Exactly RC. We are being spoonfed for the most part. Yes, there is a crisis in the financial markets but why all of a sudden the taxpayers are to absorb this huge debt in a short period of time when it took quite a bit longer for it to get into this shape. Yes, consumers have an inordinate amount of debt for the times but this is likely due to rising costs and job lost. The financial institutions, for the most part, were doing short selling and other risky practices until they were caught with their collective pants down. This hierarchy of greed was rampant and some of this reflects in the bonuses/pay/dividends/ parachutes/etc. available to the top people. I am not downgrading the right to make a living or a really good living but you have to question the whole bailout scenario and the rush to push it through without forethought. I hear Halliburton humming in the background and I wish I didn't.
I was a realtor for almost a decade in Atlanta and had mostly young clients. They all had good jobs but not much in the way of down payments and had good credit too. So, loans were made for this group over and over...conventional, FHA, 100 % financing and the whole creative opportunity. The problem wasn't the loan or the individual but rather circumstances out of their control.
Bad loans or job lost, risky business practices/fraud/greed? Politicians with no grasp on anything but their own pocketbooks and egos? It is like a bunch of kindergartners got loose with too much chocolate.
