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does anyone know anyone who has recieved any of the bailout money?
where did all the money go?
I thought it was to help the middle class?
Why are rates not at 4% or less for the people that have been paying their mort. so we can refinance?????
1 Answer
- ibu guruLv 71 decade agoFavorite Answer
The bailout money went to the banks to fill up the "black holes" in their balance sheets caused by those who defaulted on their mortgages and other loans. It has kept the banks in business, and prevented those who have money in checking, savings, etc, there from losing everything they have.
Yes, it was supposed to make the banks sound enough to lend again. But the economy is so dicey, and so many more people are failing to pay their mortgages, loans, credit cards, etc, that banks still have little to lend and great reluctance to do so for fear of more defaults.
Politicians SELL you on this, that and the other. That's how they get & keep their jobs. Some people are dumb enough to believe Silver-Tongued Devils. And they are ones keeping such Dims in power.