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When does the lunacy stop?
Hi I would like to know if I am the only one that feels this way. I am 57 years old worked hard and still do all my life. Been working for the same company over 34 years. I am a very hard worker but on salary which means some long hours no overtime, pay is the same. During these economical hard times I too find myself facing grave financially difficulties even though I have cut back to the bare bones on all. What is really bothering me now is the rabid rate at which Big Banks and Mortgage Companies are foreclosing on homes - it is now into the hundreds of thousands daily over the US and gaining rapid speed every day. These Big Banks and Mortgage Companies are outsourcing their foreclosures hence they are put into the hands of people that are clueless as to what proper procedures it takes to actually do foreclosures in the right way and manner and even legally. This has reached an epidemic level of great magnitude. Many many people have lost their jobs, and even trying to work with these Big Banks and Mortgage Companies they will not work with these hard working people trying their best to survive and to keep their home and yes there are some free loaders, but most are not, most are hard working people that have worked very hard all their lives for the so-called american dream to own their own home, and now are being lost due to foreclosures either some legally but a lot illegally. I understand that these Big Banks and Mortgage Companies have all and do get a tax write off as when they usually foreclose they turn around and sell the same home that they would not work with the previous owner but will foreclose and turn around and sell this same home at 30 - 50% loss. This has reached such an epidemic level and such a great magnitude and like I said it is snowballing totally out of control, would someone please explain to me when does this lunacy end, when does common decency and trying to help people begin? I mean surely to goodness there is only so much the government will allow these people to have in tax write offs or is that just unlimited and another way for our tax dollars to buy out these Big Banks and Mortgage Companies another bail out at guess who's expense the middle class of which it is our tax dollars that we work very hard for and some have worked very hard for and lost their jobs but yet we are being made to pay the price in bailing them out, losing out homes, losing our jobs, when and where does this lunacy stop? I mean think about it, at the magnitude this is going on now, there is not enough people that can buy these homes that are being foreclosed on as there are way too many and not enough people financially able to buy them even at the reduced rate. What are they trying to do and what are they hoping to accomplish? Are these homes just going to sit there and rot while hard working people have tried to save their homes and themselves and their families? Come on what is wrong with this picture? Anybody? Am I the only person that is very very angry about this situation and the government bail-outs for big corporations, but no help for the regular working person that all these bailouts is paid for by our hard earned tax dollars? Anybody?
4 Answers
- LandlordLv 71 decade agoFavorite Answer
You are focusing your anger in the wrong direction.
Those "hard working" people borrowed money and are refusing to pay it back. They are all a bunch of greedy bastards. Your anger should be focused on them, their greed has caused this, they are not the victims here, they are the cause.
- Chin TLv 71 decade ago
See this story below? Well it is propaganda.
What they are not telling us is that we are selling the Federal Reserve (a private bank) and other banks, bonds. Which means the government is borrowing money from these banks. As long as the government continues to do this the loan market to private citizens will be very frosty if not frozen. It is far safer to lend money to the government than to you or any other home owner. If the government would stop spending this might change, but until then it will not change. Meanwhile we are selling our selves to the Large banks, through the government, and the people are going bankrupt.
16 Oct 2010
Ben Bernanke, the chairman of the Federal Reserve, said yesterday that the world’s most powerful central bank is prepared to take further steps to bolster the faltering US economy by buying Treasury bonds, while in London, Bank of England policymaker Paul Fisher said more asset purchases may be needed in the UK.
Speaking in Boston, Massachusetts, Bernanke said the Fed must weigh the risks of a Treasury-buying programme and determine how the debt purchases would be paced. The Fed’s bond purchases would be intended to lower long-term interest rates to stimulate buying and spending and help bring the US unemployment rate down. At present, it stands at 9.6% but economists say the real rate is closer to 17% when Americans who have given up looking for work are factored in.
- 1 decade ago
I image how different we would be right now, that instead of giving the bailout to the corporations and giving the tax payer the bill.
They would have given the tax payer the bailout... and the bill too.
Then people would have had money to bring their homes current, pay their bills, invest in business, etc...
Yeah, we had a great opportunity for change and it was corrupted away.
Big Business contributes more to re-election funds that elected officials get to keep when they retire out of politics.
- 0Lv 41 decade ago
We misses a great opportunity because we did not require the banks to help the American people as a condition of and prior to providing the bailout funds to save their companies. We had them and we let them off easy.