Brain
Posts: 3792
Joined: 2/14/2007
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It sounds like revisionist history to me. They take the money and then they say they don't need it. I'm quite sure the banks would've gone down along with Bank of America and a few others that don't come to mind right now.
What should have happened is that money should have gone to Main Street not Wall Street. Then people could have paid their mortgages back to the bank clearing the debt off the books. Then they should have set up an agency so that people could pay that money back to the agency over the life of the mortgage, whatever it is, at 25 or 30 years whatever the length of time. And the agency could charge a fair interest rate, like the original interest rate when they bought the property, not those ridiculous escalating interest rates nobody can afford.
But they did the opposite, they gave the money to the banks and now we have a situation where those banks that got help, like J.P. Morgan, ended up making record profits while at the same time evicting home owners they were supposed to help by renegotiating repayment of the debt to a payment schedule people could afford. It's really pisses me off! And that's why I said before Obama was a sell out. They had better come through on health care with a strong public option or a lot of people are going to stay home next election or vote for the Green party. I recommend voting for the Green party if the Democrats don't do better in the future.
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RE: President Obama - The best and worst of the year - 
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