bail out bill should allow bankruptcy judges to do something to renegotiate mortgages - not to protect speculators, but to keep those who through loss of jobs, family medical costs or other economic changes are losing their only remaining asset. The loans would still have to be repaid, but at least there would be some breathing space.

While they are at it, some relief from predatory usury charges and outrageous fees that throw so many into unending debt. Again not to let people off the hook for money owed, but to keep them from becoming victims of greedy lenders.

Once those protections are in bail out banks and investors, the foolish who thought booms never become busts, but main street comes ahead of wall street. It is their money and their future that is being spent.


Linda said...

I don't know ... seems to me that things are going to get a lot worse before they get better.

Travis said...

Agreed. Protections, regulations, clear laws to ensure that the money doesn't line the pockets of the people who got us into this mess.

Amazing Gracie said...

I'd like to throw out all of the politicians who are not financially adept and turn this mess over to those in the business! The mood I'm in, all politicians are like the lawyers Shakespeare referred to!
Yep, I'll vote but I'm still gonna have to hold my nose!

Mo said...

When do I get MY bailout??????

the teach said...

Your point is exactly right, Jamie! :)

Nathan said...

Well, I hope they will address this issue sooner. It's getting worse from time to time.