The so called bail out / theift ; help me I screwed up ......
Saturday, October 4, 2008 | Chris Erickson (flatrater) Is this Spam?I have sent this out to numurous people & congress men/women & nobody seems to
get it
If congress really wanted to help the middle class & the country they would not give in as the are doing..... What the should do is if the banks & holders of the bad debt / toxic
securities really want to help ... First they should not only write down the non performing
loans but discount all existing loans to every one ( all 1st ; 2nds ; thirds & equity lines
should be discounted by 25% )... as it is they are taking a hit ot 30% to 50% loss on all of the enities they have now when they foreclose ;not counting the cost of the foreclousre , not counting the loss of company value.... second they should lower the ) intrest rate nation wide to
4.5% ) till this mess is over.... after all they created it by getting too gready when they were loaning money out to anybody who could walk & breathe.... not asking for any documentation ....now that they have screwed the pouche they want help ... I would not
dought for a minute thay they were the ones behind the sell off monday when they didn't get what they wanted...... as it is they will get a great tax break /write off ; plus free to cheap money... thank you congress............mark my words if something isn't done they will raise instrest rates instead of lowering them , because they need money & have lost
so much....it is funny to think about yet sad ........ now is the goverment going to buy
the bad debt from them like the goverment sold the failing banks to the chosen few....
I mean if you can buy a bank worth 200 billion dollars for 2 billion & dump bad debt onto
the goverment & take a tax write off it must be great..... can I do this with my loan ;
credit cards ; car loan , etc....... I think that if they are getting helped out that they should
have to help the people out also ... but who am I ..just joe nobody I guess....
alos I din't belive this will be the end of it unless the lenders help...... but as usual I
belive that lenders always do the opsite of what they should do as we are seeing now ....
when they should be tight with credit they are too loose & give any dead beat money ..
when the should be easier & just make sure that you can document & prove that you can
pay like now they won't give out a dime....
so we will see if what congrss is doing will help the people or only wall street & the banks /
lenders....as it is to get votes the are giving away stuff to apease other people & treating
this bill/bail out like a christmass tree.....
They need to reinstate the rules & regs prior to the first Bush adm ; Regans era...Also congress sholud keep Fanni & Fredi as gov enities which is where they started life at , use them to lower the instrest rates nation wide....AND if de do have to buy the so called toxic debt do so at a discount of 30% to 50% ; we just had a fire sale on Banks for 20 cents or less on the dollar diidn't we........
Stop all short selling & options unless they are covered ; no more NAKED SHORT SELLING ; by being able to sell short naked a lot of hedge funds &
funds have been able to drive the market where they want to & reap a hell of a profit ; usually
with little or no risk....
I could go on about the economy but I wont ; I'll close by saying that if I screw up no one will bail me out with out a very large price tag/price
Lets see if any one has the balls to print the truth... prove me wrong ....
sincerly chris a working joe/stiff....
