Sunday, September 21, 2008

Forget Wall Street - Bail out MAIN STREET!

This week has been an amazing journey for Wall street - The government is arranging a trillion dollar bailout for those poor Wall Street firms that bought the packages of worthless mortgages based on our TRUMPED-UP home values! What a relief - Wall street bonuses and CEO compensation is secure, more firings will be done to help them out, and we, the taxpayers, get to fund the whole show!
There is a sad underside to this, and the truth is that the people who financed homes (like me) have no bailout. Rather than shore up the foundation of the American lifestyle, home ownership, our government is choosing to shore up the businesses that sold us these special loans and programs because there was no one watching the store!
It is time to let these damaged, collusive, and greed companies fold their tents, and use the bailout money to help people stay in their homes, letting the banks write down the loan amounts to a proportion of the current home value. While I will not shed a tear for those poor Wall Streeters, I am saddend that my financial security for retirement and helping my family has been eroded by these very companies that will benefit from our tax dollars. Would you have bailed out Enron?
Every day I meet someone affected by this, and we need to band together and pressure the government to do something for US for a change.
Write your representatives and let them know this is unacceptable. you know I am.
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