The "Economy"

[mntony]

What about personal responsibility??? Everyone talks about the banks (yes they are half the problem) but nobody talks about the people that borrowed that money, walked away from the home and payments scott free! I personally know what I can afford and what I can't. Otherwise I'd have a really bitchin car and I just wouldn't pay off the credit cards! The borrowers are just as much at fault. And anyone that can't understand what an adjustable rate mortgage is and how they work shouldn't be mortgaging a home to begin with! Bring back debtors prison!!! <---that part is sarcasm

[About2Bite]

What about personal responsibility??? Everyone talks about the banks (yes they are half the problem) but nobody talks about the people that borrowed that money, walked away from the home and payments scott free! I personally know what I can afford and what I can't. Otherwise I'd have a really bitchin car and I just wouldn't pay off the credit cards! The borrowers are just as much at fault. And anyone that can't understand what an adjustable rate mortgage is and how they work shouldn't be mortgaging a home to begin with! Bring back debtors prison!!! <---that part is sarcasm

As much as personal responsibility plays a role in it, if the banks would not have given these loans to people who were not deserving of them this would not have happened.... Well probably wouldn't have. Most people, if given the opportunity to, would invest in a home. Why? Because most look at them as their future. Now, I agree they should have looked into what a NINA loan was and though about what could potentially happen by agreeing to a interest only loan, but the banks imo were the greedy ones here. How smart is it to give $200,000+ to someone with a 650 credit score? Not to mention with nothing down, a 100% loan. Come on now, I wouldn't even loan 50 bucks to some of the people who I know would have been approved for a home (And some of whom did and are in the situation that put us here). These banks figured they could make some money off of these people and did, until it came back to bite them in the ass.

I don't think this bail out is helping these people who currrently can't afford their homes is it? No, it's helping these banks who have all these houses nobody can afford. Now that they have seen the consequences of this try and get a loan? Doubt now it'll be too easy if you have a 650 credit score.

Now we have to pay for their mistakes, wonderful.... Where the hell are we going to get 700,000,000,000 dollars from? And we wonder why the dollar isn't worth anthing anymore.

I also doubt this is going to do anything but buy us some time