We need to slow down, regardless of the state of the markets and have a reasoned debate. There needs to be oversight, the taxpayer needs protection from paying too much for these toxic assets, these bad banks need to be forced to do mortgage work outs where people can stay in their homes, and I’d like to see some proposals for some brand *new* banks – let the worst banks fail, but start a new crop of banks with a clean slate. Let the new banks do some lending with government sponsorship short term in exchange for some profits down the road for taxpayers to get them going. Don’t allow unregulated CDS investments, and don’t allow irresponsible lending – I am suspicious at hearing over and over again that we have to ACT NOW… – instead of being told (by CNN) to “get over it” — let’s ‘get it right’ this time.

And now the market is correcting its self…

I say let it run its course.

If I couldnt get a loan before all this than nothing has changed

2) We need executives who contributed to this mess to do jail time and community service…start with the Countrywide and IndyMac folks.

3) Permanently ban short selling or tax the gains heavily.

4) The top executives and board of directors of any bailed out company should receive zero compensation this year.

5)The government should force credit card companies to lower their interest rates, lower their basic monthly payment requirements and allow consumers to skip at least one payment in the next 6 months.

6) No more no down, no doc loans!

7) Now for the liberals…your idea that everyone should own a home will not work. We are in this mess because you forced the banks to lend to people who were bad risks. Get a grip you socialists! I can just see it now, in 10-15 years we will be talking about a bailout for the government health care program you want!

Ask yourself this,”What would they do for me if I were in their shoes”?

What if we bail out these “inept” bankers. Ok…we give them the money, oh yes, and of course we agree to “no oversight”. By all means let’s not insult them by asking them what they are doing!

Five years or even less down the road we are no closer to financial solvency than we are right now…PROBABLY worse, because

no one has been watching to see what is going on, and the same jerks are at the helm….siphoning off even more money and they can’t pay back the loan.

Why? Because they are already talking about loosing up restrictions so they can allow for more mortgages. WHat a cycle.So we are worse off than before.

Then what? We owe the 700 Billion plus interest, and we are forever in debt and even worse off than if we had let the chips fall where they may.

We’ve become slaves to what ever country they then turn to bail us out AGAIN.

If you don’t discipline “bad” behavior in children….THEY DO NOT LEARN.

Same goes for these “childish, spoiled brat bankers, and the rest of their wall street groupies?

Throw them all out…cut the cords to their “Golden Parachutes” and let them free fall all the way down….. crash and burn.

I guarantee you my little simple IRA is already gone, along with my social security and I am only 8 short years away from retirement. I don’t want to be saddled with this loan TOO!!!

Congressman Howard Coble needs to know that we all stand ready to vote him out of office if he votes yes to this BAil Out. His email box should already be overflowing and his phones ringing off the hook, and folks lined up outside his office.

So how did we get here?

Here is an excerpt from a recent article published by Ron Paul that sums it up pretty well.

“Unfortunately, the government’s preferred solution to the crisis is the very thing that got us into this mess in the first place: government intervention.”

“Ever since the 1930s, the federal government has involved itself deeply in housing policy and developed numerous programs to encourage homebuilding and homeownership.
Government-sponsored enterprises Fannie Mae and Freddie Mac were able to obtain a monopoly position in the mortgage market, especially the mortgage-backed securities market, because of the advantages bestowed upon them by the federal government.”

“Laws passed by Congress such as the Community Reinvestment Act required banks to make loans to previously underserved segments of their communities, thus forcing banks to lend to people who normally would be rejected as bad credit risks.”

“These governmental measures, combined with the Federal Reserve’s loose monetary policy, led to an unsustainable housing boom. The key measure by which the Fed caused this boom was through the manipulation of interest rates, and the open market operations that accompany this lowering.”

“When interest rates are lowered to below what the market rate would normally be, as the Federal Reserve has done numerous times throughout this decade, it becomes much cheaper to borrow money. Longer-term and more capital-intensive projects, projects that would be unprofitable at a high interest rate, suddenly become profitable.”

“Because the boom comes about from an increase in the supply of money and not from demand from consumers, the result is malinvestment, a misallocation of resources into sectors in which there is insufficient demand.”

“In this case, this manifested itself in overbuilding in real estate. When builders realize they have overbuilt and have too many houses to sell, too many apartments to rent, or too much commercial real estate to lease, they seek to recoup as much of their money as possible, even if it means lowering prices drastically.”

“This lowering of prices brings the economy back into balance, equalizing supply and demand. This economic adjustment means, however that there are some winners — in this case, those who can again find affordable housing without the need for creative mortgage products, and some losers — builders and other sectors connected to real estate that suffer setbacks.”

“The government doesn’t like this, however, and undertakes measures to keep prices artificially inflated. This was why the Great Depression was as long and drawn out in this country as it was.”

“I am afraid that policymakers today have not learned the lesson that prices must adjust to economic reality. The bailout of Fannie and Freddie, the purchase of AIG, and the latest multi-hundred billion dollar Treasury scheme all have one thing in common: They seek to prevent the liquidation of bad debt and worthless assets at market prices, and instead try to prop up those markets and keep those assets trading at prices far in excess of what any buyer would be willing to pay.”

-Ron Paul