Bailout bill fails

[docicu3]

Originally Posted by wiphan

The companies that made the bad loans have already been hurt and they are paying dearly for the fiscal irresponsibility that lead most of them into the situation. The problem is that there are no investors for very good, creditable consumers/businesses due to the issues and problems in the market place. Without the government stepping in and buying a lot of these investments, good honest businesses and consumers will not be able to obtain the financing that they normally could get. The government could actually profit by buying up these securities and some estimates are anywhere from $1-3 trillion yes trillion dollars in profit, by buying and holding these investments; however this depends on what price they buy them at. There is a liquidity crisis in the market that is affecting all financial institutions no matter if they ethically or unethically offered financing. The bailout is not all about letting bad businesses out of their fiscal irresponsible decisions.

Okay I am going to put this out there hoping that it helps communicate the dire circumstances we are currently entering and what it means for the future for everybody.

I grew up the definition of middle class having a roof over my head, that my father rented literally week to week, never had to worry about whether I had clothes or food as my father did what he had to do to raise 3 sons and a daughter but there were no excesses of any kind.

I was fortunate enough to go to a state univ for a very afforable education, did decently academically and subsequently during the Regan years borrowed 250K, most of it with 18% HEAL money to finanace my medical education which I have subsequently paid back over 15 years.

With a credit rating in the mid to upper 600's I recently sold my home and applied for a mortgage offering 30% down payment on a home half the size of the place I sold. We had our application frozen or "denied at this time" due to the current circumstances. Now my job has changed substantially in the last 6 months and I have educational loans for my sons and about 10% of what I made last year in other debts but if I can't get an immediate loan at the best rates then what's going to happen to the people who are not as fortunate as I am when they want to but a home or finance a car while they have decent jobs and credit scores........this bill was not the answer but if you don't believe that we are about to enter one of the darkess financial times of our lifetime ask your friends who are trying to buy anything of substance how it is going for them.