My Thoughts

I’m not writing this to you specifically. A lot of people aren’t understanding this. They’re not “Bailing Out”, as in Giving Money To, anyone/company, etc. They are taking over as custodian of Debt & Insurance Instruments (such as yours and my Mortgages, Insurance Policies, etc. – money that WE OWE/PAY to AIG, etc.). They are BORROWING the funds to transfer ownership to the Government, and it will be PAID BACK with interest. It also allows these HUGE banks to stay in business so they can continue to lend money (car/mortgage/credit loans/credit cards) and keep our economy alive.

The risk comes in with Dead Beats (some of US) who don’t pay back our loans because we don’t have the money and borrowed WAY outside of our means. Like running up a credit card when we know we can't pay it off. Our OWN Faults. We have to be responsible for ourselves. I don't expect anyone to buy MY house but me, and if I can't afford it, who's fault is that? Mine. So I sell it, lose money, and move where I CAN afford it (apartment, condo, whatever) and don’t buy a house out of my means next time.

If they don’t do this, and more of these companies fail, it means all sorts of very BAD things for ALL OF US. Economy screeching to a halt, no new car/mortgage/credit loans, credit cards freeze (meaning we can’t use them, but we still owe the money of course). By doing this, the Govt. is protecting ALL of us, not “BAILING OUT” anyone/thing.

If the banks all fail, forget all about FDIC insurance.

Whatever Gman I can see you are still a jerk...you were back then and a RACISTS ONE AT THAT TOOO......lets not forget......you pissed me off because YOU DON'T KNOW JACKCRAP what you speaketh.....though you always think you are so RIGHTEOUS IN YOUR RESPONSES.......you speak of people as they are BLEEP......but yet you fail to look at your erroneous lifestyle..where YOU INDEED HAVE SHYSTER OTHERS MONEY............so please don't play the BIG GMAN HERE..........it didn't work then AND CERTAINLY ISN'T NOW........I'VE ADVISED YOU A FEW YEARS AGO......PLEASE YOU REALLY NEED TO GET A CONVERTIBLE AND "BREATHE".......you are inhaling way too much of the toxic fumes BUT THEN again there are sick people that actually GET A HIGH off that BLEEP........how's that for comic relief.

Section 8 of the Wall Street bail-out package that the Bush administration is trying to push through Congress includes these notorious 32 words:

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

In other words, W wants to drive up his already monstrous deficit by handing over (at least) 700 billion of our taxpayer dollars to his appointee, Secretary of the Treasury (and private investment banker) Henry Paulson, who will then have carte blanche to disburse it to whomever he pleases among a bunch of businessmen who already proved they couldn't manage their own money, without having to account for anything and with nobody having any ability or legal recourse to question it — at all, forever.

Where is the rule of law over all on which America was founded? Where are the principles of responsibility and accountability that the Republicans preach?

If this dangerous case of institutionalizing what is literally lawlessness bothers you, law-abiding American taxpayer, contact your representatives in Congress and tell them: "No way!"

You can reach them through http://www.house.gov/ and http://www.senate.gov/.

