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Bailout effects
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<blockquote data-quote="Nancy" data-source="post: 199153" data-attributes="member: 59"><p>bby what a shame. There are many stories like yours and so many people find themselves in financial crisis through no fault of their own but because they did what they thought was best at the time, believing the experts when they told us that values would continue to rise and so would incomes.</p><p></p><p>My sister sells real estate. She told me years ago that banks were giving mortgages to people who couldn't afford them. They convinced people that the interest rates were low and that the economy was strong and everyone could own a house. Where was the regulations, who was in charge of overseeing this?</p><p></p><p>Years from now experts will look back on this crisis and realize it could have been predicted. Day traders tried to make a killing in the stock market. These were everyday people, my nephew being one. I remember having arguments with him that he and his fellow traders were going to be responsible for our stocks having inflated prices and then tumbling down at some point. There was little or no regulation. The stocks I had when I left my employment 21 years ago are worthless today.</p><p></p><p>People were convinced to open up credit accounts, take out home equity loans, spend spend spend. Look what they told us all after 9/11....we need to spend to show confidence in the economy. </p><p></p><p>And now we are suppose to be convinced that free enterprise will fix this. That we don't have to bail out the banks and brokerage firms. The foreclosures have to stop. People need relief from loosing their homes. No one is saying that ceo's or big corporations should profit from this. That is not the goal of the bailout. To do nothing and let the economy fail is just not an option. The only people who will come out ahead in that scenario are the very wealthy. The "main street" people that everyone is talking about now will lose everything. Credit will dry up. We won't be able to get a loan to buy a car or pay college tuition or consolidate debts. Foreclosures will continue and housing values will continue to plummet.</p><p></p><p>I was thinking the other day, my house has lost about 25&#37; of its' worth since I bought it ten years ago. I'm still paying taxes on the highest value amount. Why do I have to pay taxes on an amount that everyone agrees I can't get for my house? And what will happen to the school systems that stand to lose all that money if they do reevaluate all our homes to what they are worth in today's market?</p><p></p><p>Nancy</p></blockquote><p></p>
[QUOTE="Nancy, post: 199153, member: 59"] bby what a shame. There are many stories like yours and so many people find themselves in financial crisis through no fault of their own but because they did what they thought was best at the time, believing the experts when they told us that values would continue to rise and so would incomes. My sister sells real estate. She told me years ago that banks were giving mortgages to people who couldn't afford them. They convinced people that the interest rates were low and that the economy was strong and everyone could own a house. Where was the regulations, who was in charge of overseeing this? Years from now experts will look back on this crisis and realize it could have been predicted. Day traders tried to make a killing in the stock market. These were everyday people, my nephew being one. I remember having arguments with him that he and his fellow traders were going to be responsible for our stocks having inflated prices and then tumbling down at some point. There was little or no regulation. The stocks I had when I left my employment 21 years ago are worthless today. People were convinced to open up credit accounts, take out home equity loans, spend spend spend. Look what they told us all after 9/11....we need to spend to show confidence in the economy. And now we are suppose to be convinced that free enterprise will fix this. That we don't have to bail out the banks and brokerage firms. The foreclosures have to stop. People need relief from loosing their homes. No one is saying that ceo's or big corporations should profit from this. That is not the goal of the bailout. To do nothing and let the economy fail is just not an option. The only people who will come out ahead in that scenario are the very wealthy. The "main street" people that everyone is talking about now will lose everything. Credit will dry up. We won't be able to get a loan to buy a car or pay college tuition or consolidate debts. Foreclosures will continue and housing values will continue to plummet. I was thinking the other day, my house has lost about 25% of its' worth since I bought it ten years ago. I'm still paying taxes on the highest value amount. Why do I have to pay taxes on an amount that everyone agrees I can't get for my house? And what will happen to the school systems that stand to lose all that money if they do reevaluate all our homes to what they are worth in today's market? Nancy [/QUOTE]
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