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Bailout effects
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<blockquote data-quote="klmno" data-source="post: 198881" data-attributes="member: 3699"><p>I work for a small business. When things are bad for the comany, the partners, including the president of the company, take cuts in pay or NO pay until things get better. If things get tighter, all employees must take a cut in pay or choose to leave the company.</p><p></p><p>It's my understanding that the bail out money will be controlled by the government who will give it to desparate financial companies in chunks. Somehow, the government ends up owning something (not sure if it's part of the company or the houses that are foreclosed on or what). The struggling companies who get the money are encouraged to lend it out in order to keep the economy going. But, I haven't heard anything that convinces me that the money won't go to continue paying million dollar salaries and I haven't heard anything about what will happen if this bailout amount doesn't last long enough for the economy to turn around. And, I haven't heard anything about a solution to make sure it doesn't get worse or happen again in the future. At the minimum, they should cap some salaries before handing out "bailout" money paid for by US to people who have already proven they can't handle it.</p><p></p><p>Someone mentioned earlier that many people were coerced into loans (mortgages) that they couldn't afford- I saw that happen to several people in my area. The man I sold my house to 2 years ago was one. I knew something wasn't right because the realtor kept having to re-write the contract and finaggle the contract amount so he could borrow more than what I knew the house was worth and more than the sale price. I agreed and signed because I had already bought the house I live in now and I knew it wasn't my finances involved, but I felt bad for him. He was talked into it and wasn't savy enough to see it- he was an older man who'd never owned a home. It was foreclosed on in less than 18 mos.</p><p></p><p>If they freeze my credit card and available credit, I'd be in a real mess right now. That will only make things worse for me- so I might not have to lose my home right now but if they did that, I would.</p></blockquote><p></p>
[QUOTE="klmno, post: 198881, member: 3699"] I work for a small business. When things are bad for the comany, the partners, including the president of the company, take cuts in pay or NO pay until things get better. If things get tighter, all employees must take a cut in pay or choose to leave the company. It's my understanding that the bail out money will be controlled by the government who will give it to desparate financial companies in chunks. Somehow, the government ends up owning something (not sure if it's part of the company or the houses that are foreclosed on or what). The struggling companies who get the money are encouraged to lend it out in order to keep the economy going. But, I haven't heard anything that convinces me that the money won't go to continue paying million dollar salaries and I haven't heard anything about what will happen if this bailout amount doesn't last long enough for the economy to turn around. And, I haven't heard anything about a solution to make sure it doesn't get worse or happen again in the future. At the minimum, they should cap some salaries before handing out "bailout" money paid for by US to people who have already proven they can't handle it. Someone mentioned earlier that many people were coerced into loans (mortgages) that they couldn't afford- I saw that happen to several people in my area. The man I sold my house to 2 years ago was one. I knew something wasn't right because the realtor kept having to re-write the contract and finaggle the contract amount so he could borrow more than what I knew the house was worth and more than the sale price. I agreed and signed because I had already bought the house I live in now and I knew it wasn't my finances involved, but I felt bad for him. He was talked into it and wasn't savy enough to see it- he was an older man who'd never owned a home. It was foreclosed on in less than 18 mos. If they freeze my credit card and available credit, I'd be in a real mess right now. That will only make things worse for me- so I might not have to lose my home right now but if they did that, I would. [/QUOTE]
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