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

~~~~ That's the deal breaker. ~~~~
This can NOT be allowed.

DaytoneFrank writes- "They are buying the mortgages, and with them the properties that are mortgaged. "

I understand it that way as well. Although I fear that many of the deadbeats see this as a way to hold on to properties that should have been foreclosed and put back on the market at a more realistic pre-boom selling price. By bailing them out, it may take even longer for the market to correct itself. I think a short but painful correction would be preferrable.

Without the bail out, The US will enter the biggest depression this country has ever seen.

For those of you that are independently wealthy, that will be no big deal.

But for us working stiffs, it will be the end of everything. They better put out more park benches for us all to sleep on.

DVS11965 I like your plan!

After the bank forecloses and people move out of their homes, no one takes care of the property (pool, etc.). It becomes an eyesore in the neighborhood--encouraging mosquitos, dangerous to kids, and taking down the neighbors property values.
Regarding the Bush/Paulson/Bernanke proposal:
As far as the bailouts, the CEOs and executives should not get any money on the way out! If they say they need it, we could give them a bus ticket home. Then, let them look for a private job (or live off what they already put in their pockets).

Write your reperesentatives! Say no to the banker bailout scandal!

DVS11965 says- "I really still don't understand why we can't just give the homeowners back their houses and let them pay off their mortgages before those adjustable rate loans kicked in and made those existing mortgages unaffordable."

Because they couldn't (or wouldn't) make the payments at the original rate anyway. So they'll default again and again. There MUST be some kind of accountability for being irresponsible by buying above your means. If that means they actually have to downscale a bit - so be it. There are lots and lots of us who settled for a modest home, lived within our means and made the payments every month. Giving the greedy (buyers, sellers and lenders) just goes against free market principles.

DVS...I agree with you. On a personal note, we have an amazing income....but like everyone else in 2005 and 2006 we were hit pretty hard. Well our lender (lets just call them Pricks) in the last two years have given us nothing but grief. What I don't get..we have solid income.and they wont work with us.....YET..THIS BAILOUT BLEEP...which most of the people Fannie/Freddie BLEEP Mac loans are majorily all LOW INCOME.......IT STINKS........FRANKLY.....I FLIPPED TO A CHAPTER 7 AND ENDED THE MISERY......THOUGH broken hearted........I feel relieved.......BUT I STILL CAN'T UNDERSTAND LIKE HOW YOU ARE EXPLAINING....WHY NOT WORK WITH THE HOMEOWNERS SPECIALLY WHEN INCOME IS NOT AN ISSUE.............

It seems Gman, Sensible joe,Rexes mom and Mc have a handle on this they are all right, First thing we have to remember is that a large percentage of the homes in forclosure right now are NOT primary residence, They are second homes and investment properties, People took advantage of rediculously low interest rates for a 3 to 5 sometimes 10 year period to invest in reale estate in hopes of selling and making a profit before the rates readjusted in the then booming market, Then the bottom fell out leaving the banks and flippers holding the bag, And don't forget the other percentage of forclosures on the people who never really had the downpayment or income to get the loans in the first place, Whatever happened to having 20% of the loan to put as a down payment which has been the industry standard for years? Then you factor in credit cards with high limits being handed out like candy and not being used responsibly and here we are!

hwayoutaline... well said! The days when savings and loans fell was bad, but we set up a temp. org. to handle that and slowly paid it off and WERE SUPPOSED TO HAVE LEARNED A LESSON!!! Well... we didn't and lets be honest.. Democrats like Barney Franks, Schumer, and Dodd, are neck deep in causing this along with Joe Biden and his new anti-bankruptsy bill that closed the door for typical citizens to be afforded any bailouts when they ran into trouble! (little said about that part of this) We have to punish the congressmen and Senators that are involved as well. I don't care what party they belong to, but I do know who blocked regulation as a minority, and then destroyed what was left when they received majority status in 06..

good lord, i hate it when everyone starts yelling dem. or rep. really??? right now, we just need an answer before we lose everything. my husband and i, stupidly took out a loan that almost destroyed us! we are paying so much in mortage interest now that, we barly touch what we owe. we are not BUMS! and we pay our bills.
but every time we turned, our mortgage co., who sold OUR MORTAGE to another then another then another...you know how it goes..my medical bills with our insurance, cost us about 38,000.00 a yr. i got sick 6 mos. after we bought our home. we almost foreclosed 3 times, but we pulled it off somehow, the amount added to our payment for their lawyers were outrageous. they didn't try to help us, they didn't care! imagine how surprised I was when i found out there is a law that the company has to try to help you, and not try to take your home. they were selling homes so fast, all they did was kick one family out, and move another in right away. they thought they would get rich and this would continue. well they were wrong, and i hope everyone of them lose their homes also! we sold everything to save our home, cars, my wedding ring and more! so be careful when you are calling people stupid and lazy because we are not!...wellll the stupid thing...kinda rings a bell now(fine print is hell) when you pay your bill on time and you think you made an agreement, that your interest would be the same, as long as you pay on time.
yeaa right!!
found out the hard way....thats a lie.
the mortgage companies went after savings and anything else they could, well they got what th

Write your representatives now! No bailout!