I'm sure it's going to take a while for the public to figure out what just happened. Personally, I think our government did some bad things with that bill. Seems like a lot of paper, for a couple of weeks talk. Heard it's over 400 pages long, lot's of stuff not related to banks or mortgages. Seems like this 'crisis' came up a little too quick, as well as the 'resolution'. Pretty sure we are getting rear-ended on this one, and just the beginning.
The money lenders should have been left to fix their own greedy little problem. Now they have no incentive to change their course of business. It's more of a financial incentive to continue make bad loans, giving credit cards to high school kids, and encouraging folks to live a dream beyond their means.
Our savings are insured (most banks and accounts up to $100,000.00), so the mass aren't going to lose everything. Stock market investments, are like buying lottery tickets, although most folks think of them more as a savings account, until they start losing money. I imagine there are a lot of people, who would lose most everything, but I think the vast majority would get by just fine. The bail out is only going to postpone the fall a year or two, next time the problem will be many times greater, there will be more banks and businesses holding out their hands for some of that bail-out money.
It's kind of funny really. The money lenders, the ones who have been screwing the consumers out of their hard earned money, squeezing out every last cent, driving them to bankruptcy, have found a way to still extract a few more dollars.
Since we have a general election coming up, I wish they would have put this on the ballet, let the people decide.
We really need to shut down some of the credit, shouldn't be so easy to get a loan, or a credit card. We need to get back to a place where you have to earn the responsibility of a loan. The lenders need to be held to the rates agreed on signing, no more variable or adjustables. The consumers need to get back to living within their means, pay cash, save up for large purchases.
I don't see this bill as a bail-out, it's more like a hand out. Maybe the lawmakers will figure out some restrictions and regulations the lenders most follow, if they want some free cash next time.
Our next president is going to have to work on this one. Bush had terrorist, the next one is going to have huge money and economic problems. Obama definitely isn't the man for the job, Mccain is only slightly better. I'm going to stock up for some rough times in the next few years...