My Facebook Thoughts

Tuesday, September 23, 2008

What?


$700 Billion.
I'm willing to bet not all that money will end up where it is intended to go.
I was reading that Congress wants and needs to move quickly to approve this amount of money. One of the sticky points is executive compensation. In other words, they want limits as to how much the executives should be paid during this banking crisis.
Here's a thought, HOW ABOUT NOTHING!
The executives that were in charge of creating banking's worst financial mess should either have to pay it all back or go to prison. But, what will really happen is they will get millions. I'm sure lawyers are already scheming on how to get their grubby little fingers on some of that $700 billion.

Fortunately, Congress is making demands for oversight. I wish they would put provisions in this bailout that would get my home's value back where it belongs. While the greedy money grubbers will get their money fast, the rest of us will have to wait for the market to return to normal.

Both sides of Congress better get this right.

6 comments:

bill a said...

this is sickening. i don't want to give them the money.

Scott Ploch said...

Bill if this money isn't given things are going to be ten times worse.
These clowns will get their money regardless of the bailout.
As for you homeowners, this bailout is not going to put your value/equity back into your homes overnight if ever. Housing has been over valued for awhile. This caused by people wanting to keep up with the Jones'. I don't know any Jones to keep up with. What is wrong with staying in your house more than 10 years? What's the point of a 30 year mortgage? Everybody is going to have to bite the bullet. This will not be fixed overnight gang. Plan on two years minimum.

bill a said...

they can't even give any assurarances that this will fix the problem. i want them to make changes that make long term sense. we have an opportunity to set the terms. lets see who congress really represents.

Scott Ploch said...

We know who congress represents, and unless you or I are making over a million a year, it's not us.
If they let the banks go belly up it will cost more to pay everybody their money back.
I say take the bad loans, rework the mortgages so people can make payments and they keep their homes.
It HAS to be better to get something than nothing.

bill a said...

if we give them the money, and i still don't want to, then i say they have to pay it back. i have no problem with helping individuals restructure thier loans, because everyone can benefit from that.

Mark Ploch said...

The money has to have very strict rules. I agree it needs to be done, because the alternatives are worse. But, if I read one story about a bank ceo getting a golden parachute somebody better hold me back. You know like they do in baseball fights.