JPF Home Page Forums Stop The Bailout

Derek
I cannot help but wonder what is our Government going to do with a couple hundred thousand houses that are worth a lot less than the mortgages that are owed on them.
No one is going to buy them. Are these are the so called "Assets"?
Many of which are in Neighborhoods where entire blocks of homes have been foreclosed on. Most of these homes have been ransacked for the copper wire, Aluminum siding, or anything else of value. Some of these cities have said most of these home will be declared condemned and will be torn down.

What are they going to do with the house two doors down from me that has a $140,000 mortgage on it. The house is worth about $110,000 in a good economy. The people who own it refinanced it and bought new cars with the money. Now they are going to walk away leaving the taxpayers to deal with it.

When I got over extended in my business the Government didn't bail me out. I went broke. Lost my arse and it took me ten years to recover.

In any of these companies that get saved by this fiasco the principles should lose everything they have. Their homes, bank accounts, cars, everything.
That's what the Government did to me.

IMHO if this bailout failed we would recover just fine. It might hurt a little but we would recover.

Then they went and added 100 Billion in pork pet projects to the bill to get the Senators to go along with it.