 KrKHeavy Artillery For The Little GuyPremium
join:2000-01-17
Tulsa, OK
 ·AT&T DSL Service
1 edit | reply to packetscan
Re: In the name of capitalism Well I agree with you up to a point. Definitely the mentality of treating people as cash cows and trying to hit them up every way and sideways for more money while delivering the barest minimum of service or product quality back is running rampant....
... The banks are also eating massive losses on the real estate downturn. People are loosing their homes to foreclosure, and then the banks are having to sell them at huge losses to generate capital.
So both the family and the banks lose...
Here's what I don't understand about the "Economy Bailout" stimulus package. Why not try a plan to allow people to refinance out at a lower rate from the ARMS and so on? Rather then force foreclosure and then liquidation for huge losses for everybody? Why not have a stimulus plan that allows for people to take their existing mortgage and do a no or very low cost Re-Fi into a lower interest rate fixed mortgage. (I'm specifically talking about people who are already over-extended so that they can't get normal re-fi... but offer the plan to everyone to help the economy....) I think this would be in the banks and the families best interests long term, and would allow people at least the chance to get their finances in order. |
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| said by KrK:Why not have a stimulus plan that allows for people to take their existing mortgage and do a no or very low cost Re-Fi into a lower interest rate fixed mortgage. I think this would be in the banks and the families best interests long term, and would allow people at least the chance to get their finances in order. Because "long term interests" are anathema to Wall Street, particularly if it benefits anyone else except corporate interests. The name of the game is short term. If Wall Street can make a bajillion simoles in a day, then f*ck the long term. That's the entire reason the U.S. economy is in the shitter...myopia. |
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