DarkSteven
Posts: 28072
Joined: 5/2/2008
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quote:
ORIGINAL: Brain
They should have given the money to people on Main Street so they could pay off their mortgages
and not lose their homes and then they could pay the money back to the government over time, but paying the mortgage to the government instead of the bank, but they did it backwards. They gave the money to Wall Street first and that was backwards.
I don't follow.
You're suggesting that the people who can't make regular payments to the banks, would do so to the government?
No, the proper thing to do would be to start filing fraud charges against the banks that didn't verify, and their CEOs.
The basic problem is that banks got away from the business of borrowing money at 2% - 3% and lending it out at 6%, and got used to lending it out at 15%-20%. They still want the easy money, and they're not ready to loan money to creditworthy people for small profits.
So cut off their lifeline and stop the bailouts. Banks won;t make loans again until it's their source of income, which it ought to be anyway.
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