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Bailout effects
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<blockquote data-quote="Lothlorien" data-source="post: 198845" data-attributes="member: 1024"><p>BBY, you may be one of the people that a bailout might just benefit. I hope that somehow you can refinance and get out of that debt. There is a house in my neighborhood that sold to a family who put 0 dollars down on a $500,000 house and took out an extra $100,000 on top of that. They defaulted on the mortgage within a year. House has been empty since. </p><p> </p><p>It's all part of the problem. The bank just handed this family $600,000 with nothing down and the house wasn't even worth that and now it's worth even less. This happened to millions of people and now we're billions and billions in debt and we are the lucky ones that have to bail out the banking industry who caused the problem in the first place. And the presidents of these banks......walk away with their multi-million dollar salaries intact. Lovely, ain't it?</p></blockquote><p></p>
[QUOTE="Lothlorien, post: 198845, member: 1024"] BBY, you may be one of the people that a bailout might just benefit. I hope that somehow you can refinance and get out of that debt. There is a house in my neighborhood that sold to a family who put 0 dollars down on a $500,000 house and took out an extra $100,000 on top of that. They defaulted on the mortgage within a year. House has been empty since. It's all part of the problem. The bank just handed this family $600,000 with nothing down and the house wasn't even worth that and now it's worth even less. This happened to millions of people and now we're billions and billions in debt and we are the lucky ones that have to bail out the banking industry who caused the problem in the first place. And the presidents of these banks......walk away with their multi-million dollar salaries intact. Lovely, ain't it? [/QUOTE]
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