The bailout of the banking system was either poorly planned or….A very well thought out scam. I Think the banks had already made their money. They were not really LOSING money. They were squandering the profits on BONUSES and such.
I read about one company that limited Bonuses to the average pay of all employees including the lowest paid employ to the highest. The Bank Bonuses I’ m sure far exceed this standard.
I know the people we have elected are nearly all millionaires and they stand with the people who made them millionaires rather than the people who actually vote them in. After all they probably came out ahead themselves by giving the bailout.
Now I am a common sense person. Common sense says that the way to help the people, would have been to simply buy out the loans the banks had that people were really struggling with. Now I’m not talking about the people who make huge amounts of Income, and simply were losing money because they bought homes for more than they were worth, because they could get these low cost loans. I’m talking about the lower middle income person who trusted the banks. And were trying to realize the American Dream of home ownership.
Common Sense says buy these if you must feel the need to help the banks. Offer them to the victims of the low cost loan system (the afore mentioned lower middle class)
at a similar or even lower rate. Let these people stay in their homes. They would still be paying property tax. Maintenance costs. Utility bills. ETC.. generating business. But by giving money to the banks,,,,What did they do started a big foreclosure trend and now resell or whatever they want with the property. (Probably getting tax breaks)
But I have strayed from the topic.
How the government is supporting the buyout is by making the Elderly pay. How you ask? The Government who will get their high retirements, not from Social Security, But from their guaranteed retirement Which is more than I made while working.
The plot. We have “X” number of people who draw Social Security. (Many of whom lost their nestegg to the “DEPRESSION”) and Social Security is their only source of income. So you take “X” number of people and not give them a raise (because even though medical costs, Utility bills, Insurance etc keep increasing the rich people ruling us say there is no cost of living.) So you take “X” x “Y” (unknown raise) So “X”= People on Social Security. “Y” = unknown possible raise. “Z” = bailout money, Therefore
“X” times “Y” time 2years equal “Z”
Social Security pays the bulk if not all the bailout.
Thank you Social Security recipients.
That Is How I See It,